1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)
Transkript
1. Ulusal Uygulamalı Etik Kongresi Bildiriler Kitabı (pdf fotrmatında)
8/86$/
8<*8/$0$/,(7ù..21*5(6ù
.ù7$%,
.LWDEÖQ+D]ÖUODQPDVÖQD.DWNÖGD%XOXQDQODU
0XUDW$UÖFÖ6HOPD$\GÖQg]OHP%DUÖQ$EUHN&DQERODW&LKDQ&DPFÖ
6LQDQ.DGLUdHOLN(OLIdÖUDNPDQ(UGHPdLIWoL&H\ODQdL]PHOL/HYHQW'RøDQ
2QXU(UWXøUXOúDKDQ(YUHQ$KPHW(\LP3ÖQDU*HQo%LODO*O(PUDK*QRN
&HP.DP|]W$\ûH.DUDRøOX6LEHO.LEDU(OoLQgQGHU*QFHOgQNDO
g]JHgQHQOL6HQHPg]\UHN'HQL]6R\VDO=HKUD7DKWDNÖOÖo
&H\GD%DûDN7DQ(UGHP7DQHUùVNHQGHU7DûGHOHQ
(+DQGH7XQD(UD\<DøDQDN6LUHO<HOPDQ
(PHN<ÖOGÖUÖP3H\PDQ<ÖOGÖ]
7h%$·QÖQNDWNÖODUÖ\OD\D\ÖPODQPÖûWÖU
2FDN
.DSDNYH'L]JL
6RQHU6R\VDO
LLL
7(ú(..h5
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL
QLQ WP PHVOHNOHUGHQ GûQUOHULPL]LQ
WRSOXPVDO \DûDPÖPÖ]D LOLûNLQ HWLN VRUXQODUÖ HQ JHQLû NDWÖOÖPOD WDUWÖûPDODUÖQÖ VDøOD\DUDN
|QHPOL ELU GHøHU ELOJLVL ELULNLPL \DUDWPD\Ö EDûDUGÖøÖQÖ GûQ\RUX] %X NLWDSOD GD
NRQJUHPL]LQ ELULQFL JQ DoÖOÖû NRQXûPDODUÖ YH SDQHOOHUGHNL WDUWÖûPDODUÖQ WDPDPÖ LOH
VXQXOPXû
ELOGLULOHULQ
oRøXQX
ELU
DUD\D
JHWLUHUHN
EX
ELULNLPL
NDOÖFÖ
NÖOPD\Ö
DPDoODPDNWD\Ö]
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL
QLQ JHUoHNOHûPHVLQGH GHVWHNOHULQL HVLUJHPH\HQ
5HNW|UP]3URI'U8UDO$NEXOXW5HNW|U<DUGÖPFÖODUÖPÖ]3URI'U0HKPHW8WNX
3URI 'U &DQDQ dLOLQJLU 3URI 'U $KPHW $FDU 3URI 'U )DWRû <DUPDQ 9XUDO YH
3URI 'U 1H]LK *YHQ·H PLQQHWWDUÖ] $\UÖFD EL]H GHVWHNOHULQL HVLUJHPH\HQ )HQ
(GHEL\DW)DNOWHVL'HNDQÖ3URI'U0HKPHW7RPDN·DVRQVX]WHûHNNUOHU
.RQJUHPL]GHNL SDQHOOHULQ G]HQOHQPHVLQGH \DUGÖPÖQÖ HVLUJHPH\HQ 6D\ÖQ 1XUL
dRODNRøOX·QD YH NDWNÖODUÖQGDQ GROD\Ö 3URI 'U &DQDQ g]JHQ YH 6(0 %DûNDQÖ 3URI
'U+VH\LQ9XUDO
DWHûHNNUELUERUoELOLUL]
.RQJUHQLQ G]HQOHQPHVLQGH YH NLWDEÖQ KD]ÖUODQPDVÖQGD NLWDEÖQ LON VD\IDVÖQGD
DGODUÖQÖ VÖUDODGÖøÖPÖ] oRN VD\ÖGD DUDûWÖUPD J|UHYOLPL] YH |øUHQFLPL]LQ SDKD ELoLOPH]
NDWNÖODUÖ ROPXûWXU %X GHøHUOL GRVWODUÖPÖ]ÖQ \DQÖ VÖUD NRQJUHQLQ G]HQOHQPHVLQGH
E|OPP]Q GLøHU WP |øUHWLP \HOHUL YH DUDûWÖUPD J|UHYOLOHULQLQ GHVWHNOHULQL GH
XQXWDPD\Ö] %|OP 6HNUHWHULPL] 6D\ÖQ /H\OD ùSHN YH ùGDUL ùûOHU 0HPXUXPX] 6D\ÖQ
)DLN7XQo
XQ\DUGÖPODUÖQÖGDDQPDGDQJHoHPH\L]
6RQ RODUDN .RQJUH .LWDEÖQÖQ EDVÖOPDVÖQD PDGGL GHVWHN VDøOD\DQ 7UNL\H %LOLPOHU
$NDGHPLVL
QHûNUDQODUÖPÖ]ÖVXQX\RUX]
ùdù1'(.ù/(5
7(ú(..h5 LLL
*LULû3URI'U$NÖQ(UJGHQ
8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU" $d,/,ú.218ú0$/$5, 2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû.RQXûPDVÖ 2'7h5HNW|U<DUGÖPFÖVÖ3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ 'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ 3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ 0('<$(7ù÷ù3$1(/ù 3DQHO <|QHWLFLVL 1XUL dRODNRøOX 3DQHOLVWOHU 'DYLG %HUFKDUG 2NWD\ (NûL 0XVWDID
*|]DODQ1XUL.D\Öû$\GÖQ6H]JLQ
7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù 3DQHO<|QHWLFLVL$NÖQ(UJGHQ3DQHOLVWOHU$KPHWùQDP.D\D*YHQo2UKDQ%LUJLW8OXo
*UNDQ&HQJL]*OHo'RøX(UJLO+LNPHW8OXøED\
%ù/'ù5ù/(5 (PHO%DûWUN$NoD
)RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ0DQWÖøÖh]HULQH%LU
7DUWÖûPD 6HPLKD$NÖQFÖ
ùQVDQ+DNODUÖYH'HPRNUDVL (PHO$N|]HU
6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH %HUQD$UGD
´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
=DNLU$YûDU
0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX" (UGHP$\GÖQ
7ÖS(WLøLQGH7HPHOùONHOHU
ùQD\HW3HKOLYDQ$\GÖQ
(øLWLPYHgøUHWLPGH(WLN %DVUL%DUXW
7UN%DVÖQÖQGD(WLN 9DKLW%ÖoDN
'HPRNUDWLN7RSOXPGD3ROLV(WLøL úHEQHP%LOJHW
0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
YH<DVDO(QVWUPDQODUGDNL'XUXP 6DEUL%\NGYHQFL
$KODN(QGVWULVL (UGDO&HQJL]
$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <DVLQ&H\ODQ
.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU 6DUDdHOLN
'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH 1HVULQdREDQRøOX
+DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ 0XVD'RøDQ
dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN +DOXN(UGHP
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
6HUYHW*|]HWOLN
6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH 'DYLG*UQEHUJ
8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL .H]EDQ*OHU\]
6DQDWYH(WLN $OL+DOÖFÖ
(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH$OÖQÖû6ÖNOÖøÖ
6HYJLù\L
dDøÖPÖ]GDYH(WLNWH%XQDOÖP 1XUWHQ.DUD
*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL 6LEHO2NWDU
(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ 1LPHWgQUYH$\ûHdDWDOFDOÖ
0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO0HG\D8]DPODUÖQGD
(WLNùNL].XOHOHUgUQHN2OD\Ö
<DPDQgUV
8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL ùEUDKLPg]GHPLU
'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
%HGUL\H,ûÖNg]ND\D
0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
+DIL]Hg]WUN
7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO +DNDQ3R\UD]
0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
úNUDQ6HYLPOL
7ÖEEL6RV\DO+L]PHW(WLøL 0HKPHWúDKLQ
(QIODV\RQYH(WLN 'HPHW7DûGHOHQ
7RSOXPD8\XP6DøODPDNPÖ*HUoHNOLøL$QODPDNPÖ" 1HûHW7RNX
0RGHUQLWHYH(WLN (UVLQ7|UHFL1HFGHW.HVPH]YH7XQFHUhQH\
%LOLûLP7HNQRORMLVLùQWHUQHWYH(WLN 6DGÖN7XPD\
)RWRøUDILN*|UQWhVWQGHQ(WLN7DUWÖûPDODU *OL]8OXo
7UN0HG\DVÖQGD(WLN6RUXQODUgUQHN2OD\ODUYHgQHULOHU 3ÖQDU8\DQ
9DWDQVHYHUOLN*HUHNHQGHQ)D]ODVÖ +DVDQhQGHU
8\JXODPDOÖ(WLN3DQPRUDOL]P $OHPGDU<DOoÖQ
<]\ÖOGD(WLN.DYUDPÖQÖQgQHPLQLQ$UWPDVÖQD1HGHQ2ODQ*HUHNOLOLNOHU $VOÖ<D]ÖFÖ
$KODNL'HøHUOHQGLUPHGH*HQHOùONHOHUPL<RNVD7HNLO'XUXPODUPÖgQFH*HOLU" 6HGDW<D]ÖFÖ
gWHQD]LYHgOP2UXFX úDKLQ<HQLûHKLUOLRøOX
'RøDGDg]JUON(ûLWOLNYH$KODN<RNWXU (./(5 (.2'7h)HOVHIH%|OP8\JXODPDOÖ(WLNWHùNLQFL(øLWLP7H]VL]<NVHN/LVDQV
3URJUDPÖ (.2'7h8<(7$08\JXODPDOÖ(WLN$UDûWÖUPD0HUNH]L$PDoODUÖ (.2'7h8<(7$06(0ùûELUOLøLLOH<UWOHQ0HG\D(WLøL6HUWLILND3URJUDPÖ
*LULû
8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
3URI'U$NÖQ(UJGHQ 7KLV ZDV RXU SDUDGR[ QR FRXUVH RI DFWLRQ
FRXOG EH GHWHUPLQHG E\ D UXOH EHFDXVH
HYHU\ FRXUVH RI DFWLRQ FDQ EH PDGH WR
DFFRUG ZLWK WKH UXOH 7KH DQVZHU ZDV LI
HYHU\WKLQJFDQEHPDGHWRDFFRUGZLWKWKH
UXOH WKHQ LW FDQ EH PDGH RXW WR FRQIOLFW
ZLWK LW 6R WKHUH ZRXOG EH QHLWKHU DFFRUG
QRUFRQIOLFWKHUH
/:LWWJHQVWHLQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV SDU
,
´8\JXODPDOÖ (WLNµ NDYUDPÖ DGÖ LFDEÖ HWLøLQ |øUHQLOHELOHFHøL |øUHWLOHELOHFHøL
YDUVD\ÖPÖQGDQ \ROD oÖNDU %X GD HWLøLQ ELU WU ELOJL ROGXøXQX NDEXOOHQPHN GHPHNWLU
%XUD\D NDGDU KHU ûH\ \ROXQGD $QFDN HWLøLQ QH WUGHQ ELU ELOJL ROGXøX VRUXOGXøXQGD
LûOHUNDUÖûÖU*HQHORODUDNHøLWLPLQLoLQGHHWLøLQ\HULVRUXOGXøXQGDLûOHUGDKDGDNDUÖûÖU
%XVRQVRUX\D\DQÖWYHUHELOPHNLoLQELU|QFHNLQH\DQL HWLøLQQHWUELUELOJLROGXøXQD
NDUDU YHUPHN JHUHNLU %X \D]Ö X\JXODPDOÖ HWLøLQ LoHUGLøL \D GD LoHUPHVL JHUHNHQ DGÖQD
´HWLNJUDPHULµGHGLøLPELOJLWUQHNÖVDELUJLULûQLWHOLøLQGHGLU
8\JXODPDOÖ HWLN ´HWLNµ V|]FøQQ |QQH ´PHG\Dµ ´ELRµ ´VL\DVHWµ ´WÖSµ
´PHVOHNµ YE JHWLULOHUHN ROXûWXUXODQ SHN oRN DODQÖ LoHUHQ ELU NDYUDPGÖU %|\OHFH
PHG\DHWLøLELRHWLNWÖSHWLøLLûHWLøLJLELNDYUDPODUODLIDGHHGLOPHNLVWHQHQûH\RQODUÖQ
EHOOL ELU WRSOXPXQ HWLN JUDPHUL EWQQQ SDUoDODUÖ ROGXøXGXU 8\JXODPDOÖ HWLN JUDPHUL
NDPXVDO DODQGD ROXûDQ \D GD VUHNOL ELU ELoLPGH ROXûDJHOHQ EX SDUoDODUÖQ EWQQ
LIDGH HGHU %X DQODPGD HWLN JUDPHUL NDPXVDO DODQÖQ LVNHOHWLQL \D GD WXWNDOÖQÖ ROXûWXUXU
'RøUXOXN GUVWON RQXU JYHQ JLEL HWLN GHøHUOHULQ JOREDO YH WRSOXPVDO NDPXVDO
DODQODUGDQ GÖûODQÖ\RU ROPDVÖ RQODUÖQ |]HO \D GD LQDQoVDO DODQD KDSVHGLOPHVL HWLN
JUDPHULQLQROXûDPDGÖøÖJHUoHøLQLQELUEDûNDELoLPGHLIDGHVLGLU
8\JXODPDOÖHWLNJUDPHULNDYUDPÖQGDJHoHQ´JUDPHUµV|]FøQGHQQRUPDOGHDQODûÖODQ
VDELW D SULRUL |QFHGHQ EHOLUOHQPLû NXUDOODU EWQQ &KRPVN\ NDVWHWPL\RUXP
*UDPHU NDYUDPÖ JHQo :LWWJHQVWHLQ·ÖQ DQODGÖøÖ ELoLPGH ELU NXUDOODU EWQGU DQFDN
EX NXUDOODU |QFHGHQ EHOLUOHQPLû WHSHGHQ LQPH YD]HGLOPLû DSULRUL X]DNWDQ LGDUH HGHQ
NXUDOODU GHøLOGLU *UDPHU V|]Fø ROJXODUÖQ GRøUXODUÖQ GHøHUOHULQ NDPXVDO DODQ
LoLQGHNL \DUDWÖOÖû ROXû D\UÖûPD \HQLGHQ G]HQOHQPH \RNROXû WHNUDU RUWD\D oÖNÖû YE
VUHoOHULQL LIDGH HGHU %X VUHoOHU \DQL HQ JHQHO DQODPGD WRSOXPVDO JUDPHU ROXûXPX
ELUH\OHULQ NDPXVDO DODQGD \DSWÖNODUÖ LûOHU V|\OHGLNOHUL V|]OHU R\QDGÖNODUÖ GLO R\XQODUÖ
ELOLQoOL \D GD ELOLQoVL] NDUDUODUÖ WXWWXUGXNODUÖ FDQOÖ PHWDIRUODU NÖVDFDVÖ V|\OHPVHO
GLVFXUVLYH YH V|\OHPVHO ROPD\DQ QRQGLVFXUVLYH SUDWLNOHULQLQ \DûDPD ELoLPOHUL IRUPV RI
2'7h)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
OLIH/HEHQVIRUPHQRODUDNNXOODQÖPWDU]ODUÖQÖPRGHG·HPSORLLIDGHHGHU%XUDGDELUROJX\X
´JHUoHN ROJXµ ELU GHøHUL ´JHUoHN GHøHUµ ELU GRøUX\X ´JHUoHN GRøUXµ ELU HøUL\L
´JHUoHN HøULµ RODUDN J|VWHUHQ |QFHGHQ EHOLUOHQPLû ELU FHWYHO ELU WHUFPH HO NLWDEÖ YV
\RNWXU %XUDGD QH YDUGÖU" %XUDGD JHo :LWWJHQVWHLQ·LQ \DûDPD ELoLPOHUL IRUPV RI OLIH
/HEHQVIRUPHQGHGLøLoHUoHYHYHDUNDSODQ \DSÖSHWPHOHULSUDWLNOHULYDUGÖU%LUGRøUX\XELU
GHøHUL ELU ROJX\X DQODPDPÖ]Ö VDøOD\DQ ELU oHUoHYH IUDPHZRUN YH ELU DUNDSODQ
EDFNJURXQGGÖUdHUoHYH\XNDUÖGDVD\GÖøÖPV|\OHPVHOYHV|\OHPVHOROPD\DQSUDWLNOHULQ
|QHUPHVHO ELOJL G]H\LQH oÖNDQ EX G]H\GH LIDGH HGLOHELOHQ NÖVPÖQÖ DUNDSODQ LVH EX
SUDWLNOHUL DQODPODQGÖUDQ DQFDN ELOJLQLQ DUNDVÖQGD KHQ] ELOJL ROPD\DQ DPD ELOJL\L
PPNQ NÖODQ NÖVPÖQÖ LIDGH HGHU (WLN JUDPHUL LûWH EX HQ JHQHO DQODPGD LIDGH
HWWLøLPL] WRSOXPVDO JUDPHULQ HWLNOH LOJLOL RODQ SDUoDVÖGÖU %X SDUoD GRøDO RODUDN JHQHO
DQODPGDNL WRSOXPVDO JUDPHUGHQ VR\XWODQDPD] %X VR\XWODPD\Ö EL]OHU \DQL IHOVHIHFLOHU
YHWRSOXPELOLPFLOHUHøLWLPYHDUDûWÖUPDDPDFÖ\OD\DSDUÖ]
%|\OH ELU VR\XWODPD VRQXFXQGD ELUNDo NDYUDP E\WHo DOWÖQD DOÖQDELOLU %X
NDYUDPODUGDQ EX \D]Ö oHUoHYHVLQGH ûXQODU |Q SODQD oÖNÖ\RU HøLWLP HWLN JUDPHU NXUDO
oHUoHYHYHDUNDSODQ
,,
(øLWLPL HQ JHQLû DQODPGD LQVDQÖ GRøXPGDQ |OPH NDGDU HWNLOH\HQ HøLS ENHQ ELU
ûHNOH VRNDQ ELU VUHo RODUDN DOJÖOÖ\RUXP (WLN LVH LQVDQÖQ ´QH \DSPDOÖ\ÖP QDVÖO
\DûDPDOÖ\ÖPµ VRUXVXQD YHUGLøL YHUPH\H oDOÖûWÖøÖ VLVWHPDWLN \DQÖWWÖU (øLWLP YH HWLN
DUDVÖQGDNL EX DoÖN YH ]RUXQOX LOLûNL\L 6RNUDWHV·LQ ´.HQGLQL WDQÖµ V|] oRN J]HO LIDGH
HGHU(øLWLPNÖVDFD\DûDPER\XVUHQKLoELWPH\HQHWLNELUNHQGLQLWDQÖPDVUHFLGLU
ùNLQFL RODUDN 6RNUDWHV·LQ ELU EDûND V|] EL]H HøLWLP HWLN LOLûNLVLQLQ SDUDGRNVDO
QLWHOLøLQL J|VWHULU6RNUDWHVN|W VRILVWOHUGHQ NHQGLQL D\ÖUPDN LoLQ KHU ]DPDQNL LURQLN
WDYUÖ\OD N|W VRILVWOHUGHQ GDKD ´HUGHPOLµ ROGXøXQX ]LUD KLo GHøLOVH NHQGLVLQLQ ´KHU
ûH\L ELOPHGLøLQL ELOGLøLQLµ VRILVWOHULQ LVH KHU ûH\L ELOGLNOHULQL ]DQQHWWLNOHULQL V|\OHU
(øLWLPEXDQODPGD|PUER\XVUHFHNRODQELU´NHQGLQLWDQÖ\DPDPDµVUHFLGLUGH
hoQF RODUDN HøLWLP YH HWLN LOLûNLVLQLQ SDUDGRNVDO ELU GLøHU ER\XWXQX 6RNUDWHV
HUGHPLQ ´|øUHQLOHPH] |øUHWLOHPH]µ ELU ûH\ ROGXøXQX V|\OH\HUHN YXUJXODU (WLN YH
HøLWLP LOLûNLVLQGHNL EX SDUDGRNVX $ULVWRWHOHV (WKLFD 1LFKRPDFKHD DGOÖ HVHULQGH HWLN
ELOJLQLQ SKURQHVLV ´|øUHQLOHPH]µ ´|øUHWLOHPH]µ ´XQXWXOPD]µ ELU WU ELOJL ROGXøX
ûHNOLQGH LIDGH HGHU ´3UDWLN HUGHPµ RODUDN EDWÖ GLOOHULQH oHYULOHQ SKURQHVLV·L EHQ ´HWLN
ELOJLµ RODUDN oHYLUL\RUXP YH ELOLûVHO NDWHJRULOHUOH LIDGH HGLOHPH\HQ ORJRV ROPD\DQ EX
ELUWXKDI´ELOJLµ\LGHHøLWLPVUHFLQLQKHPELUHUHøLWHORVKHPGHELUEDûODQJÖoQRNWDVÖ
RODUDN J|U\RUXP $ULVWRWHOHV HWLN ELOJL\L DNOÖQ oRN |]HO ELU NXOODQÖP ELoLPL RODUDN
EHWLPOHU
(WLN
ELOJL
DNOÖQ
NXUDPVDO
NXOODQÖPÖQGDQ
HSLVWHPH
IDUNOÖGÖU
]LUD
R
GHøLûHELOHQLQ ROXPVDOÖQ ELOJLVLGLU $QFDN HWLN ELOJL GHøLûHELOHQLQ ELU WU ELOJLVL RODQ
KHVDS NLWDSOD LOJLOL RODQ WHNQRNUDWWHNQLV\HQ]DQDDWNDUPKHQGLVLQ ELOJLVLQGHQ WHFKQH
GHIDUNOÖGÖU7HFKQHLOHSKURQHVLV·LQRUWDN\DQÖLNLVLQLQGHELUWUELOJLYHGHQH\LPL\DSÖS
HWPHOHUL LoHUPHVLGLU $QFDN WHFKQH·GH EX \DSÖSHWPHOHUGH EXOXQDQ LQVDQ PDUDQJR]
PLPDU N|SHN HøLWLFLVL 79 SURJUDPFÖVÖ YE \DSÖS HWPHOHULQL |QFHGHQ EHOLUOHQPLû
KHVDS NLWDS NXUDOODUÖQD J|UH JHUoHNOHûWLULU %X KHVDS NLWDS NXUDOODUÖ LOH RUWD\D oÖNDUÖODQ
HVHU DUDVÖQGD KHP PDQWÖNVDO KHP GH ]DPDQVDO DQODPGD ELU ´|QFHOLNµ ´VRQUDOÖNµ V|]
NRQXVXGXU %XUDGD NXUDOODU \DSÖS HWPHOHUL :LWWJHQVWHLQ·ÖQ WDELUL\OH ´X]DNWDQ LGDUH
HGHUµ %XQD NDUûÖ SKURQHVLV·WH ´NXUDOODU X]DNWDQ LGDUH HWPH]OHUµ %XQODUÖQ QH ROGXøX
DûDøÖGD WDUWÖûÖODFDN (WLN \DSÖS HWPHOHULPL]GH HWLN NXUDO LOH HWLN NDUDUHGLP DUDVÖQGD
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
PDQWÖNVDO \D GD ]DPDQVDO ELU ERûOXN \RNWXU SKURQHVLV VDKLEL LQVDQ 3KURQLPXV VRPXW
ELU GXUXP NDUûÖVÖQGD ´GRøUX RODQ ûH\L \DSDQµ LQVDQGÖU 3UDWLN HUGHP VDKLEL LQVDQ
|QFHGHQ EHOLUOHQPLû NXUDO NXUDPODUÖ VRPXW GXUXPODUD X\JXOD\DQ LQVDQ GHøLOGLU
7HFKQH ELOJLVLQGH ELU ûH\LQ NXUDOODU SURJUDPODU SURMHOHU YE ELU EDûND ûH\H DKûDED
WDûDN|SHøHYEX\JXODQPDVÖV|]NRQXVXGXU7HFKQHLOH3KURQHVLVDUDVÖQGDNLGLøHUIDUNODUÖ
|øUHQPHN
LVWH\HQ
RNX\XFXODU
\XNDUÖGD
YHUGLøLPL]
QXPDUDOÖ
GLSQRWXQGDNL
$ULVWRWHOHV·LQ HVHULQL RNX\DELOLUOHU %HQLP EX \D]ÖGD YXUJXODPDN LVWHGLøLP ûH\ HWLN
ELOJLQLQ NXUDOODUOD RODQ SDUDGRNVDO LOLûNLVL YH EX LOLûNLQLQ HøLWLP EDøODPÖQGD ELUD]
GHûLOPHVLGLU
'HUGLPL ELU EDûND DoÖGDQ V|]H G|NHOLP ´(WLN HøLWLPLQLQ NXUDOODUOD KLo LOLûNLVL \RN
PXGXU"µ VRUXVX 6RNUDWHV·LQ ´IHOVHIH |øUHWLOHPH]OLøLµ \D GD $ULVWRWHOHV·LQ ´(WLN
ELOJHOLøLQ |øUHWLOHPH]OLøLµ SDUDGRNVXQD EHQ]HU 6RUXODUD \DQÖW KHP ´HYHWµ KHP
´KD\ÖUµGÖU +D\ÖU HWLN HøLWLPLQ NXUDOODUOD KLo LOJLVL \RNWXU +D\ÖU HWLN ELOJHOLN
|øUHWLOHPH] +D\ÖU IHOVHIH |øUHWLOHPH] %X o VRUX\D GD \DQÖW ´KD\ÖUµ GÖU ûD\HW HWLN
ELOJL\L HWLN NXUDOODUÖ |UQHøLQ ELU GLOLQ JUDPHUL VHQWDNV DQODPÖQGD JLEL |QFHGHQ
EHOLUOHQPLû KHVDSNLWDS LûL VDELW NXUDOODU WRSODPÖ RODUDN J|UUVHN ho VRUX\D GD \DQÖW
´HYHWµWLU ûD\HW HWLN ELOJL\L HWLN NXUDOODUÖ E|\OH J|UPH] LVHN <D]ÖPÖQ JHUL NDODQÖQGD EX
VRUXODUD´HYHWµ\DQÖWÖQÖYHUHELOPHQLQWHPHOOHULQLGHûPH\HoDOÖûDFDøÖP
.XUDO NRQXVXQGDNL IHOVHIL J|UûOHU $ULVWRWHOHV YH GDKD \DNÖQODUGD .DQW·D NDGDU
JLGHU $QFDNHWLNYHUHWRULNEDøODPÖQGDNXUDOODLOJLOLJ|UûOHULQLON|UQHNOHULQL·QFL
<]\ÖOGD *+HUEHUW 0HDG YH .HQQHWK %XUNH JLEL GûQUOHUGH J|UHELOLUL] %X
GûQUOHU LQVDQÖQ WRSOXP LoLQGHNL VÖUDGDQ JQON \DSÖS HWPHOHULQGH NDUûÖODûWÖøÖ
GXUXPODU YH VRUXQODU ]HULQH NDID \RUPXûODU YH LQVDQÖQ EX GXUXP YH VRUXQODU
NDUûÖVÖQGD \DSPDVÖ JHUHNHQ VHoLPOHULQ WHSNLOHU GHøLO WDQÖP LFDEÖ HWLN QLWHOLNWH ROGXøXQX
YXUJXODPÖûODUGÖUgUQHøLQ%XUNHLQVDQÖQ\DSÖSHWPHOHULQLQV|]OHGLPOHULQLQVLPJHVHO
YH HWLN \|QQ YXUJXODPDN DPDFÖ\OD ´H\OHPµ YH ´KDUHNHWµ DFWLRQ YH PRWLRQ
NDYUDPODUÖQÖ ELUELULQGHQ D\ÖUÖU %XUNH·H J|UH H\OHPHN H\OHP LQVDQ NÖ]ÖRøOXQXQ HQ
EHOLUJLQ QLWHOLøLGLU LQVDQ VLPJHVHO H\OHPOHUGH HWLN \DSÖS HWPHOHUGH EXOXQDELOHQ WHN
KD\YDQWUGUùQVDQNRQXûDELOLUV|]YHUHELOLULNQDHGHELOLU\DODQV|\OH\HELOLU%XQXQ
\DQÖQGD
QHVQHOHU
YH
KD\YDQODU
VDGHFH
KDUHNHW
HGHELOLUOHU
%LU
EDûND
GH\LûOH
H\OH\HELOPHN VHoLP \DSDELOPHN NDUDU YHUHELOPHN HWLN NLûLOLN LoHULU \D GD JHUHNWLULU
dRøX \DSÖS HWPHOHULPL]GH ûX \DGD EX GXUXP NDUûÖVÖQGD ´HYHWµµKD\ÖUµ ´GRøUXµ
µ\DQOÖûµ GL\HELOPHN HWLN WDYÖU WDNÖQPDN GHPHNWLU ´+DUHNHWµ NDYUDPÖ HWLN GÖûÖGÖU
VDGHFHYHVDGHFHLQVDQH\OHPLGLUHWLNRODQ\DGDRODELOHQ %XUNH·Q EX J|UûQH NDWÖOPDNOD ELUOLNWH ûXQX HNOHPHNWH GH \DUDU J|U\RUXP
%XUNH·Q DPDFÖQÖQ |UQHøLQ D\QÖ ´KDUHNHWLQµ ELU KD\YDQ WDUDIÖQGDQ \DSÖOÖUVD HWLN GÖûÖ
ELU LQVDQ WDUDIÖQGDQ \DSÖOÖUVD PXWODND HWLN LoLOLøLQL V|\OHPHN ROGXøXQX VDQPÖ\RUXP
3HN oRN LQVDQ KDUHNHWL GH VDGHFH ´KDUHNHWµ RODUDN NDODELOLU \DQL HWLN DODQÖ GÖûÖQGDGÖU
gUQHøLQ NÖUGD WHN EDûÖPD SLSR LoL\RUXP 9XUJXODQPDN LVWHQHQ ûH\ SHN oRN LQVDQ
´KDUHNHWLQLQµ ]RUXQOX RODUDN HWLN DODQD JLULûLGLU %X ]RUXQOXOXøX GRøXUDQ ûH\ |WHNL
LQVDQODUGÖU gUQHøLQ SLSRPX NÖUGD \DOQÖ]NHQ GHøLO GH HYGH NÖ]ÖPÖQ \DQÖQGD LoL\RUVDP
D\QÖKDUHNHWSLSRLoPHPHWLNDODQDJLUHU%LUD]GDQJ|UHFHøLPL]JLELDUWÖND\QÖKDUHNHW
SLSRLoPHPELUoÖSODNROJXEUXWHIDFWROPDNWDQoÖNÖSELUGLOR\XQXQXQODQJXDJHJDPH
SDUoDVÖRODQVRV\DONXUXPVDOROJXLQVWLWXWLRQDOIDFWROXU .XUDOOD LOJLOL EX EHOLUWWLøLP J|UûOHU QFL <]\ÖOÖQ LNLQFL \DUÖVÖQD NDGDU ROGXNoD
\]H\VHO YH NÖVPL NDOPÖûWÖU .XUDO ]HULQH JHUoHN ELU LOJLQLQ EDûODQJÖo QRNWDVÖ /XGZLJ
:LWWJHQVWHLQ·LQ 3KLORVRSKLFDO ,QYHVWLJDWLRQV DGOÖ NLWDEÖQÖQ |OPQGHQ VRQUD ·GH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\D\ÖPODQPDVÖ ROPXûWXU )HOVHIHGH ROGXøX NDGDU GLøHU LQVDQ ELOLPOHULQGH GH GHYULPFL
J|UûOHUH \RO DoDQ EX \DSÖWÖQ DUGÖQGDQ :LWWJHQVWHLQ VRQUDVÖ NXUDO J|UûOHUL $XVWLQ
5\OH :LQFK 7RXOPLQ 6HDUOH JLEL $QJOR6DNVRQ *DGDPHU +DEHUPDV $SHO JLEL
$OPDQILOR]RIODUWDUDIÖQGDQGHøLûLNDoÖODUGDQJHOLûWLULOPLûWLU g]HWOHEXIHOVHIHFLOHUEL]H
NXUDOOD LOJLOL ûXQX V|\OHUOHU ùQVDQÖQ \DSÖS HWPHOHULQLQ EHOOL ELU NÖVPÖ HWLN DODQ GÖûÖ RODQ
´KDUHNHWOHUµ \D GD oÖSODN ROJXODUGÖU $QFDN oRøX LQVDQ H\OHPOHUL DOWHUQDWLI \ROODU
DUDVÖQGD \DSÖODQ YH GHøHU \DUJÖODUÖ WDûÖ\DQ HWLN VHoLPOHUGLU %X LNLQFL WU \DSÖS HWPHOHU
IL]LN \DVDODUD EDøOÖ ´KDUHNHWµ GHøLO JQGHOLN VÖUDGDQ GLO LoLQGH VRPXWODûDQ NXUDOODUD
EDøOÖ GLO R\XQODU \D GD GLO HGLPOHULGLU ODQJXDJHJDPH VSHHFK DFW %X V|\OHGLNOHULPL]L
:LWWJHQVWHLQ·GHQELU|UQHNOHDoDOÖP
:LWWJHQVWHLQ \XNDUÖGD GLSQRW EHOLUWWLøLP \DSÖWÖQGD oO ELU D\UÖP \DSDU 'H\LP
H[SUHVVLRQGLOR\XQXODQJXDJHJDPH\DûDPDELoLPLIRUPRIOLIH:LWWJHQVWHLQ·HJ|UHELU
GH\LP ELU V|]FN YH\D ELU WPFH DQODPÖQÖ EHOOL ELU GLO R\XQX EDøODPÖQGD \DQL EX GLO
R\XQX LoLQGHNL URO VD\HVLQGH ND]DQÖU 'LO R\XQX \D GD :LWWJHQVWHLQ VRQUDVÖ
IHOVHIHFLOHULQ GH\LPL\OH GLO HGLPL NDYUDPÖQÖ :LWWJHQVWHLQ·LQ NHQGL YHUGLøL |UQHNOHUOH
û|\OH DoDELOLUL] ´%LU ûH\L EHWLPOHPH ELU ûH\LQ EHWLPOHQPHVLQGHQ \ROD oÖNDUDN
oL]LPLQGHQ R ûH\L \DSPDN ELU ROD\Ö DQODWPDN ELU ROD\ KDNNÖQGD \RUXP \DSPDN ELU
KLSRWH] ROXûWXUXS VÖQDPDN ELU GHQH\LQ EXOJXODUÖQÖ WDEOR YH GL\DJUDPODU ELoLPLQGH
VXQPDN ELU R\XQGD URO DOPDN ûDUNÖ V|\OHPHN ELOPHFH o|]PHN ûDND \DSPDN IÖNUD
DQODWPDN ELU DULWPHWLN SUREOHPL o|]PHN \DEDQFÖ ELU GLOGHQ oHYLUL \DSPDN VRUX
VRUPDNWHûHNNUHWPHNODQHWRNXPDNELULQLNDUûÖODPDNGXDHWPHNµ <XNDUÖGDNL GLO R\XQX|UQHNOHULQGHQ DQODûÖODFDøÖ ]HUH EL]LP ´GLOµ GHQLQFH JHQHOGH
DQODGÖøÖPÖ] GDU WDQÖPÖQ GÖûÖQD oÖNDU :LWWJHQVWHLQ·ÖQ GLO NDYUDPÖ 2 KDOGH GLO HGLPOHUL
HQ JHQLû DQODPGD ´GLOµ LOH \DSÖS HGLOHQ ûH\OHU ROX\RU $XVWLQ·LQ WDQÖPÖ\OD GLO HGLPL
´V|]OHUOH\DSÖSHGLOHQûH\µGLU gUQHøLQ´HYHWµV|]FøQEHOOLELUNXUDOODUEDøODPÖQGD
VDUI HWPHN ELU ´HYOLOLN NRQWUDWÖQÖQµ ELU SDUoDVÖGÖU $\QÖ ELoLPGH ´ERû ROµ GH\LPLQLQ
EHOOL ELU NXUDOODU VLOVLOHVL EDøODPÖQGD ERûDQPD ROJXVXQXQ ELU SDUoDVÖ ROPDVÖ JLEL
$XVWLQ 6HDUOH +DEHUPDV JLEL GûQUOHULQ oHûLWOL DPDoODUOD JHOLûWLUGLNOHUL GLO HGLPL
VÖQÖIODPDODUÖ WD[DQRP\ YDUGÖU $XVWLQ GLO HGLPOHULQLQ ELU WRSOXP LoLQGH LOHWLûLP
DoÖVÖQGDQ |QHPOL RODQODUÖQD YHUGLøL LVLP LOORNXV\RQHUHGLPOHU LOORFXWLRQDU\ DFWV GLU
+HSVLHWLNDoÖGDQ|QHPOLRODQEXWUHGLPOHUHLûDUHWHGHQILLOOHUHV|]FNOHU$XVWLQ·LQ
YHUGLøL |UQHNOHU ûXQODUGÖU ´%HOLUWPHNµ ´EHWLPOHPHNµ ´LGGLD HWPHNµ ´LND] HWPHNµ
´LûDUHW HWPHNµ ´\RUXP \DSPDNµ ´HPUHWPHNµ ´NXPDQGD HWPHNµ FRPPDQG ´WDOHS
HWPHNµ UHTXHVW ´HOHûWLUPHNµ ´|]U GLOHPHNµ ´VDQVU HWPHNµ ´RQD\ODPDNµ ´KRû
NDUûÖODPDNµ ZHOFRPH ´V|] YHUPHNµ ´LWLUD] HWPHNµ ´WDOHSWH EXOXQPDNµ GHPDQG YH
´WDUWÖûPDNµDUJXH$XVWLQ·HJ|UHùQJLOL]FH·GHELQLQVWQGHEXWUILLOYDU
:LWWJHQVWHLQ·DJHULG|QHUVHNGL\HELOLUL]NLRQDJ|UHGH\LPOHUDQODPODUÖQÖ\XNDUÖGD
|UQHNOHQGLUGLøLPL] GLO R\XQODUÖ LoLQGH NXUDOODUD EDøOÖ NXOODQÖPODUÖQGDQ DOÖU %X GLO
HGLPOHULQLQEDøODPÖQGDQVR\XWODQÖUVDGH\LPDQODPÖQÖ\LWLULUYH:LWWJHQVWHLQ·ÖQGH\LûL\OH
ELUJUOWGHQ´ERûDG|QHQELUoDUNWDQµEDûNDELUûH\ROPD]'LOLPL]R]DPDQ´WDWLOH
JLGHUµ
:LWWJHQVWHLQ·D J|UH EX GLO R\XQODUÖ \D GD GLO HGLPOHUL GH RQODUÖ NDSVD\ÖFÖ ELU
ELoLPGH LoLQGH WDûÖ\DQ ´\DûDPD ELoLPOHULµ IRUPV RI OLIH /HEHQVIRUPHQ EDøODPÖQGD
GHøHUOHQGLULOPHOLGLU'H\LPOHULQDQODPODUÖQÖ\DQL\DSÖSHWPHOHULPL]LROXûWXUDQVWDQGDUW
NXOODQÖP WDU]ODUÖQÖ EHOLUOH\HQ GLO HGLPOHULQLQ NHQGLOHUL GH GDKD NDSVD\ÖFÖ ELU DODQ RODQ
\DûDPD ELoLPOHULQLQ ELU SDUoDVÖGÖU YH EXQODU WDUDIÖQGDQ EHOLUOHQLU ´<DûDPD ELoLPOHULµ
NDYUDPÖ oRN WDUWÖûPDOÖ YH oHWUHILO IHOVHIL VRUXQODU LoHUHQ ELU NDYUDPGÖU
7RXOPLQ EX
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
NDYUDPÖHWLN\DSÖSHWPHOHULPL]LGHLoLQHDODQNXUDODEDøOÖGDYUDQÖûODUEDøODPÖQGDû|\OH
|]HWOHU
D
<DûDPD
ELoLPOHUL
HSLVWHPLNHQWHOHNWHO
LGHDOOHU
GHøLO
SUDWLN
\DSÖS
HWPHOHUGLU E <DûDPD ELoLPOHUL\OH DQODWÖOPDN LVWHQHQ ûH\ LQVDQ GRøDVÖQÖQ \D GD
NOWUQ
GHøLûPH\HQ
GHøLûNHQGLU
G]HQL
GHøLO
SHN
oRN
DoÖGDQ
EDNÖODELOHFHN
NOWUHO
ELU
%LU EDûND :LWWJHQVWHLQ |øUHQFLVL RODQ 6HDUOH GD \DûDPD ELoLPOHUL NDYUDPÖQÖ
´oHUoHYHµ IUDPHZRUN YH ´DUNDSODQµ EDFNJURXQG PHWDIRUODUÖ\OD DQODWPD\D oDOÖûÖU
gUQHøLQ LoLQGH ´NHVµ V|]FøQQ JHoWLøL GHøLûLN GH\LPOHU GûQHOLP ´3DVWD\Ö NHVµ
´'DøÖ NHVµ ´*QHûL NHVµ JLEL ´.HVµ V|]Fø EXUDGD PHWDIRU GHøLO OkI]vOLWHUDO DQODPGD
ROVXQ<DQL´NHVµ´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGD´3DVWD\ÖNHVµ
GH\LPLQLQDQODPÖQÖLoLQGHNXOODQÖOGÖøÖGLOR\XQXEHOLUOHU%XQHROVXQ"%LUGRøXPJQ
NXWODPDVÖ ROVXQ .Ö]ÖP $\ûH·QLQ GRøXP JQ ROVXQ %X GLO R\XQX EDøODPÖQGD
´SDVWD\ÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQ"GL\HVRUXOGXøXQGDFHYDS´$\ûHGRøXPJQ
SDVWDVÖQÖ NHVL\RUµ ´$\ûH·QLQ GRøXP JQQGH SDVWD NHVLOPLûµ ´$\ûH·QLQ \DûDGÖøÖ
ONHGH GRøXP JQOHUL NXWODQÖUPÖûµ ´'RøXP JQOHULQGH DGHW SDVWD \HPHNPLûµ %X
\DQÖWODUÖ RQODUD \]OHUH KDWWD EHONL GH ELQH oÖNDUDELOLUL] ùûWH HSLVWHPLN G]H\GH NDODQ
ELOJL WU |QHUPHOHU LoLQH KDSVHGLOHELOLS FPOHOHU KDOLQGH LIDGH HGLOHELOHQ NOWUHO
\DSÖSHWPHOHULQELOJLVLQH´oHUoHYHµDGÖQÖYHUL\RUX]YHELUGH\LPLQDQODPÖQÖEXoHUoHYH
EHOLUOHU GL\RUX] %X GLO R\XQXQX ´oHUoHYHµ NDYUDPÖQÖ DQODPDN LoLQ NXOODQGÖN (OOH
WXWXOXSJ|]OHJ|UOHQFPOHOHUOHLIDGHHGLOHELOHQDQODPÖEHOLUOH\HQELOJL
.ODVLNWLSLNJHOHQHNVHOIHOVHIHEXQRNWDGDLûLELWLULU%LOJLQLQ/RJRVDUNDVÖQGDELOJL
ROPD\DQKLoELUûH\RODPD]+HUûH\ELOJLLOHEDûODUELOJLLOHELWHU+D\DOHWELOJLRODFDN
GHøLO\D
3HNL ELOJLQLQ DUNDVÖQGD HSLVWHPLN ´oHUoHYHQLQµ DUNDVÖQGD ELU ´DUNDSODQµ RODPD]
PÖ" ùûWH EX VRUX\X :LWWJHQVWHLQ +HLGHJJHU *DGDPHU 'HUULGD JLEL ·QFL <]\ÖO
GûQUOHUL JQGHPH JHWLULUOHU %L] LNLQFL ELU GLO R\XQX NXUJXOD\DUDN GH\LPOHULQ
DQODPÖQGD KD\DWL V|] VDKLEL ROGXøXQX VH]GLøLPL] DQFDN HSLVWHPLN ELOJL G]H\LQGH
\DNDOD\DPDGÖøÖPÖ] EX ´DUNDSODQµ NDYUDPÖQÖ DQODPD\D oDOÖûDOÖP +DWÖUOD\DOÖP NL KkOk
:LWWJHQVWHLQ·LQ ´<DûDPD ELoLPOHULµ NDYUDPÖQÖ WDUWÖûÖ\RUX] ùNLQFL GLO R\XQXPX]GD LNL
GH\LP NXOODQDOÖP %X LNL GH\LPGH GH ´NHVµ V|]Fø \LQH PHFD]L GHøLO OkI]vOLWHUDO
DQODPGD\DQL´NHVNLQELUûH\OHELUEDûNDûH\LGRøUDPDNµDQODPÖQGDNXOODQÖOVÖQùûWHLNL
GH\LP ´'DøÖ NHVµ ´*QHûL NHVµ %X NH] LNL GH\LP NXOODQPD JHUHNoHPL
DoÖNODPDNODEDûOD\DOÖP$UNDSODQNDYUDPÖ|]HOELUWDULKVHOOLN²]DPDQVDOOÖNER\XWXLoHULU
%LULQFLGLOR\XQXEL]HDUNDSODQÖQWDELU\HULQGHLVH´ûLPGLNLJHoPLûµER\XWXQXLNLQFLGLO
R\XQX LVH EL]H DUNDSODQÖQ ´ûLPGLNL JHOHFHNµ ER\XWXQX J|VWHUPH\L DPDoOÖ\RU %LULQFL
GH\LPLRNXUXPD\|QHOWL\RUXP´'DøÖNHVµGH\LPLQGHQQHDQOÖ\RUVXQX]"
<ÖO PWKLû ELU WHNQRORML YDU 'HY GDø NHVPH PDNLQHOHUL YDU SURMH KD]ÖU
IDODQFD GDø NHVLOLS DUDVÖQD |]HO ELU WQHO \DSÖODFDN YV YV ùûWH EX YH EHQ]HUL FHYDSODUÖ
YHUL\RUVXQX] +DNOÖVÖQÖ] GD 'H\LP \HULQGH\PLû 'H\LPL DQODPDQÖ] LoLQ ´oHUoHYHµ
ELOJLVL \HWWL GH DUWWÖ ELOH úLPGL YDUVD\DOÖP LNL <]\ÖO JHULGH \DûÖ\RUX] YH EHQ VL]H D\QÖ
VRUX\X R ]DPDQ <]\ÖO \|QHOWL\RUXP ´'DøÖ NHVµ 1H DQOÖ\RUVXQX]" 6L]
ûDûÖUÖ\RUVXQX] |QFH DPD KHPHQ WRSDUODQÖS RNXGXøXQX] -XOHV 9HUQH URPDQODUÖQÖ
KDWÖUOÖ\RU YH EDûOÖ\RUVXQX] VD\PD\D ´g\OH ELU ]DPDQ JHOHFHN NL GHY GDø NHVPH
PDNLQHOHUL RODFDN 'HY NXûPDNLQHOHU KDYDGD XoDUDN EX GDøODUÖ NHVHFHNOHU YV YVµ
+DLûWHûLPGLDQODGÖQÖ]'H\LP\LQH\HULQGH\PLû$QODPDNLoLQQH\DSWÖQÖ]"&HYDS%LU
DUNDSODQ \DUDWWÖQÖ] +D\DOHWL oDøÖUGÖQÖ] 2 GD oDøUÖQÖ]D \DQÖW YHUGL 9HUPH\HELOLUGL GH
7LSLNNODVLNHøLWLPFLOHUJLELoDøÖUPD\DELOLUGLQL]GH2QODUÖQGHGLøLJLELGHUGLQL]NL´%X
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oRN VDoPDµ ´%X GH\LP \HULQGH GHøLOµ YV YV $PDVL] RQODUGDQ IDUNOÖVÖQÖ] +D\DOHWOHUH
LQDQÖ\RUVXQX] ùûWH KD\DOHW ELOJL EX ùûWH ORJRV ROPD\DQ ELOJL EX +HPHQ G]HOWL\RUXP
$UNDSODQÖ ORJRV \DSWÖQÖ] $UWÖN R ELU ´oHUoHYHµ ELOJLVL ROGX $PD GDKD |QFH ´\RN
JLEL\GLµ 6L]LQ R GH\LPL DQODPD VUHFLQL] LoLQGH RUWD\D oÖNWÖ $QODPDQÖ]Ö R VDøODGÖ
7ÖSNÖ J|UPHPL VDøOD\DQ DPD EHQLP J|UHPHGLøLP J|]PQ UHWLQDVÖ JLEL 'HYDP
HGHOLP
´*QHûLNHVµ$QODGÖQÖ]PÖ"0HWDIRUGHøLOOLWHUDODQODPGDNHV&HYDS´1DVÖOROXU"
*QHû
SH\QLU
PL
NHVHOLP"
%X
oRN
VDoPD
$QODPDGÖP
%HQLP
DQODPDGÖøÖP
ELOPHGLøLP ûH\ ELOJL GHøLOGLUµ %X WLSLN NODVLN DNDGHPLV\HQ \DQÖWÖ +D\DOHW ELOJL\L
oDøÖUDUDN
DQODPDN
%XQX
RNXUODUÖQ
KD\DOHW
JFQH
EÖUDNÖ\RUXP
*QHûL
QDVÖO
NHVHUGLQL]"$WDODUÖPÖ]ÖQGHGLøLJLELLQVDQKD\DOHWWLøLPGGHWoH\DûDU
g]HWOHUVHNHWLNDODQV|]NRQXVXROGXøXQGDNXUDONDYUDPÖGH\LPGLOR\XQX\DûDPD
ELoLPL HNVHQLQGH |QHUPHVHOELOJL SURSRVLWLRQDO NQRZOHGJH HSLVWHPLN G]H\LQL DûDQRQWR
SUDWLN ELU \DSÖS HWPHOHU \DûDPD GQ\DVÖQÖ OLIH ZRUOG /HEHQVZHOW YDUVD\PDN ]RUXQGDGÖU
%|\OH ELU GQ\DGD HWLN ELOJL /\RWDUG·ÖQ GH\LPL\OH ´GLO R\XQODUÖQÖQ KHWHURMHQOLøLQLµ
NDEXOOHQPHN
]RUXQGD
<LQH
E|\OH
ELU
GQ\DGD
:LWWJHQVWHLQ·LQ GHøLûL\OH ´X]DNWDQ LGDUH HWPH]OHUµ
NXUDOODU
EX
GLO
R\XQODUÖQÖ
úLPGL ELUD] GD EX VRQ QRNWD
]HULQGHGXUDOÖP
%LU NXUDO X]DNWDQ LGDUH HWPH] 1H\L HWPH]" <DSÖS HWPHOHULPL]L %LU NXUDO ´ELU \RO
LûDUHWL JLELGLU %LU \RO LûDUHWL EL]H QH WDUDID JLWPHPL] JHUHNWLøLQL NHVLQ RODUDN J|VWHULU
PL"µ
7DELL NL J|VWHUPH] .XUDOODU \RO LûDUHWOHUL JLEL EL]H VHoHELOHFHøLPL] DOWHUQDWLI
\ROODUÖ J|VWHULUOHU $PD KHU \RO LûDUHWL JLEL KHU NXUDO GD ´\DQOÖûµ \RUXPODQDELOLU *HFH
ELUIÖUWÖQDVRQXFX\ROLûDUHWLG|QPûGHRODELOLU%X\]GHQELUNXUDOGDELU\ROLûDUHWL
JLEL KHU LKWLPDOL GHøHUOHQGLUHELOHQ XVWD ELU ûRI|U JLEL DQFDN X\JXODPD WHNQLøLQL
ELOHQ
ELULQH \DUGÖPFÖ RODELOLU %X EDøODPGD KLo ELU NXUDO GLO R\XQODUÖQÖQ KHWHURMHQOLøL LoLQGH
NHQGLNXOODQÖPODUÖQÖWPD\UÖQWÖODUÖ\ODGLNWHHGHPH]<LQHEXEDøODPGDGLOR\XQODUÖELU
NXUDOODUEWQRODUDN|QFHGHQEHOLUOHQPLûVDELWELUNDONOVRODUDNGûQOHPH]%X
DQODPGD ´NXUDOD EDøOÖOÖNµ UXOH IROORZLQJ |UQHøLQ &KRPVN\·GH ROGXøX JLEL
GLOLQ VDELW
KRPRMHQ GRøXûWDQ JHOHQ NXUDOODUÖ WDUDIÖQGDQ EDøODQPDN GHøLO WDP DNVLQH GLO
R\XQODUÖQÖQ
KHWHURMHQOLøLQL
\XNDUÖGD
|UQHNOHQGLUGLøLPL]
PPNQ
NÖODQ
NXUDOD
EDøOÖOÖNWÖU $QODP DoÖNODPDODUÖ \DQL V|]FNOHULQ NXOODQÖPÖQÖ EHOLUOH\HQ QRUPODUGÖU
NXUDOODU $QFDN EX DQODP DoÖNODPDODUÖ LoLQGH ROXûWXNODUÖ GLO HGLPOHUL YH \DûDPD
ELoLPOHULQHJ|UHSHNoRNIDUNOÖûHNLOOHUDOÖUODU%XGHPHNLVWHGLøLPLELUV|]ONLoLQGHNL
DQODP DoÖNODPDODUÖQÖ |UQHN YHUHUHN GH DQODWDELOLUL] +LoELU V|]ON ELU V|]FøQ
DQODPÖQÖ \DQL NXOODQPD ELoLPOHULQL EWQ D\UÖQWÖODUÖ\OD YHUHPH] %L]LP ELU V|]ONWHQ
\DUDUODQDELOPHPL] LoLQ R GLO NRQXVXQGD SHN oRN ûH\ ELOPHPL] GLøHU ELU GH\LûOH
NXOODQPDX\JXODPD WHNQLøLQL ELOPHPL] JHUHNLU %X DQODPGD NXUDOODU SUDWLN \ROX\OD
\DYDû \DYDû SUDWLøLQ |QJ|UGø GHøLûNHQOHUH GHøLûPHOHUH EDøOÖ RODUDN KHP |øUHQLOHQ
KHPGH\DSÖSHGLOHQûH\OHURODUDNJHOLûLUYHEHOLUJLQOHûLU
%X V|\OHGLNOHULPL] HWLN NXUDOODU LoLQ GH JHoHUOLGLU (WLN NXUDOODU GD VÖUDGDQ GLO
NXUDOODUÖ JLEL VDELW NDONOVYDUL DNVL\RPODUGDQ IDUNOÖ VWDWGHGLU %LULVL VL]H JHOLS ´EDQD
HWLøL|øUHWLUPLVLQ"µGHUVHEXLQVDQÖQVL]GHQHWLøLQELOJLVLQL\DQLEXNRQXGDNLNXUDPODUÖ
YH QRUPDWLI NXUDOODU EWQQ LVWHGLøLQL ELOLUVLQL] $PD EX NLûL\H VDELW NDONOV
NLWDEÖQDEHQ]HUNXUDOODUWRSODPÖQÖELUUHoHWHJLELYHUHELOLUPLVLQL]"9HUPH\HoDOÖûÖUVDQÖ]
EX ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN ROPD] PÖ" 6L]H ELULQLQ JHOLS ´EDQD VDWUDQo |øUHWLU
PLVLQL]"µGHGLøLQLGûQQ1HLVWHQGLøLQLELOL\RUVXQX]$PDVDWUDQoR\XQXJLELNHVLQ
NXUDOODUD EDøOÖ ELU R\XQ V|] NRQXVX ROGXøXQGD ELOH R NLûL\H VDWUDQo |øUHWPH
$NÖQ(UJGHQ³8\JXODPDOÖ(WLN1H7U%LU%LOJLùoHULU"
WHûHEEVQ] ELU WU ´ûLGGHWµ \D GD KDNVÖ]OÖN LoHUHFHNWLU gUQHøLQ RQD YHUHFHøLQL]
NXUDOODU DUDVÖQGD ´WHN ELU NDUHGH LNL WDû ELUGHQ EXOXQDPD]µ NXUDOÖ \HU DODFDN PÖGÖU"
%HQ]HU ûHNLOGH EL]OHU HWLN NXUDOODUÖ GD GLO JLEL EHOOL GRøDO RUWDPODU LoLQGH |øUHQLU YH
|øUHWLUL] (WLøLQ WP HYUHQVHO NXUDOODUÖQÖ ELU NLWDS LoLQGH WRSODVDN ELOH EX GXUXP ELU
\DEDQFÖGLO|øUHQPHNLoLQELUV|]OøH]EHUOHPH\HNDONPD\DEHQ]HU
6RQXo RODUDN EX \D]ÖQÖQ EDûOÖøÖQGD VRUPXû ROGXøXP VRUX\D G|QHUVHN (WLN
HøLWLPLQLQ NXUDOODUOD KHP GH oRN LOJLVL YDUGÖU \DQÖWÖ DøÖU EDVÖ\RU $QFDN WP \D]Ö
ER\XQFD YXUJXODPD\D oDOÖûWÖøÖP JLEL EX LOJL NXUDO NDYUDPÖQÖQ GRøUX DOJÖODQPDVÖQD
EDøOÖ <D]ÖPÖQ EDûÖQGD :LWWJHQVWHLQ·GDQ \DSWÖøÖP DOÖQWÖGDNL NXUDO SDUDGRNVX HWLN
NXUDOODUÖQ \DûDPÖ |QFHGHQ EHOLUOH\HQ VDELW IRUPOOHU RODUDN DOJÖODQPDVÖ \]QGHQ
RUWD\DoÖNDU(WLNNXUDOODUKD\DWVUHFLLoLQGH\DûDQDQGHQHQHQJHoHUOLøLQLNHQGLLoLQGH
ROXûWXUDQ GLQDPLN VLVWHPOHUGLU $QFDN E|\OH ELU EDNÖû DoÖVÖ SDUDGRNVXQ o|]OPHVLQL
VDøOD\DELOLU %X \D]Ö ER\XQFD NXUDO SDUDGRNVXQD EDøODPD\D oDOÖûWÖøÖP 6RNUDWHV·LQ YH
$ULVWRWHOHV·LQ IHOVHIHQLQ YH HWLN ELOJLQLQ |øUHWLOHPH]OLøL SDUDGRNVX GD DQFDN EX EDNÖû
DoÖVÖ\OD RUWDGDQ NDONDELOLU 6|]OHULPL ´HWLN HøLWLPLQLQ NÖVÖU ROPD\DQ G|QJVµ RODUDN
DGODQGÖUGÖøÖP
ELU
GûQFH\OH
ELWLUHFHøLP
%X
\D]ÖGD
LûOHPH\H
oDOÖûWÖøÖP
NXUDO
NDYUDPÖQÖQ EL]L ]RUXQOX RODUDN NDUûÖ NDUûÖ\D JHWLUGLøL D\UÖQWÖODUÖQÖQ D\UÖ ELU \D]ÖQÖQ
NRQXVX ROGXøX ELU G|QJGU EX %X G|QJ\ NÖVDFD +HLGHJJHU·LQ GH\LûL\OH LIDGH
HGHUVHN ´$QODPD\D NDWNÖGD EXOXQDELOHFHN ELU \RUXP \RUXPODQDFDN RODQÖQ ]DWHQ
DQODûÖOPÖû ROGXøX ELU \RUXPGXUµ
%X DQODPD G|QJV PDQWÖN NXUDOODUÖQD J|UH NÖVÖU
ELU G|QJGU %LOLPVHO DQODPDGD DQODPDN LVWHGLøLQL] ûH\L R ûH\L DQODPD\D \|QHOLN
\|QWHP LoLQGH YDUVD\DPD]VÖQÖ] (WLN ELOJL\L NXUDPVDO HSLVWHPH YH WHNQLN WHFKQH
ELOJLGHQ D\ÖUDQ ûH\ EX G|QJQQ HWLN ELOJLGH NÖVÖU ROPDN ELU \DQD WDP WHUVL HWLN
HøLWLPLQLQYHELOJLVLQLQWHPHOLQLROXûWXUGXøXJHUoHøLGLU(WLNHøLWLPL\OHXøUDûDQODUÖQEX
QRNWD\Ö oRN L\L DQODPDVÖ JHUHNL\RU (WLN HøLWLPL DoÖVÖQGDQ EX NH] :LWWJHQVWHLQ·LQ
GH\LûL\OH \D GD ELU V|]FøQ NXOODQDUDN EX G|QJ\ WHNUDUOD\DOÖP (WLN HøLWLPL
VUHFLQH NDWÖODQODU |øUHWPHQ |øUHQFL DQQH EDED YE EX VUHFLQ NXUDOODUÖQÖ GRøUX
X\JXODPD WHNQLøLQH VDKLS ROPDOÖGÖUODU %XWHNQLøH VDKLS RODPD]ODUVD HWLN ELOJLQLQ NHQGLVL
ELUWHFKQHROPDNWDQ|WH\HJLGHPH]
,,,
2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP HOHPDQODUÖ RODUDN EL]OHU GH
WRSOXPXPX]XQ HWLN JUDPHULQLQ ROXûXPXQGD NXUDOODUÖQ GRøUX X\JXODPD WHNQLøLQH
NDWNÖGD EXOXQPDN DPDFÖ\OD QLYHUVLWH VW \|QHWLPLQLQ GH GHVWHN YH NDWNÖODUÖ\OD \ÖOÖ EDûÖQGD VHIHUEHU ROGXN %X VHIHUEHUOLøLQ LON PH\YHVL .DVÖP GH
JHUoHNOHûWLUGLøLPL] , 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ROPXûWXU (OLQL]GHNL EX NLWDS
EX NRQJUHGH VXQXODQ ·LQ ]HULQGHNL VD\ÖGD WHEOLøLQ ELU NÖVPÖQÖ YH NRQJUHQLQ LON
JQQGH \DSÖODQ LNL SDQHOLQ 0HG\D (WLøL YH 6L\DVHW (WLøL GHûLIUH HGLOHQ ND\ÖWODUÖQÖ
LoHUL\RU ,, 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL WDULKL \ÖOÖ (NLP D\Ö RODUDN
EHOLUOHQPLûROXSKD]ÖUOÖNoDOÖûPDODUÖEDûODPÖûWÖU
ùNLQFL RODUDN 2'7h )HOVHIH %|OP \ÖOÖ EDûÖQGD 8\JXODPDOÖ (WLN 7H]VL]
<NVHN /LVDQV 3URJUDPÖ EDûODWPÖûWÖU úLPGLOLN ´0HG\D (WLøLµ YH ´ùû (WLøLµ PRGOOHUL\OH
ùNLQFL gøUHWLP oHUoHYHVLQGH \UWOHQ EX SURJUDP KDOHQ G|QHPLQL WDPDPODPÖûWÖU
EN](N
hoQF RODUDN \ÖOÖQGD 5HNW|UOøH EDøOÖ RODUDN ELU 8\JXODPDOÖ (WLN 0HUNH]L
NXUXOPXûWXU 7UNL\H·GH ELU LON RODQ EX GLVLSOLQOHU DUDVÖ PHUNH]LQ EDûNDQOÖøÖQÖ )HOVHIH
%|OPP]QELU|øUHWLP\HVL\DSPDNWDGÖUEN](N
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
'|UGQF RODUDN )HOVHIH %|OP 8\JXODPDOÖ (WLN 0HUNH]L YH 6UHNOL (øLWLP
0HUNH]L
LûELUOLøL
LOH
KHU
\ÖO
´(WLN
%LOLQoOHQPH
+DON
.RQIHUDQV
YH
3DQHOOHULµ
G]HQOHQPHNWHGLU
6RQ RODUDN 8\JXODPDOÖ (WLN 0HUNH]L 6UHNOL (øLWLP 0HUNH]L LOH RUWDN RODUDN
´0HG\D(WLøL6HUWLILND3URJUDPÖµEDûODWPÖûWÖUEN](N
7PEXHWNLQOLNOHULQJLWJLGHoRøDOPDVÖD\QÖ]DPDQGD7UNL\HPL]LQHWLNJUDPHULQLQ
JHOLûPHVLROJXQODûPDVÖGHPHNWLU%XVUHFHKHSLPL]LQDNWLIELoLPGHNDWÖOPDVÖLVHNHQGL
EDûÖQDHWLNELU\NPOONWU
'LSQRWODU
$ULVWRWHOHV(WKLFD1LFKRPDFKHD:'5RVV7KH:RUNVRI$ULVWRWOH2[IRUGED
%N]$(UJGHQ´,OHWLûLPELOLPGH1LWHOLNVHO.XUDO$UDûWÖUPDODUÖµ.XUJX'HUJLVL6
.%XUNH7KH5KHWRULFRI5HOLJLRQ%RVWRQV
,ELG
´dÖSODNROJXµ´NXUXPVDOROJXµNDYUDPODUÖLoLQEN]-6HDUOH6SHHFK$FWV&DPEULGJH
%|OP
/:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQV1HZ<RUN
%XIHOVHIHFLOHULQJ|UûOHULLoLQEN]5-%HUQVWHLQ%H\RQG2EMHFWLYLVPDQG5HODWLYLVP
3KLODGHOSKLD
/:LWWJHQVWHLQRS&LWSDU
-/$XVWLQ+RZWRGR7KLQJV:LWK:RUGV2[IRUGV
,ELGS
/:LWWJHQVWHLQRSFLWSDUSDU
%N]-)+XQWHU´)RUPVRI/LIHLQ:LWWJHQVWHLQ·V3KLORVRSKLFDO,QYHVWLJDWLRQVµ$PHULFDQ
3KLORVRSKLFDO4XDUWHUO\FLOWV
67RXOPLQ´&RQFHSWVDQG([SODQDWLRQRI+XPDQ%HKDYLRUµ70LVFKHOHG+XPDQ$FWLRQ
1HZ<RUNLoLQGHV
-6HDUOH7KH&RQVWUXFWLRQRI6RFLDO5HDOLW\1HZ<RUN%O
-)/\RWDUG7KH3RVWPRGHUQ&RQGLWLRQ0DQFKHVWHUV[[Y
/:LWWJHQVWHLQ7KH%OXHDQG%URZQ%RRN1HZ<RUNV
/:LWWJHQVWHLQ3KLORVRSKLFDO,QYHVWLJDWLRQVSDU
,ELGSDU
1&KRPVN\5XOHVDQG5HSUHVHQWDWLRQV1HZ<RUNV
0+HLGHJJHU%HLQJDQG7LPH1HZ<RUNV
$d,/,ú.218ú0$/$5,
2'7h)HOVHIH%|OP%DûNDQÖ3URI'U$NÖQ(UJGHQ·LQ$oÖOÖû
.RQXûPDVÖ
6D\ÖQ5HNW|U9HNLOLP6D\ÖQ%DNDQODU'HøHUOL.RQXNODU
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH KRû JHOGLQL] %X VDEDK VDDW ·GH 0HG\D
(WLøL3DQHOLPL]·GHLVH7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLPL]YDU<DUÖQo
D\UÖ VDORQGD ELOLPVHO ELOGLUL VXQXODFDN 7UNL\H·QLQ KHU \HULQGHQ JHOHQ ELOLP
LQVDQODUÖPÖ]ÖQ PHG\D PHQVXSODUÖPÖ]ÖQ Lû HWLøLQGHQ PKHQGLVOLN HWLøLQH NDGDU JHQLû
ELU \HOSD]HGH ONHPL]LQ X\JXODPDOÖ HWLN JUDPHULQH NDWNÖODUÖQÖ L]OH\HFHøL] 7UNL\H·GH ELU
NRQXGDGDKD2'7h·QQELULONLJHUoHNOHûWLUPHVLQGHQE\NJXUXUGX\X\RUX]
*HoHQ VHQH EX VDORQGD EHQLP \|QHWWLøLP ELU PHG\D HWLøL SDQHOL \DSÖOGÖ %X SDQHOH
NDWÖODQ YH EXJQ GH DUDPÖ]GD RODQ .RUNPD] $OHPGDU·ÖQ ELU WPFHVLQL WHNUDUODPDN
LVWL\RUXP 6RQ GHUHFH LOJLQo ELU WPFH\GL DNOÖPD ND]ÖQPÖû ELU \ÖOGÖU ´%X LûLQ >PHG\D
HWLøLQLQ@µ GHGL VD\ÖQ $OHPGDU ´NXUDOODU QRUPODU JHOLûWLUPHNWHQ EDûND EDUÖûoÖO
>EDUÖûoÖOÖQ DOWÖQÖ oL]L\RUXP@ ELU \ROX \RNWXUµ (YHW QRUPODU NXUDOODU JHOLûWLUPHNWHQ
EDûND ELU \ROX \RNWXU EX LûLQ 0HG\D·\Ö NDOGÖUÖQ ¶PHVOHN HWLøL· YH\D ¶Lû HWLøL· GH\LQ
KHSVLQLQEDûÖEXQRUPODUÖRWRUHJODV\RQQRUPODUÖQÖNR\PDNWDQELUEDûNDGH\LûOHHWLN
JDPHUL ROXûWXUPDNWDQ JHoL\RU %HQFH EX FPOH NRQJUHQLQ |]HW FPOHVL RODFDN
.RQXûDFDøÖP oRN ûH\ YDUGÖ DPD |EU NRQXûPDFÖODUD YDNLW WDQÖPDN YH WDUWÖûPDOÖ
JHoHFHøLQL VDQGÖøÖP PHG\D SDQHOLPL]LQ GH YDNWLQL DOPDPDN LoLQ ELU WHûHNNU QRWX LOH
V|]OHULPHVRQYHUL\RUXP
.RQJUH·QLQ LON JQ JHUoHNOHFHN RODQ LNL SDQHOLPL]LQ ROXûPDVÖQD NDWNÖGD EXOXQDQ
0ONL\H · VÖQÖI DUNDGDûODUÖPD |]HOOLNOH 1XUL dRODNRøOX .XUWXOXû 7DûNHQW 6DPL
*QHU 0HKOLND 7XUJXW (UD\ 'HYULPFL 8OXo *UNDQ 1HGUHW 8OXøED\·D VRQVX]
WHûHNNUOHU 6ÖQÖI DUNDGDûÖP ROPD\DQ 0ONL\HOLOHUGHQ EDûWD VD\ÖQ EDNDQ <ÖOPD]
.DUDNR\XQOX ROPDN ]HUH +LNPHW 8OXøED\·D úHEQHP %LOJHW·H YH %HOPD *QHU·H GH
WHûHNNUOHU gQ VÖUDODUD EDNWÖøÖPGD DGÖQÖ EXUDGD VD\DPDGÖøÖP VD\DUVDP VÖQÖI
\RNODPDVÖ JLEL RODFDN 0ONL\HOLOHUH 0ONL\H UXKXQX 2'7h·\H WDûÖGÖNODUÖ LoLQ
WHûHNNUOHU 3URI 'U ,RQQD .XoXUDGL·\H GH EL]L KHU ]DPDQ GHVWHNOHGLNOHUL LoLQ
WHûHNNUHGL\RUXP7PNDWÖOÖPFÖODUDYHL]OH\HQOHUHGHWHûHNNUHGL\RUYHKHSLQL]HLNL
JQER\XQFDNH\LIOLELU]LKLQ]L\DIHWLGLOL\RUXP
2'7h5HNW|U9HNLOL3URI'U0HKPHW8WNX·QXQ.RQXûPDVÖ
6D\ÖQ%DNDQODUÖP6D\ÖQ.DWÖOÖPFÖODU'HøHUOL.RQXNODU6HYJLOLgøUHQFLOHU
8OXVDO 8\JXODPDOÖ (WLN .RQJUHVLQH NDWÖOGÖøÖQÖ] LoLQ ûNUDQODUÖPÖ VXQX\RUXP
2UWD 'RøX 7HNQLN hQLYHUVLWHVL )HOVHIH %|OP WDUDIÖQGDQ G]HQOHQHQ 8OXVDO
8\JXODPDOÖ (WLN .RQJUHVL WRSOXPVDO \DûDPÖPÖ]ÖQ KHU DODQÖQGD NDUûÖODûWÖøÖPÖ] HWLN
VRUXQODUÖQ WDUWÖûÖOPDVÖ
LoLQ
X\JXQ
ELU
RUWDP
\DUDWPD\Ö
DUDûWÖUPDFÖODUÖPÖ]ÖQ YH
PHVOHNOHULQGH HWNLQOLNOHULQL VUGUPHNWH RODQODUÖQ HWLN VRUXQODUÖPÖ] YH o|]P \ROODUÖ
]HULQH ELUOLNWH GûQPHOHULQL VDøODPD\Ö DPDoODPDNWDGÖU 0HG\D Lû VL\DVHW LOHWLûLP
WÖS LQVDQ KDNODUÖ HNRQRPL oHYUH PKHQGLVOLN YH WHNQRORMLGH ELU IHOVHIH GDOÖ RODUDN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXUDPVDO YH X\JXODPDOÖ HWLN NRQXODUÖQD LOLûNLQ VRUXQODUÖQ WDUWÖûÖOÖS o|]P \ROODUÖ
]HULQH GûQFH UHWLOHFHøL 8OXVDO 8\JXODPDOÖ (WLN .RQJUHVL ONHPL]GH EX DODQGD
\DSÖODQ LON NRQJUHGLU ùON ROPDVÖQD NDUûÖQ NRQJUHPL]H oHûLWOL DODQODUGDQ \DNODûÖN NDGDU DUDûWÖUPDFÖ YH GûQU NDWÖOPDNWDGÖU .DWÖOÖPGDNL EX \RøXQOXN YH oHûLWOLOLN
ONHPL]GH KHU DODQGDQ GûQUOHULPL]LQ YH D\GÖQODUÖPÖ]ÖQ HWLN VRUXQODUÖQ DøÖUOÖøÖQGDQ
QH GHQOL UDKDWVÖ] ROGXNODUÖQÖQ ELU J|VWHUJHVL VD\ÖOPDNWDGÖU $VOÖQGD EX UDKDWVÖ]OÖN
WRSOXPXQ KHU NHVLPLQGH YDUGÖU 2 KDOGH D\GÖQODUÖPÖ]ÖQ ELU J|UHYL GH SHN oRN
ROXPVX]OXøXQ ND\QDøÖ RODUDN J|UOHQ YH ELU WUO RUWDGDQ NDOGÖUDPDGÖøÖPÖ] VRUXQODUÖ
VLVWHPDWLNELU\ROODD\GÖQOÖøDNDYXûWXUPDNYHo|]P\ROODUÖQÖRUWD\DNR\PDNWÖU
.RQJUHPL]GDKDVDøOÖNOÖELUWRSOXPVDO\DûDPKHGHILQHGRøUXJLGHQ\ROGDDWÖODQELU
DGÖPGÖU 2'7h EX \ÖO LONL G]HQOHQHQ 8OXVDO 8\JXODPDOÖ (WLN .RQJUHOHULQL
VUGUPH\L YH ONHPL]GH VRQ JQOHUGH VÖNoD GLOH JHWLULOHQ HWLN NDYUDPÖQÖ DNDGHPLN
WDUWÖûPD G]H\LQH WDûÖPD\Ö 7UNL\H·GH SHN oRN NRQXGD |QGHUOLN HWPLû ELU QLYHUVLWH
RODUDN J|UHYOHUL DUDVÖQGD VD\PDNWDGÖU 7RSOXPXQ EWQ NHVLPOHULQGH HWLN NDYUDPODUOD
GûQPH YH WDUWÖûPD DOÖûNDQOÖøÖQÖQ \HUOHûPHVL LoLQ VRUXQODUD o|]P DUDPDNWD HQ HWNLOL
\|QWHP
EHOLUJLQ
ELU
NXUDPVDO
YH
ROJXVDO
oHUoHYHGH
DUDûWÖUPD
\DSPD
RODUDN
J|UOPHNWHGLU 7P oDOÖûPD DODQODUÖQGD HWLN PHG\D HWLøL oHYUH YH WHNQRORML HWLøL Lû
HWLøLNÖVDFDX\JXODPDOÖHWLNQH\D]ÖNNLEXJQQLYHUVLWHSURJUDPODUÖQÖQYHLû\DûDPÖQÖQ
D\UÖOPD] ELU SDUoDVÖ GXUXPXQD JHOHPHPLûWLU 2'7h YH QLYHUVLWHPL]LQ )HOVHIH
%|OP úXEDW ·GH EDûODWÖODFDN 8\JXODPDOÖ (WLNWH <NVHN /LVDQV 3URJUDPÖ LOH EX
DODQGD HNVLNOLøLQL GX\GXøXPX] ELU oDOÖûPD\D GD |QFON HWPH\L J|UHYOHUL DUDVÖQGD
VD\PDNWDGÖU %X \NVHN OLVDQV SURJUDPÖ |]HOOLNOH NDPXGD YH |]HO NHVLPGH oDOÖûDQODUD
\|QHOLN RODUDN WDVDUODQPÖûWÖU 3URJUDPGDNL GHUVOHU YH ELWLUPH SURMHVL |øUHQFLOHUH HWLN
ELOJLQLQ NXUDPVDO WDULKVHO YH X\JXODPD\D \|QHOLN \|QOHULQL GHøHUOHQGLUPH \HWLVL
ND]DQGÖUPD\ÖDPDoODPDNWDGÖU
hQLYHUVLWHPL] D\UÖFD IDNOWHOHULPL]GH HWLN NXUXOODUÖ ROXûWXUDUDN DUDûWÖUPD YH
|øUHWLP HWNLQOLNOHULQH IDUNOÖ ELU EDNÖû DoÖVÖQGDQ \DNODûPD\Ö YH QLYHUVLWHOHULPL]GH QH
\D]ÖNNLûLPGL\HNDGDUEHONLGHWHNQRORMLQLQ\DûDPÖPÖ]DEXGHQOLJLUPHPLûROPDVÖQGDQ
|WU J|] DUGÖ HGLOPLû RODQ HWLN GHøHUOHQGLUPH HWNLQOLøLQL KLoELU GÖû HWNL ROPDNVÖ]ÖQ
NHQGLVL
ELU
]RUXQOXOXN
RODUDN
J|UPû
YH
X\JXODPD
oDOÖûPDODUÖQD
EDûODPÖûWÖU
'HPRNUDWLN ELU |UJWOHQPH \DSÖVÖ\OD KHU IDNOWH NHQGL HWLN NXUXOODUÖQÖ ROXûWXUDFDN
DUDûWÖUPDYH|øUHQLPHWNLQOLNOHULQL\DOQÖ]FDELOLPVHOELUEDNÖûDoÖVÖQGDQGHøLOELUNH]GH
IHOVHILEDNÖûDoÖVÖQGDQGHøHUOHQGLUHFHNWLU
2'7h8OXVDO8\JXODPDOÖ(WLN.RQJUHVLYHV|]QHWWLøLPL]EXHWNLQOLNOHUOHHWLN
oDOÖûPDODUÖQÖ YH IHOVHIH\L EXJQ ROGXøX JLEL LOHUGH GH GHVWHNOH\HFHN YH EX NRQXGD
GLVLSOLQOHU DUDVÖ \HQL DUDûWÖUPD DODQODUÖQÖQ DoÖOPDVÖQD oHûLWOL DUDûWÖUPD DODQODUÖ DUDVÖQGD
LOHWLûLPLQ DUWPDVÖQD \DUGÖPFÖ RODFDNWÖU %WQ NDWÖOÖPFÖODUD YH NRQJUH\H EDûDUÖOÖ
oDOÖûPDODUGLOL\RUYHVD\JÖODUVXQX\RUXP
'HYOHW%DNDQÖ<ÖOPD].DUDNR\XQOX·QXQ.RQXûPDVÖ
'HøHUOL 0LVDILUOHU EX NRQXûPD EHQFH FLGGL ELU WDOLKVL]OLNOH PDOXO (YYHOD 3URI
.XoXUDGL NRQXûVD\GÖ YH HWLN NXUDPODUÖQ QH ROGXøXQX DQODWVD\GÖ EL] GH R NDYUDPODUÖQ
WDULILQGHNL GHøHUOHULQ VDGDNDWL\OH NRQX\X WDUWÖûPDGD GDKD FHVXU GDKD \UHNOL GDKD
HWNLQYHLoHULNOHULLWLEDUL\OHGHGDKDGRøUXûH\OHUV|\OH\HELOLUGLN
%HQ EX GDYHWL DOGÖøÖP ]DPDQ HWLN NDYUDPÖQÖQ QH\L LoHUGLøL NRQXVXQGDNL ELOJLPL
HYYHOD V|]ONOHUGHQ VRQUD DQVLNORSHGLOHUGHQ DUDGÖP *HQHO NDUDNWHUOL DQVLNORSHGLOHULQ
$oÖOÖû.RQXûPDODUÖ
LoHULVLQGHHWLNNDYUDPÖEL]LP¶DNW|UH·GHGLøLPL]DKODNNDYUDPÖQÖQHûGHøHULJLELWDNGLP
HGLOL\RU7UNL\H·GHoRN\D\JÖQûHNLOGHELOLQHQoE\NDQVLNORSHGL\HGHEDNWÖP'DKD
VRQUD IHOVHIH V|]ONOHUL LoHULVLQGHNL HWLN NDYUDPÖQÖ GHøHUOHQGLUPHN LVWHGLP WDPDPÖQD
\DNÖQÖQGD ELUD] HYYHO VL]OHUH VXQGXøXP ELOJLQLQ LoHULOGLøLQL J|UGP 'ROD\ÖVÖ\OD GD
DKODNLOHHWLNDUDVÖQGDNLIDUNÖWHIULNHGHELOHFHNEWQELOLPVHOGHøHUOHQGLUPHOHULEXLûLQ
GHøHUOL X]PDQÖ VD\ÖQ 3URI .XoXUDGL·QLQ \DSDFDøÖ NRQXûPD\D HUWHOH\HUHN NHQGL
DQOD\ÖûÖPLoHULVLQGHELUPHVOHøLQHWLøLDKODNÖQDVÖOWHûHNNOHGHUYHQDVÖOGHøHUOHQGLULOLU
EXQXQNLûLVHOWHFUEHOHULPHGHQH\LPOHULPHGD\DOÖ|UQHNOHULQLDQODWPDNLVWL\RUXP
\ÖOÖQGD
)LNUHW
0XDOOD
3DULV·WHQ
G|QGø
]DPDQ
NHQGLVLQL
$\YDOÖN
2UWDRNXOXQD UHVLP |øUHWPHQL RODUDN WD\LQ HWWLOHU 2 VÖUDGD 1D]ÖP NHQGLVLQGHQ
oÖNDUPDNWD ROGXøX GHUJL\H GHVHQOHU \DSPDVÖ ULFDVÖQGD EXOXQGX )DNDW )LNUHW 0XDOOD
HWUDIWDNL J]HO LQVDQODUÖQ oHKUHOHULQGHQ oRN HWNLOHQGLøLQL V|\OH\HUHN ELU Q WDEOR
\DSPÖûWÖ %X WDEOR RUWD\D oÖNDU oÖNPD] E\N KDGLVHOHU GRøGX YH 7UN DKODNÖQÖ
ER]X\RUJHUHNoHVL\OH)LNUHW0XDOOD·QÖQWXWXNODQPDVÖQDNDUDUYHULOGL$ûDøÖ\XNDUÖIRYLVW
HNROQ EWQ GHøHUOHULQL \DQVÖWDQ EX WDEORGD YDKûL ELU PDQ]DUD VH\UHWWLUHFHN HVWHWLN
GHøHUOHU YDUGÖ <DQL WSWHQ oÖNPÖû ER\DODU KLo ELU J|OJH YH ÖûÖN LKWL\DFÖ KLVVHGLOPHGHQ
WXYDOH WDWELN HGLOL\RU UHQNOHULQ X\XPXQGDNL R PXKWHûHP PDQ]DUD JHUoHNWHQ HWNLOH\LFL
ROX\RUGX 1 WDEOR \]QGHQ )LNUHW 0XDOOD·\Ö WXWXNODPDN ]HUH $\YDOÖN .D\PDNDPÖ
%DOÖNHVLU 9DOLOLøLQH \D]Ö \D]GÖ %DOÖNHVLU 9DOLOLøLQGHQ R ]DPDQNL GH\LPL\OH WDKDUEL
GHQLOHQ úXEH JL]OL SROLV PHPXUODUÖ JHOHUHN )LNUHW 0XDOOD·\Ö WXWXNODPDN LVWHGLOHU
+DGLVHEDVÖQD\DQVÖGÖYHQWDEORODUNRQXVXQGD7UNL\H·QLQoRNGDVDøOÖNOÖELUJHoPLûL
ROGXøX J|UOG g\OH NL G|QHPLQ LGGLDOÖ UHVVDPODUÖQGDQ dDOOÖ 3H\KDPDQ 1DPÖN
ùVPDLO Q WDEORODUÖ\OD GD û|KUHWOL\GLOHU +HOH EXQODUÖQ LoHULVLQGH PRGHO EXODPDGÖøÖ LoLQ
3H\KDPDQ NDUÖVÖQÖ 1DPÖN ùVPDLO VHYJLOLVLQL PRGHO RODUDN NXOODQPÖûWÖ %XJQ ELOH
HUNHQ G|QHP &XPKXUL\HW UHVVDPODUÖQÖ û|\OH ELU LQFHOHUVHQL] oRøXQXQ Q WDEORODUÖ
)LNUHW0XDOOD·QÖQGHUGHVWHGLOHQWDEORVXQGDQoRNGDKDWDKULNHGLFL\GL$UDGDQNÖVDELU
VUH JHoWL .ÖVD VUH GHGLøLP D\ D\ VRQUD 0DWLVVH·WHQ VRQUD HQ PNHPPHO IRYLVW
X\JXODPD JHUHNoHVL\OH ELULQFLOLN DOGÖ YH 1HZ <RUN P]HVLQH NDOGÖUÖOGÖ ùNLVL DUDVÖQGDNL
IDUNÖ WHIULN HGHELOHFHN DQOD\Öû ùoLûOHUL %DNDQÖ LOH (øLWLP %DNDQÖ DUDVÖQGDNL VL\DVHW
DQOD\ÖûÖ\GÖ\DGDEXJQQNRQXVX\ODVL\DVHWWHHWLNDQOD\ÖûÖ\GÖ'|QHPLQùoLûOHUL%DNDQÖ
úNU .D\D ELU VDQDWoÖ LoLQGHNL GHøHUOHUL QDVÖO \DQVÖWÖ\RUVD R \DQVÖWWÖNODUÖQGDNL
LKWLûDPOD PNHPPHOGLU GL\RUGX gWHNLVL GH G|Q\RU KD\ÖU EXQODUÖQ KHU ELULVL
WRSOXPXQ JHQHO NDEXOOHULQH D\NÖUÖ ROPDPDN ND\GÖ\OD PVDPDKD\OD NDUûÖODQDELOLU
GL\RUGX 6RQXoWD ùoLûOHUL %DNDQÖ YHUGLøL WDOLPDWOD WXWXNODPD NDUDUÖQÖ NDOGÖUGÖ DPD
(øLWLP %DNDQÖ YHUGLøL WDOLPDWWD ÖVUDU HWWL YH E|\OHOLNOH )LNUHW 0XDOOD·QÖQ GD UHVLP
|øUHWPHQOLøLVRQDHUGL
'HøHUOL GLQOH\HQOHU R WDULKOHUGH *XVWDYH )ODXEHUW·LQ 0DGDP %RYDU\ LVLPOL NLWDEÖQÖQ
WHUFPHVL V|] NRQXVX\GX YH NLWDS WHUFPH HGLOPLû KDOL\OH EDVNÖ\D JLUHFHøL VÖUDGD
KHPHQ PGDKDOH HWWLOHU 0DGDP %RYDUL·QLQ KDILI oDSNÖQ ELU NDGÖQ ROGXøXQX EX KDILI
PHûUHSOLN LoHULVLQGH 7UN DLOH KD\DWÖQÖ IHYNDODGH ROXPVX] \|QGH HWNLOH\HFHøLQL YH
NDGÖQODUÖPÖ]ÖQ EXQD PHUDNODQDUDN DLOH KD\DWÖQGDNL GLVLSOLQOHULQL LKODO HGHFHøLQL LGGLD
HWWLOHUYH\DSÖOPÖûWHUFPHPDDOHVHIGHUGHVWHGLOGLDOÖQGÖ)DNDWRWDULKWHPHVHOD0DQRQ
/HVNDXW·\X WHUFPH HWPLûWLN GROD\ÖVÖ\OD KDQJL HVHULQ KDQJL DQOD\Öû LoHULVLQGH KDQJL HWLN
GHøHUOHULPL]L \D GD DKODNL GHøHUOHULPL]L LKODO HWWLøL KDQJLOHULQL HWPHGLøL NRQXVXQGD
\HUOHûPLû N|NO ELU NDQDDWLPL] GH \RNWXU ùQVDQODUÖQ ûDKVL WHUFLKOHULQH HøLOLPOHULQH \D
GD \XNDUÖGDQ DOGÖøÖ WDOLPDWODUD ULD\HW HWPHGHNL NLûLVHO PXNDYHPHW YH LWDDW IDUNODUÖQD
J|UHX\JXODPDODUIDUNOÖOÖNJ|VWHUL\RUGX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*POFLQH 0HEXVX ùVPDLO %H\ ùWWLKDW 7HUDNNLQLQ HQ ID]OD oHNLQGLøL DGDPGÖ YH R
WDULKWH GH 'HPRNUDW 0XVWDID LVLPOL ELU JD]HWHFL YDUGÖ 'HPRNUDW 0XVWDID NHQGL DKODN
GHøHUOHULQH ONHQLQ \DUDUODUÖQD D\NÖUÖ J|UGø KHU ûH\L UDKDWoD WHQNLW HGL\RU \D]GÖøÖ
JD]HWHGH EX NRQXGD IHYNDODGH GLNNDW oHNLFL KDEHUOHU YHUL\RUGX 1LKD\HW ELU JHFH
2UWDN|\·GHNLHYLQGHQDOÖQÖS)DWLK·WHNL.XUûXQOX0HGUHVHVLDUNDVÖQGDNLWHQKDVRNDNODUD
J|WUOSDGDPDNÖOOÖELUGD\DN\HGL(UWHVLJQ*POFLQH0HEXVXEXROD\ÖJQGHPH
JHWLUGLYHùWWLKDW7HUDNNL\LIHYNDODGHD\ÖSODGÖ$GDPÖQKDVWDROGXøXQX\U\HPH\HFHN
KDOGH SHULûDQ EXOXQGXøXQX V|\OHPHVLQH UDøPHQ NLPVH NHQGLVLQH LWLEDU HWPHGL 6HEHS
oRN EDVLWWL dQN NHQGLVLQH YHULOPLû RODQ UDSRU 3DULV 7ÖS )DNOWHVLQL ELWLUPLû ELU
GRNWRU WDUDIÖQGDQ YHULOPLûWL YH R WDULKOHUGH KHQ] 3DULV 7ÖS )DNOWHVL 2VPDQOÖ
WRSUDNODUÖQGD HKOL\HWL NDEXO HGLOPLû ELU WÖS IDNOWHVL RODUDN WDQÖQPÖ\RUGX %XQXQ
]HULQH3DULV7ÖS)DNOWHVLQLELWLUPLûRODQELUGRNWRUDLWLEDUHGLOHPH\HFHøLJHUHNoHVL\OH
'HPRNUDW 0XVWDID \HGLøL GD\DN \DQÖQD NkU NDODUDN VDOÖYHULOGL $UDGDQ NÖVD ELU VUH
JHoWL%XKDGLVH\LPHFOLVHJHWLUHQ*POFLQH0HEXVXùVPDLO%H\EXGHID'DPDW)HULW
%H\LQ NDELQHVLQGH ùoLûOHUL %DNDQÖ ROGX <LQH 'HPRNUDW 0XVWDID JD]HWHVLQGH EX GHID
*POFLQH PHEXVX ùVPDLO %H\·LQ \DQOÖûOÖNODUÖQÖ WHûKLU HGHQ PDNDOHOHUL\OH GLNNDW
oHNL\RUGX $\QÖ KDGLVH WHNHUUU HWWL *POFLQH PHEXVXQXQ WDOLPDWÖ\OD \DQL ùoLûOHUL
%DNDQÖ WDOLPDWÖ\OD 'HPRNUDW 0XVWDID·\Ö DOGÖODU $UQDYXWN|\ VÖUWODUÖQGD DGDPDNÖOOÖ
G|YGOHU %XQXQ ]HULQH 'HPRNUDW 0XVWDID ELULQFLVLQGHQ GHUV DOPÖûWÖ UDSRUX JLWWL
ùVWDQEXO 7ÖS )DNOWHVLQL ELWLUHQ ELU GRNWRUGDQ DOGÖ *HWLUGLOHU UDSRUX *POFLQH
PHEXVX ùoLûOHUL %DNDQÖ ùVPDLO %H\·H VXQGXODU ùVPDLO %H\ û|\OH ELU UDSRUD EDNWÖ 3DULV
7ÖS )DNOWHVL PH]XQX ELU GRNWRU WDUDIÖQGDQ YHULOPHPLû RODQ ELU UDSRUD LWLEDU HGHUHN
]DSWL\HOHU KDNNÖQGD PXDPHOHGH EXOXQPD\D KDNNÖP \RN GL\RUGX %LU LQVDQÖQ VL\DVL
DKODN DQOD\ÖûÖ LoHULVLQGH ûDUWODUD J|UH GHøLûHQ GHøHUOHUL KHU GHIDVÖQGD NHQGL LVWHøLQH
JHWLUPH DU]XVXQD YH ÖVUDUÖQD KLoELU KXNXN DQOD\ÖûÖQGD KLoELU DKODN DQOD\ÖûÖQGD KDWWD
PHGHQLELULQVDQÖQWHUEL\HDQOD\ÖûÖQGD\HUYHUPHNPPNQGHøLOGLU
%HQ HWLN NHOLPHVLQL EXQGDQ WDP VHQH HYYHO GX\GXP RUWD PHNWHEL \HQL
ELWLUPLûWLP OLVHGH RNXUNHQ HWLN NHOLPHVLQL J|UGP 2 WDULKWH HWLN NHOLPHVLQLQ
NDUûÖOÖøÖQGD DKODN NHOLPHVLQL NXOODQÖ\RUODUGÖ %XJQ LVH HWLN NHOLPHVLQH IDUNOÖ ELU PDQD
\NO\RUX] (OEHWWH ELUD] VRQUD VD\ÖQ KRFDPÖ]GDQ oRN GHøHUOL HWLN NDYUDPODUÖ
DoÖNODPDODUÖ GLQOH\HFHNVLQL] %DQD J|UH HWLNOH DKODN NDYUDPODUÖ DUDVÖQGDNL WHPHO D\UÖP
HWLN WHULPLQLQ DKODNÖ NRQX DODQ GLVLSOLQL LIDGH HWPHVLGLU 'ROD\ÖVÖ\OD GD GDKD DoÖN ELU
GH\LPOH HWLøL ELU DQODPGD DKODN IHOVHIHVLQLQ HûGHøHUL RODUDN HOH DOÖ\RUXP YH E|\OH
oHYLUHUHNE|\OHEDNDUDNJLGL\RUXP
'HøHUOL GLQOH\HQOHU EHQLP NRQXûPDPÖQ \DNODûÖN \DUÖ NÖVPÖ WDPDPODQGÖ %XQGDQ
VRQUDNL NÖVPÖ OLVHGH EXQGDQ \ÖO |QFH OLVHGH IHOVHIH |øUHWPHQLP RODQ ûLPGL 'LO YH
7DULK &RøUDI\D )DNOWHVL SURIHV|UOHULQGHQ )DWPD %DûDUDQ +DQÖPHIHQGLQLQ D] VD\ÖGD
|øUHQFLOL VÖQÖIÖQGD KHUNHVH ELU NRQX YHULS LûOHWPHVL\OH LOJLOL\GL %DQD GD DKODN NHOLPHVL
YHULOPLû
EX
NDYUDPÖQ
GHøHUOHUL
JQON
KD\DWÖPÖ]GDNL
\HUL
W|UHOHU
LWLEDUÖ\OD
IDUNOÖODûPDVÖ NOWUOHU LWLEDUÖ\OD ELUELUOHUL\OH NDUûÖW YH\D X\XûXU GHøHUOHU VLVWHPDWLøL YH
HQ |QHPOLVL GH \DûDGÖøÖPÖ] KD\DWÖQ VRV\RORMLN WDULIOHULQH X\JXQ RODUDN ELU LQVDQ
SVLNRORMLVLQGH DKODNÖQ QDVÖO GHøHUOHQGLULOHFHøL LGL %XQX ]DQQHWPH\LQL] NL EXJQN
ELULNLPLP oHUoHYHVLQGH X]XQ ELU FPOH HWUDIÖQGD DKODND DWIHGLOHQ GHøHUOHUL DEDUWDUDN
DNWDUÖ\RUXP +D\ÖU 2 WDULKOHUGH OLVHOHUGH IHOVHIH FLGGL ELU HøLWLPGL YH EXJQ 0LOOL
(øLWLP
%DNDQOÖøÖQÖQ
EXQX
NDOGÖUPÖû
ROPDVÖQÖ
ELU
HWLN
NDYUDPODU
WDUWÖûPDVÖQÖQ
NUVVQGH D\ÖSODGÖøÖPÖGD LIDGH HGL\RUXP)HOVHIH\L |øUHQPH]VHQL] PDWHPDWLøL QDVÖO
\DSDFDNVÖQÖ]" )L]LøL QDVÖO NDYUD\DFDNVÖQÖ]" 6RV\RORML\L QDVÖO DQOD\DFDNVÖQÖ]" 7DULK
$oÖOÖû.RQXûPDODUÖ
GHULQOLøLQL]L QDVÖO \DNDOD\DFDNVÖQÖ]" +DWWD FRøUDI\DQÖ]Ö QDVÖO GHøHUOHQGLUHFHNVLQL]"
%HQLP R WDULKOHUGHNL DKODN DQOD\ÖûÖ\OD LOJLOL \DSWÖøÖP DoÖNODPDODUGDQ DNOÖPGD NDODQ
ELUNDo NoN FPOH\OH VL]H ELOJLOHU VXQPDN LVWL\RUXP $KODN NHOLPHVL EL]LP GLOLPL]GH
\DQL 2VPDQOÖFD·GD KXON NHOLPHVLQLQ oRøXOX OJDWOHU LWLEDUL\OH V|]ONOHU LWLEDUL\OH
EDNWÖøÖQÖ]GD
EXQD
/·LPPRUDOLVW·LQL
/DWLQFH·GH
RNX\DQODU
PRUDO
<XQDQFD·GD
/DWLQFHGHNL
PRUDO
HWLN
GHQL\RU
NDYUDPÖQÖQ
$QGUp
9LUJLOLXV·GH
*LGH·LQ
DQODWÖOPÖû
RODQÖQGDQ oRN IDUNOÖ ROGXøXQX J|UHFHNOHU \D GD EHQLP JLEL +LOPL =L\DNDUD HNROQGHQ
\HWLûPLû RODQ ELULVLQLQ DKODN NHOLPHVL\OH HWLN NHOLPHVL DUDVÖQGDNL IDUNÖ J|UPHVL DQFDN
oDøGDû GHøHUOHUL oRN L\L DQODWDQ XVWD ELU IHOVHIHFLQLQ oRN NROD\FD NDYUD\DELOHFHøLPL]
|OoOHUGH WDNGLP HWPHVL\OH PPNQ KDOH JHOHFHN %L] KXON NHOLPHVL\OH ELU LQVDQ
GRøDVÖQGD\DSÖVÖQGDHûLWOLNHVDVÖQÖPXWODND|QHDODQELUGDYUDQÖûWUQNDVWHGL\RUX]
%HQLP oDøÖPÖQ LQVDQODUÖ KHP HVNL GLOL |øUHQPHN KHP \HQL GLOL |øUHQPHN
PHFEXUL\HWLQGH LGL dQN HYYHOD \ÖOÖQGD DQD\DVDVÖQÖQ R PNHPPHO
7UNoH·VL\OH \XUWWDûOÖN ELOJLOHULQL WDULK ELOJLOHULPL]L YH VRV\RORML\L RNXPXûWXN 'DKD
VRQUD GD 'HPRNUDW 3DUWL JHOLS WHNUDU GLOLQL HVNL 2VPDQOÖFD·\D G|QGUQFH EX
GHID 2VPDQOÖ GLOLQL GH |øUHQPHN PHFEXUL\HWLQGH NDOPÖû LGLN 'ROD\ÖVÖ\OD EHQLP
oDøÖPÖQLQVDQODUÖQÖQGLOLQGHEDûNDODUÖQÖUDKDWVÖ]HGHELOHFHNELUIDUNOÖOÖNGLNNDWoHNHELOLU
=DPDQ ]DPDQ 2VPDQOÖFD GH\LPOHUL NXOODQPDN ]RUXQGD NDODELOLUL] ]DPDQ ]DPDQ GD
7UNoH GH\LPOHUL %X EL]LP NRQXûXUNHQ DNWDUPDN LVWHGLøLPL] NDYUDPÖ \DQL EHQLP
]LKQLPGHNL WHFUEH DODQÖQÖ VL]LQ ]LKQLQL]GHNL WHFUEH DODQÖ KDOLQH JHWLUPHN LVWHøLPGH
DNOÖPD JHOHQ YH NDYUDPÖ HQ L\L DQODWWÖøÖQD LQDQGÖøÖP V|]Fø NXOODQPDPOD LOJLOLGLU
'ROD\ÖVÖ\OD
GD
KXON
NHOLPHVLQL
VL]H
ELUD]
DoÖNODPDN
LKWL\DFÖQÖ
KLVVHGL\RUXP
$UNDGDûODUÖQÖ] YDUGÖU DLOHQL]GHQ LQVDQODU YDUGÖU +XONL %H\ GHUVLQL] \D GD oRN
VHYGLøLQL]
N|IWH\L
\DSDQ
+XONL\H
WH\]HQL]
YDUGÖU
%XQODU
JQON
KD\DWÖQÖ]GD
UDVWODGÖøÖQÖ] NLPVHOHUGLU ùVWHU +XONL %H\ DPFDQÖ] ROVXQ LVWHU +XONL\H +DQÖP WH\]HQL]
ROVXQ VRQXo LWLEDUL\OH KXON NHOLPHVL HûLWOLN NDYUDPÖQÖ NLPVH\H ELU EDûNDVÖQÖQ
KDNNÖQGDQ YHUPHPH GLVLSOLQLQL LIDGH HGHU $UDSoD N|NHQL LWLEDUL\OH KXON NHOLPHVL
YDKD\D JHOHQ EWQ NDYLPOHULQ EWQ NDELOHOHULQ YDKDGDQ VX oHNHUNHQ NXOODQGÖNODUÖ
NRYDQÖQ DGÖGÖU dQN KHUNHVH LNL NRYD YHULOLU ùûWH R KXON GHGLøLPL] NRYD NX\X\D
GDOGÖUÖOÖU oÖNDUÖOÖU YH EDNUDoODUD G|NOU +XON NHOLPHVLQLQ DQODPÖ EX HûLWOLN DQODPÖQGD
GHøHUOHQGLULOPHVLQGHQ GDKD |QHPOL ELU PDQD RODUDN V|\O\RUXP DGDOHW KNPQQ
\FHOWLOPHVL YH KHU ]DPDQ HûLW |OoHNWH WHFHOOL HWPHVLQLQ VDøODQPDVÖGÖU %|\OHOLNOH
LQVDQODUKXONNDYUDPÖLoHULVLQGHKHU]DPDQDGDOHWDKODNÖQÖ\FHOWPHNGXUXPXQGDGÖUODU
*]HO DKODN N|W DKODN WDULIOHUL\OH RUWD\D JHOLS GH ELU WDNÖP DoÖNODPDODU \DSPDN
LVWHPL\RUXP \D GD GLQOHU LWLEDUL\OH IDUNOÖ IDUNOÖ GûQFH VLVWHPOHULQGH DKODN WDULIOHUL
ROGXøXQD GD LûDUHW HGHUHN NÖVD ]DPDQÖ GROGXUPDN LVWHPL\RUXP $PD V|\OHPHN
LVWHGLøLPoûH\YDU<HU\]QHQHELJHOPLûKHUELUQHELELUNDYPLGRøUX\ROD
J|WUPH YH KLGD\HWH HUPH VRUXPOXOXøX LoHULVLQGH ROPXû %XQODUÖQ LoHULVLQGH DGODUÖQÖ
EHONLGHLONGHIDLûLWHFHøLQL]NLPVHOHUGHYDUGÖUgUQHøLQEXQODUGDQELUL%DELO.UDOÖQÖQ
\|QHWLP DKODNÖQGDQ X]DNODûWÖøÖQÖ KXONX HûLW GDøÖWPDGÖøÖQÖ VX\X HûLW GDøÖWPDGÖøÖQÖ
FDQÖQÖQ oHNWLøLQH E\N NRYD LOH FDQÖQÖQ oHNWLøLQH NoN NRYD LOH VX YHUGLøLQL
V|\OH\HUHNHOHûWLUGLøLLoLQVDoODUÖQGDQWXWXODUDN%DELONDOHVLQHNDGDUoÖNDUWÖOPÖûYHVRQUD
H]L\HWLQ JHUHNoHVL NHQGLVLQH DQODWÖOPÖû <|QHWLFLOHULQ KDON \DUDUÖQD \DODQ V|\OHPHVLQL
WHûKLU HWPHN ELU SH\JDPEHULQ KDNNÖ RODPD] 2 WDULKWHNL +DEDNXN·X EXJQN EDVÖQ
KDOLQGH
GûQHELOLUVLQL]
<|QHWLFLOHULQ
\|QHWHQOHULQ
KDQJL
JHUHNoH\H
GD\DQÖUVD
GD\DQVÖQ\|QHWLOHQNLWOH\LDOGDWPD\D\|QHOLNGDYUDQÖûODUÖQÖWHûKLUHWPHGXUXPXQGDNLELU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXUXPXQ FH]DODQGÖUÖOPDVÖQÖ LVWHPHN LVDEHWOL GHøLOGLU $PD \DODQ NRQXVXQGD NLûLOHULQ
NHQGLOHULQHJ|UHWDULIOHULQLQGHGRøUXROPDGÖøÖQÖELOL\RUVXQX]
0HûKXU
2PHQ·LQ
HOH
DOÖQGÖøÖ
7HYUDW·WDNL
YDKL\OHU
NÖVPÖQÖ
GX\DQODU
KDWÖUOD\DFDNODUGÖU %DELO·L 7HYUDW ELU E\N IDKLûH RODUDN WDULI HGHU dQN R WDULILQ
LoHULVLQGH .UDO +DPDV\DV \UWPHNWH ROGXøX \|QHWLP ELoLPLQGHNL HVDVODU LWLEDUL\OH
VUHNOL GRøUX KDUHNHW HWWLøLQH LQDQPDNWDGÖU ùûWH RQXQ GRøUX KDUHNHWLQL EX GHID \DODQ
WDYÖU WHûKLUL LoHULVLQGH EXOXQPDN LVWH\HQ SH\JDPEHU +DPDV GD WDP WHUVLQH LûLQ
JHUoHøLQLEDûNDODUÖQÖHWNLOHPHNLoLQVDSWÖUDUDN\DODQV|\OH\HUHNWHûKLUHWPHNWHGLU\DGD
R WHûKLU PHNDQL]PDVÖQÖQ LoLQGH NH\ILOHûHELOPHNWHGLU %X oHUoHYHGH EDNWÖøÖQÖ]GD
EXQGDQ VRQUD WDUWÖûDFDøÖQÖ] |øOHGHQ VRQUDNL RWXUXPODUÖQ LoHULVLQGH LNL NRQX ELULVL
3H\JDPEHU+DPDV·ÖQGLøHULGH+DEDNXN·XQGDYUDQÖûÖRODUDNRUWD\DoÖNDFDNWÖU6L\DVHWWH
HWLN VL]H *POFLQH 0HEXVX ùVPDLO %H\·OH 'HPRNUDW 0XVWDID PDFHUDVÖQÖ DQODWWÖP
YH\D EDVÖQGD HWLN ELUD] HYYHO V|]Q HWWLøLP 3H\JDPEHU +DEDNXN YH\D NDUûÖVÖQGD
3H\JDPEHU+DPDVYH\DEXQODUÖQWDPRUWDVÖQGDELUWDYÖUWDNÖQDQ3H\JDPEHU<HUHPL\D
'HøHUOL GLQOH\HQOHU EXQODUÖQ KLoELULVLQL VL]H HWLN WDULIL RODUDN YHUPL\RUXP dQN
HWLN WDULILQLQ QH ROGXøXQX \DûÖPGDQ VRQUD EHQ GH EXJQ LON GHID |øUHQHFHøLP
.HOLPHOHUL
JQON
KD\DWÖPÖ]ÖQ
LoHULVLQGH
NXOODQÖOGÖøÖ
PDQDGD
GHøHUOHQGLULUVHN
NHQGLPL]H J|UH YHUGLøLPL] WDULIOHUOH R NHOLPHOHULQ LoHULøL\OH \D GD GHULQOLøL\OH LOJLOL
\DSDFDøÖPÖ] DoÖNODPDODUOD EDûNDODUÖQD NDUûÖ \DQÖOWÖFÖ WDYÖUODU WDNÖQPÖû RODELOLUL] )HOVHIL
PDQDGD
HWLN
NDYUDPODUÖQÖQ
oRøXQXQ
DKODNOÖOÖN
|OoHøLQL
VUGUHELOPH
NDELOL\HWL
ROGXøXQX KLVVHGHQ ELU WDYÖU LoLQGH ROGXøXPX LIDGH HGL\RUXP $PD GRøUXOXøXQXQ QH
ROGXøXQXVL]OHUOHELUOLNWHEHQGH|øUHQHFHøLP
6RQ RODUDN PHVOHøLPOH LOJLOL LNL ûH\L GH V|\OH\LS YDNWLQL]L DOPDGDQ NUVGHQ LQPHN
LVWL\RUXP %XQODUGDQ ELULQFLVL DKODNÖQ HPUHGLFL ROGXøXQD LQDQPÖûÖPGÖU ùVWHU WPGHQ
JHOHQ PDQWÖN NXUDOÖ RODUDN EXQX NDEXO HGLQL] LVWHUVHQL] WPH YDUDQ GDYUDQÖû WU
RODUDN DOÖQÖ] .LûLVHO RODUDN J|VWHUGLøL GDYUDQÖû WUQQ LoHULVLQGHNL WPH YDUDQ YH\D
WPGHQ JHOHQ \|QWHPOHULQ IDUNOÖOÖøÖQGD DKODNÖQ HPUHGLFL NDUDNWHULQL GHøLûWLUPHN
PPNQ GHøLOGLU g\OH VDQÖ\RUXP NL HWLøLQ NXUDOODUÖQÖ GD GHøLûWLUPHN PPNQ
ROPD\DFDNWÖU gUQHøLQVL]HHVNL GHQH\LPOHULPOH LIDGH HWPHPH PVDDGH HGLQL] .OWU
GHøHULQGHNL
DKODN
NDYUDPÖ\OD
VRV\RORMLN
PDQDGDNL
DKODN
NDYUDPÖQÖ
GD
L\L
D\ÖUDPDGÖøÖPÖ]GD EX LNL NDYUDPÖ GD ELUELULQH NDUÖûWÖUGÖøÖPÖ]GD HWLN GHøHUOHU DoÖVÖQGDQ
NHQGLPL]H
J|UH
NH\ILOHûWLUHELOHFHøLPL]
WDUWÖûPD
EDûOÖNODUÖ
NXUDELOLUL]
%XQXQ
GD
\DQOÖûOÖøÖQDLûDUHWHGL\RUXP
6RQ GDNLNDP YDU R VRQ GDNLNDPGD GD V|\OH\HFHN ELU ûH\ YDU (øHU LQVDQODU NHQGL
WUQGHNL GDYUDQÖûODUÖ UXKXQGD PXKWHYDVÖQGD GLOLQGH YH VOXEXQGD VDGHFH NHQGLQH
KDNPÖû JLEL J|UHUHN KHU ûH\L NHQGL VDYXQGXøX oHUoHYHGH NDEXOH ]RUOD\DFDN QRNWD\D
JHOL\RUVDEXQGDQROXPOXELUVRQXooÖNPDVÖPPNQGHøLOGLUùVWHUVL\DVHWoLROVXQLVWHU
JD]HWHFL ROVXQ LVWHU GRNWRU ROVXQ LVWHU DYXNDW ROVXQ KDQJL PHVOHøLQ PHQVXEX ROXUVD
ROVXQ YH\D KDQJL ILNULQ PQWHVLEL ROXUVD ROVXQ V|\OH\HFHøL ûH\LQ JHQHO NDEXO HGLOHFHN
NULWHUOHULQL|QFHGHQELOLUYHRQODUÖQULD\HWLLoHULVLQGH\DSDELOLUVHVLVWHPGHøHULGHGLøLPL]
GRøUX QRNWD\D YDUPD\Ö HOGH HGHELOLU %XQX \DSDPDGÖøÖ ]DPDQ KHUKDQJL ELU VRQXFD
XODûPDVÖGDPPNQGHøLOGLU%L]LPXOXVDONLPOLøLPL]LQNRUXQPDVÖQGD2UWD$V\D·GDQ
7XUDQ
NOWUQGHQ
JQP]H
JHWLUGLøLPL]
EX
DUDGD
ùVODPL\HW·LQ
HWLNOHULQGHQ
\DUDUODQDUDN ROJXQODûWÖUGÖøÖPÖ] 7UN NOWUP]Q 6HOoXNOX 7UNOHUL LOH $QDGROX
EDûODWDQODUÖ RODUDN \HQL ELU KYL\HW LoLQGH JHOLûWLUGLøLPL] 2VPDQOÖ NLPOLøL\OH JHUoHNWHQ
VVOHGLøLPL] DPD VRQXoWD FXPKXUL\HW NOWU\OH GRUXN QRNWDVÖQD XODûWÖUGÖøÖPÖ] ELU
DKODNL DQOD\ÖûÖPÖ] YDUGÖU (Q PNHPPHOL GH EXGXU %X PNHPPHO QRNWDGDNL
$oÖOÖû.RQXûPDODUÖ
FXPKXUL\HW DKODNÖELUGHPRNUDVL LGHDOL YHELU FXPKXUL\HW LGHRORMLVL\OH EWQOHûHUHNVL]
JHQo QHVLOOHULQ JHOHFHøH KD]ÖUODQPDVÖQÖ DPDoODU %X NDGDU PNHPPHO ELU LGHDO YH
LGHRORMLN LOLûNL LoHULVLQGHNL VRUXPOXOXøXPX] ûXGXU +DQJL PHVOHøH LQWLVDS HGHUVHQL]
HGLQL] KDQJL PHVOHøLQ XVWDVÖ ROXUVDQÖ] ROXQX] ELU DKODNL VRUXPOXOXN LGUDNL LoLQGHNL
RODFDøÖQÖ]Ö XQXWPDPDOÖVÖQÖ] úLPGL HWLN NDYUDPÖQÖQ VWQ GHøHUOHULQL YH LoHULNOHULQL
|øUHQPHGHNL VDEÖUVÖ]OÖøÖQÖ]Ö JLGHUPHN LoLQ NUV\ WHUN HGHUNHQ KHSLQL]H VD\JÖODU
VXQX\RUXP%DûDUÖOÖELUNRQIHUDQVWHPHQQLHGL\RUXP
3URI'UùRDQQD.XoXUDGL·QLQ.RQXûPDVÖ
6D\ÖQ5HNW|U<DUGÖPFÖVÖ6D\ÖQ%DNDQODU'HøHUOL0LVDILUOHU6HYJLOL$NÖQYH)HOVHIH
%|OP gøUHWLP h\HVL $UNDGDûODUÖP YH \DUGÖPFÖODUÖ (WLN V|]Fø VRQ \ÖOGD
PRGD ROGX (WLøH GX\XODQ EX LOJLQLQ FDQODQPDVÖQGD NXûNXVX] oHûLWOL HWNHQOHU URO
R\QDGÖ 1H YDU NL PRGD RODQ IHOVHIHQLQ ELU DUDûWÖUPD DODQÖ RODUDN HWLN GHøLOGLU 0RGD
RODQ PHVOHN HWLNOHUL GHQLOHQHWLNOHUGLU %XPHVOHN HWLNOHUL DUDVÖQGD HQ oRN XøUDûÖODQÖ YH
HQ HVNLGHQ EHUL XøUDûÖODQÖ EL\RHWLN \D GD EL\RPHGLNDO HWLNWLU dHûLWOL PHVOHN DODQODUÖ
NHQGL HWLNOHULQL JHOLûWLUPH\H oDOÖûÖ\RUODU ùû HWLøL PHG\D HWLøL VL\DVHW HWLøL WLFDUHW HWLøL
SROLV HWLøL KDWWD MDQGDUPD HWLøL JLEL HWLNOHU NDUûÖPÖ]D oÖNÖ\RU 6RQ \ÖOODUGD E\N ELU
RODVÖOÖNODJ|UHFLSRVWPRGHUQLVW\DNODûÖPODUÖQYHQHROXUVDROVXQ´DQ\WKLQJJRHVµLONHVLQLQ
\DUDWWÖøÖ NDUJDûDGDQ ND\QDNODQDQ HWLNOH LOJLOL EDûND ELU JHOLûPH GH HWLøLQ HYUHQVHOOLøLQH
LOLûNLQ WDUWÖûPDODU YH oHûLWOL oHYUHOHUGH HYUHQVHO ELU HWLN \D GD HYUHQVHOOHûWLULOHELOLU ELU
HWLN \D GD JOREDO HWLN JHOLûWLUPH oDEDODUÖGÖU *HUHN IHOVHIL HWLN YH PHVOHN HWLøL
GHQLOHQOHULQoHUoHYHVLLoLQGH\DSÖODQEXoDOÖûPDODUGDJHUHNVHHYUHQVHOELUHWLNJHOLûWLUPH
oDEDODUÖQGD oHûLWOL HSLVWHPRORMLN NDUÖûWÖUPDODU J|]H oDUSÖ\RU %X NDUÖûWÖUPDODU GD
IHOVHIHQLQ ELU DOW DODQÖ RODUDN HWLøLQ ROGXøX NDGDU PHVOHN HWLNOHULQLQ GH HWLøL
JQP]GHNL
WDUWÖûPDODUÖQ
PHUNH]LQH
JHWLUHQ
LKWL\DoODUÖ
NDUûÖOD\DELOHFHN
ûHNLOGH
JHOLûPHVLQH HQJHO ROXûWXUX\RU NDQÖPFD %X QHGHQOH HWLN WHULPLQL DoÖNOÖøD NDYXûWXUPDN
YH EXJQ HWLN V|]FøQH \NOHWLOHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|UHELOPHN \DOQÖ]FD
WHRULN RODUDN HWLNOH XøUDûPDQÖQ LON DGÖPÖ RODUDN GHøLO D\QÖ ]DPDQGD |]HO NDPXVDO YH
PHVOHN \DûDPÖPÖ]GD DWWÖøÖPÖ] KHU DGÖPGD NDUûÖODûWÖøÖPÖ] HWLN VRUXQODUÖ HOH DOPDQÖQ LON
DGÖPÖRODUDNGDJHUHNOLJ|UO\RU
'HøHUOL .RQXNODU EXJQ HWLN V|]FøQH \NOHWLOHQ YH ELUELUL\OH NDUÖûWÖUÖOPDPDVÖ
JHUHNHQ IDUNOÖ NDYUDPVDO LoHULNOHUL J|VWHUPHN LoLQ EXUDGD HWLN SUREOHPOHU LIDGHVL\OH
NDUûÖPÖ]D oÖNDQ SUREOHPOHULQ IDUNODUÖQÖ J|VWHUPH\H oDOÖûDFDøÖP (WLN SUREOHPOHU
GHUNHQ NLPL ]DPDQ WDULKLQ EDûODQJÖFÖQGDQ EHUL IHOVHIHQLQ XøUDûWÖøÖ WHRULN SUREOHPOHU
GHPHWL NDVWHGLOL\RU gUQHøLQ HUGHP QHGLU DGDOHW QHGLU YH EX JLEL VRUXQODU %|\OH
VRUXODU
|UQHøLQ
3ODWRQ
GL\DORJODUÖQÖQ
PHUNH]LQGHNL
NRQXODUÖ
ROXûWXUX\RU
(WLN
SUREOHPOHU LIDGHVL D\UÖFD JQON \DûDPÖPÖ]OD GRøUXGDQ GRøUX\D LOJLOL RODQ ELU WU
SUREOHPLGLOHJHWLUPHNLoLQNXOODQÖOÖ\RU.HQGLPL]OHYHEDûNDODUÖ\ODLOLûNLOHULPL]GHNDUDU
DOÖUNHQ H\OHPGH EXOXQXUNHQ IDUNÖQGD ROVDN GD ROPDVDN GD V|] NRQXVX RODQ ELU WU
SUREOHPL GLOH JHWLUPHN LoLQ %LU NLûLQLQ VL]OHULQ EHQLP KHU ELULPL]LQ JQON
\DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDKHUDQNDUûÖODûWÖøÖPÖ]H\OHPGHEXOXQPDNLoLQûX
\D GD EX ûHNLOGH o|]PHN ]RUXQGD ROGXøXPX] HWLN SUREOHPOHU ILOR]RIODUÖQ HOH DOGÖøÖ
HWLN SUREOHPOHUGHQ IDUNOÖGÖU *QON \DûDPGD YH PHVOHN \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ]
HWLN SUREOHPOHULQ KHUELUL EHOLUOL ELU NLûL WDUDIÖQGDQEHOLUOL ELU DQGD EHOLUOL ELU GXUXPGD
NDUûÖODûÖODQ YH WHNOLN J|VWHUHQ SUREOHPOHUGLU 'ROD\ÖVÖ\OD o|]POHUL GH ELUELUOHULQGHQ
IDUNOÖGÖU +HUELUL LoLQ D\UÖ D\UÖ o|]POHU EXOX\RUX] %X GHPHNWLU NL EXQODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
o|]POHULQL KHU ELU GXUXPGD EXOPDPÖ] JHUHNLU 2\VD IHOVHIHGHNL SUREOHPOHU JHQHO
WHRULN SUREOHPOHUGLU %|\OH ELU SUREOHP J|UPHQLQ VRQXQGD VRUXODQ VRUXODUD YHULOHQ
FHYDSODUIHOVHILELOJL\LROXûWXUX\RUgUQHøLQGRøUXH\OHPQHGLUVRUXVXLOHEXGXUXPGD
QH\L \DSPDP GRøUX ROXU VRUXVX IDUNOÖ ûH\OHU VRUX\RU )HOVHIL ELU VRUX RODQ ELULQFLVLQH
FHYDS H\OHPOH LOJLVLQGH GRøUX NDYUDPÖQ LoHULøLQL EHOLUOHPHNOH YHULOHELOLU ùNLQFLVLQLQ
FHYDSODQPDVÖ LVH ELU NLûLQLQ NDUûÖODûWÖøÖ R EHOLUOL JHUoHN VRPXW HûVL] GXUXPGD QH
\DSPDVÖ JHUHNWLøLQL EXOPDVÖ LOH ROXU %XQX GD R NLûL H\OHPLQLQ HWLN GHøHUL LoLQ IDUNOÖ
VRQXoODU\DUDWDQIDUNOÖûHNLOOHUGH\DSDELOLUYH\DSÖ\RU%HOLUOLELUGRøUXH\OHPNDYUDPÖQD
GD\DQDUDN \DSDELOLU \D GD NHQGLVL LoLQ JHoHUOL RODQ ELU QRUPD J|UH \DSDELOLU YH\D
\DOQÖ]FD KHGHILQH QDVÖO XODûDFDøÖQÖ KHVDS HGHUHN \DSDELOLU gUQHøLQ EX J|UHYGHQ LVWLID
HWPHP JHUHNLU GL\HELOLU YH LVWLID HGHELOLU \D GD DøDEH\LPGHQ KDNLNDWL VDNODPDP JHUHN
GL\HELOLU YH E|\OH \DSDELOLU *|UOGø JLEL EX VRQ LNL FHYDS IHOVHIH\OH LOJLOL GHøLOGLU
DPDEXQODUGDHWLNVRUXQODUGÖU\DûDPGD1HYDUNLûXDQGDPHVOHNHWLNOHULQLQHOHDOGÖøÖ
HWLNSUREOHPOHUEXLNLWUHWLNSUREOHPOHULQGHQIDUNOÖSUREOHPOHUGLU0HVOHNHWLNOHULQLQ
ûXDQGDHOHDOGÖøÖ\DGDRUWD\DNR\PDNLVWHGLøLELUWUQRUPODUWRSODPÖGÖU$PDEXQODU
|]HO QLWHOLNWH RODQ QRUPODUGÖU %X QRUPODUÖ GD R PHVOHøL LFUD HGHQ KHUNHVWHQ NHQGL
GQ\D J|UûQGHQ NOWUQGHQ LGHRORMLVLQGHQ GLQLQGHQ EDøÖPVÖ] RODUDN KHU \HUGH
X\JXODPDVÖ EHNOHQLU%XJQHYUHQVHO ELU HWLN \D GD JOREDO ELU HWLN JHOLûWLUPH JLULûLPOHUL
GH RUWDN QRUPODU SHûLQGHGLU h]HUOHULQGH DQODûPD\D NRQVHQVVH YDUÖODELOHFHN YH
JOREDO G]H\GH NDEXO HGLOHELOHFHN QRUPODU DUDQÖ\RU 1H YDU NL EX DUDQDQ QRUPODUÖQ
HSLVWHPRORMLN|]HOOLNOHULQHKLoEDNÖOPÖ\RU
úLPGL HWLN SUREOHPOHU LIDGHVLQLQ NXOODQÖOGÖøÖ DQD DQODPODUD GD\DQDUDN D\UÖFD GD
EXQODUÖ o|]PHGH L]OHQHQ IDUNOÖ \ROODUD EDNDUDN JQP]Q WDUWÖûPDODUÖQGD HWLN
V|]FøQQ NXOODQÖOGÖøÖ ELUELULQGHQ IDUNOÖ YH ELUELULQH NDUÖûWÖUÖOPDPDVÖ JHUHNHQ HQ D]
o DQD DQODPÖQÖ D\ÖUW HGHELOLUL] (WLN V|]Fø EXJQ NLPL ]DPDQ EHOLUOL ELU JUXSWD
EHOLUOL ELU ]DPDQGD JHoHUOL RODQ YH EX JUXSWDNL NLûLOHULQ ELUELUL\OH LOLûNLOHULQGH
GHøHUOHQGLUPHOHULQLH\OHPOHULQLWXWXPYHGDYUDQÖûODUÖQÖEHOLUOHPHOHULEHNOHQHQGHøLûLN
YH GHøLûNHQ QRUPODU VLVWHPL DQODPÖQGD NXOODQÖOÖU %XQODU \D]ÖOÖ ROPD\DQ QRUPODUGÖU
%HOLUOL ELU ]DPDQGD EHOLUOL ELU NOWUGH HJHPHQ RODQ L\L\H YH N|W\H LOLûNLQ GROD\ÖVÖ\OD
JHQHO RODUDN \DSÖOPDVÖ YH \DSÖOPDPDVÖ JHUHNHQOHUH LOLûNLQ DQOD\ÖûODUGÖU 2 DQGD \D\JÖQ
RODQIDUNOÖDQOD\ÖûODUYHD\QÖPHNkQGDELUNDoWDQH\D\JÖQDQOD\ÖûRODELOL\RU%XQRUPODUÖ
YH DQOD\ÖûODUÖ EXJQN WDUWÖûPDODUGD VÖN VÖN \DSÖOGÖøÖ JLEL HWLN GHøHUOHUOH NDUÖûWÖUPDPDN
JHUHNLU %X \D]ÖOÖ ROPD\DQ NOWUHO QRUP VLVWHPOHUL LoLQ DKODN NHOLPHVLQL NXOODQPDN
EDûND ELU GH\LûOH DKODN NHOLPHVLQL \DOQÖ]FD EX WU QRUP VLVWHPOHULQL DGODQGÖUPDN LoLQ
NXOODQPDN E|\OHFH GH EDûND ûH\OHUL ELUELUL\OH NDUÖûWÖUPDNWDQ VDNÖQPDN NDQÖPFD GDKD
X\JXQROXU<DQLEXNHOLPH\LRQDVDNOD\DOÖPGHPHNLVWL\RUXP%DûNDELUEDøODPGDHWLN
V|]Fø EXJQ EHOLUOL DPDoODUOD ED]ÖODUÖ WDUDIÖQGDQ ROXûWXUXODQ ED]Ö \D]ÖOÖ QRUP
VLVWHPOHUL \D GD QRUP NRGODUÖ DQODPÖQGD NXOODQÖOÖ\RU %X WU EHOJHOHU V|] NRQXVX RODQ
DPDoOD LOJLOL RODUDN WUHWLOHQ \D GD PHYFXW RODQODUGDQ VHoLOHQ YH EHOLUOL XVXOOHUOH oRøX
]DPDQ GD NRQVHQVVOH NDEXO HGLOHQ QRUPODUGDQ ROXûX\RU %X EHOJHOHULQ HYUHQVHO
JHoHUOLOLNND]DQPDVÖLVWHQLOLUNLPL]DPDQGDHYUHQVHOJHoHUOLOLNVDøODQÖU1HYDUNLE|\OH
EHOJHOHUH JHoHUOLOLN ND]DQGÖUPD oRøX ]DPDQ RQODUGD \HU YHULOHQ QRUPODUÖQ IHOVHIL
HSLVWHPRORMLN GHøHUOHQGLULOPHVL \DSÖOPDGDQ ROXS ELWL\RU 0HVOHN HWLNOHUL EDøODPÖQGDNL
HWLNV|]FøGHEXDQODPGDNXOODQÖOÖ\RU%XDQODPÖGDPHVOHNHWLNOHULYHHYUHQVHOHWLN
NRQXODUÖQD LOLûNLQ WDUWÖûPDODUÖQ J|VWHUGLøL JLEL EXJQ HWLN V|]FøQQ HQ \D\JÖQ
DQODPÖGÖU.DYUDPODUÖQELUELULQHNDUÖûWÖUÖOPDVÖQÖQNDPX\DûDPÖQGDYH\DVDPDGD\DVDODU
ROXûWXUPDGD LQVDQ KDNODUÖ LoLQ \DUDWWÖøÖ ROXPVX] VRQXoODUÖ J|] |QQH DODUDN EX QRUP
$oÖOÖû.RQXûPDODUÖ
WDNÖPODUÖQD \D GD HYUHQVHO QRUPODUGDQ ROXûWXøX IDU] HGLOHQ EX NRGODUD EHOJHOHUH
DKODNOÖOÖN NRGODUÖ \D GD EHOJHOHUL GHPH\L EHQ WHUFLK HGL\RUXP %XUDGD QRUPODUÖ
QLWHOHGLøL]DPDQHYUHQVHOV|]FøQGHQGHELUQRUPXQGQ\DG]H\LQGHNLJHoHUOLOLøLQL
GHøLOELUQRUPXQVDKLSROGXøXHSLVWHPRORMLNYHDNVL\RORMLNELU|]HOOLøLDQOÖ\RUXP<DQL
KHU LOJLOL LQVDQÖQ YH EWQ LOJLOL LQVDQODUÖQ JHQHO RODUDN J|UPHVL YH GLøHUOHULQH
J|VWHUPHVL JHUHNHQ PXDPHOH LoLQ JHWLULOHQ WDOHSOHUL \D GD QRUPODUÖ DQOÖ\RUXP dQN
EX WU QRUPODUÖ GQ\D G]H\LQGH JHoHUOL NÖOPD\Ö JHUHNWLUHQ EX |]HOOLNOHULQ KHUNHV
WDUDIÖQGDQNDEXOHGLOPHVLGHøLOXQXWPDPDNJHUHNLUNLEXJQKHUWUGHQQRUPYHLQVDQ
RQXUXQX\RNIDU]HGHQQRUPODUGDXVXOQHX\JXQRODUDNJHoHUOLNÖOÖQDELOL\RU0HFOLVOHU
EXQX oRN VÖN \DSÖ\RU %X JHoHUOL NÖOÖQPDODU GD QRUPODUÖQ HSLVWHPRORMLN YH DNVL\RORMLN
|]HOOLNOHULQH EDNÖOPDNVÖ]ÖQ SDUPDN KHVDEÖ\OD \DSÖOÖ\RU 0HVOHN NRGODUÖ EXJQ PHVOHN
HWLNOHUL GHQLOHQOHU DVOÖQGD EX WUGHQ QRUPODU RUWD\D NR\PDN DPDFÖ\OD JHOLûWLULOL\RU
$QFDN LQVDQ KDNODUÖ HYUHQVHO ELOGLUJHVL GH EX WU DKODNOÖOÖN QRUPODUÖ RUWD\D NR\PDN
DPDFÖ\OD ROXûWXUXOX\RU 'ROD\ÖVÖ\OD EX ELOGLUJH ELU HYUHQVHO DKODNOÖOÖN NRGX VD\ÖODELOLU
RQD|\OHGHQPL\RUVDGD
úLPGL oQF RODUDN HWLN WHULPL IHOVHIHQLQ ELU DOW DODQÖQÖ GLOH JHWLUPHN LoLQ GH
NXOODQÖOÖ\RU <DQL LQVDQODU DUDVÖ LOLûNL WUOHULQGH GHøHU VRUXQODUÖQÖ D\GÖQODWPD\D YH
RQODUD LOLûNLQ GRøUXODQDELOLU \DQOÖûODQDELOLU ELOJL RUWD\D NR\PD\D oDOÖûDQ IHOVHIH GDOÖ
LoLQGH 1H YDU NL \D\JÖQ ELU NDQÖ\D J|UH YH LOJLOL HO NLWDSODUÖQGD EX IHOVHIH GDOÖ oRøX
]DPDQQRUPDWLIELUDODQVD\ÖOÖ\RU2\VDIHOVHIHWDULKLQGHNLDQDHWLNJ|UûOHU3ODWRQ·XQ
$ULVWRWHOHV·LQ .DQW·ÖQ +DUWPDQQ·ÖQ J|UûOHUL EX NDEXO \DQOÖûOÖ\RU %HQLP J|UûPH
J|UHIHOVHIHQLQELUDUDûWÖUPDDODQÖRODUDNHWLNQRUPODUJHWLUHQELUDODQGHøLOELOJLUHWHQ
ELU DODQ YH EX DUDGD QRUPODU KDNNÖQGD GD ELOJL RUWD\D NR\DQ ELU DODQGÖU %LUD] |QFH
6D\ÖQ %DNDQ E|\OH ELU ûH\ V|\OHPHN LVWHPLûWL JDOLED ELUD] GDKD GDUGÖ ùQVDQODU DUDVÖ
LOLûNLWUOHULQGHYHH\OHPGHoÖNDQSUREOHPOHULHQEDûWDGDGHøHUSUREOHPOHULQLDUDûWÖUÖU
ùVLP RODUDN HWLN VXEVWDQWLY RODUDN HWLN NHOLPHVLQL \DOQÖ]FD IHOVHIHQLQ EX DODQÖQÖ
DGODQGÖUPDNLoLQNXOODQPDNWD\DUDUYDUGÖUGL\HGûQ\RUXP$VOÖQGDNHOLPHOHU|QHPOL
GHøLO DQFDN |QHPOL RODQ IDUNOÖ ûH\OHUH D\QÖ DGÖ YHUPHPHN YH D\QÖ ûH\H GH IDUNOÖ DGODU
YHUPHPHN EWQ PHVHOH RUGD <DQL NLûLQLQ NHQGLVL\OH LOLûNLVLQL YH EDûNDODUÖ\OD
LOLûNLOHULQL ELOPH NRQXVX \DSDQ RQODUGDNL GHøHU SUREOHPOHULQH ÖûÖN WXWDQ RQODUÖ
DUDûWÖUDQ YH KDNNÖQGD ELOJL NR\DQ IHOVHIHQLQ GDOÖ LoLQ NXOODQÖOPDVÖQGD \DUDU YDU %X
IHOVHILELOJL|UQHøLQH\OHPGHEXOXQXUNHQLVWHGLNOHULPL]LQYH\DSWÖNODUÖPÖ]ÖQQHWUGHQ
EHOLUOHQPH LPNDQODUÖ YDUGÖU VD\JÖ QHGLU YH EX JLEL NRQXODUD LOLûNLQ ELOJL ELU DKODNOÖOÖN
NRGXQX
YH\D
PHVOHN
NRGXQX
JHOLûWLULS
X\JXODPDN
LoLQ
YH
PHYFXW
DKODNODUÖ
GHøHUOHQGLUPHN LoLQ RQVX] ROXQDPD\DFDN ELU ELOJLGLU *QON \DûDPÖPÖ]GD PHVOHN
\DûDPÖPÖ]GD YH NDPXVDO \DûDPÖPÖ]GD NDUûÖODûWÖøÖPÖ] GXUXPODUGD LQVDQ RQXUXQX
NRUX\DUDN H\OHPGH EXOXQDELOPHN LoLQ GH RQVX] ROXQDPD\DFDN ELU ELOJLGLU GL\H
GûQ\RUXP
%X V|\OHGLNOHULPGHQ ûX VRQXo oÖNÖ\RU DKODN DQODPÖQGD GHøHU ELOJLVLQH GD\DQDUDN
JHOLûWLULOPLû LVHOHU \D GD IHOVHIL ELOJL LOH GHøHUOHQGLULOPLû LVHOHU YH UROOHUL ELUELULQH
NDUÖûWÖUÖOPDGÖøÖ WDNGLUGH û|\OH dRøX ]DPDQ GHQH\VHO RODUDN \DQL PHYFXW NRûXOODUGDQ
KDUHNHW HGHUHN WUHWLOHQ \D]ÖOÖ ROPD\DQ QRUPODU \DQL DKODNODUÖ ROXûWXUDQ WRSOXPVDO
QRUPODU X\JXQ WUHWLOGLNOHUL WDNGLUGH YH EDVLUHWOH WUHWLOGLNOHUL WDNGLUGH NLûLQLQ
GHøHUOHQGLUPHOHULQL GHøLO \DOQÖ]FD WRSOXPVDO LOLûNLOHULQGHNL GDYUDQÖûODUÖQÖ EHOLUOHPHOHUL
NRûXOX\OD NLûLQLQ \DûDGÖøÖ WRSOXOXøXQ GHøLûNHQ NRûXOODUÖQGD WRSOXPVDO \DûDPGD NHQGL
\DUDUÖQÖ NRUXPD RODVÖOÖøÖQÖ DUWWÖUÖU (YUHQVHO DKODNOÖOÖN QRUPODUÖ \DQL EX \D]ÖOÖ QRUPODU
KXNXNXQ WUHWLOPHVL LoLQ |QFOOHU RODUDN |QHPOLGLU $\UÖFD NLûLOHU PHVOHNOHULQL LFUD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HGHUNHQ YH NDPXVDO NRQXODUGD XOXVDO YH XOXVODUDUDVÖ G]H\OHUGH NDUDUODU DOÖQÖUNHQ
KDNNÖQGD NDUDU DOÖQDFDN WHN WHN GXUXPODUOD LOJLOL RODUDN GRøUX GHøHUOHQGLUPH \DSDFDN
NDGDU ELOJL\H VDKLS ROPDGÖøÖPÖ] ]DPDQ LQVDQ RQXUXQD ]DUDU YHUPHPH RODVÖOÖøÖQÖ
DUWÖUÖ\RUODUDPDKHU]DPDQNRUXQPDVÖQÖJYHQFHDOWÖQDDOPÖ\RUODUdQNQRUPODUWHN
WHNGXUXPODUGDGHøHUNRUX\XFXNDUDUODUDOPDNYHGHøHUOLGRøUXH\OHPGHEXOXQPDNLoLQ
\HWPL\RUWHNEDûODUÖQD+HUGXUXPWDULKVHOOLøLQGHWHNWLU.LPL]DPDQELUQRUPDX\JXQ
GDYUDQDUDN GHøHU KDUFDPDN GD RODQDNOÖ .DQW·ÖQ |GHYH X\JXQ GDYUDQPD LOH |GHYGHQ
GROD\Ö GDYUDQPD H\OHPGH EXOXQPDNOD \DSWÖøÖ D\UÖPGD ELU QRUPD X\JXQ GDYUDQPDNOD
HWLN EDNÖPGDQ GHøHUOL H\OHPGH EXOXQPDN DUDVÖQGDNL IDUND LûDUHW HGL\RU .LûLOHU
QRUPODUD J|UH GDYUDQPD\D ]RUODQDELOLUOHU %X ]RUOD HPSR]H HGLOHELOLU RQODUD DPD
GHøHU NRUX\XFX ûHNLOGH LVWHPH\H YH H\OHPGH EXOXQPD\D ]RUODQDPD]ODU 1H YDU NL
NLûLOHU GHøHU NRUX\DFDN H\OHPGH EXOXQPD LVWHøLQL ROXûWXUDFDN ûHNLOGH HøLWLOHELOLUOHU YH
\DûDPGDEXDUDGDPHVOHN\DûDPODUÖQGDGDE|\OHH\OHPOHUGHEXOXQDELOPHNLoLQJHUHNOL
RODQIHOVHILGHøHUELOJLVL\OHGRQDWÖODELOLUOHUdQNE|\OHELULVWHPHELOJL\DQLIHOVHIHQLQ
ELU DODQÖ RODUDN HWLN ELOJLVL H\OHPGH EXOXQXODFDN GXUXPXQ ELOJLVL\OH ELUOLNWH EHOLUOL
JHUoHN WHN WHN GXUXPODUGD GHøHU NRUX\XFX \D GD HQ D] KDUFD\ÖFÖ ûHNLOGH H\OHPGH
EXOXQDELOPHQLQ DVJDUL NRûXOODUÖGÖU (YUHQVHO ELU DKODNOÖOÖN NRGX \D GD \D\JÖQ GH\LPL\OH
HYUHQVHO ELU HWLN ROXûWXUPDQÖQ DVJDUL NRûXOODUÖ LVH IHOVHIL GHøHU ELOJLVL YH QRUPODUD
LOLûNLQ HSLVWHPRORMLN YH DNVL\RORMLN ELOJLGLU GL\H GûQ\RUXP úX DQGD \DSÖODQ
WDUWÖûPDODU E|\OH IHOVHIL ELOJLOHUH GD\DQÖ\RU JLEL J|UQP\RU %XQXQ LoLQ JQON
\DûDPÖPÖ]GDYHPHVOHN\DûDPÖPÖ]GDGHøHUNRUX\DUDN\DûD\DELOPHNLoLQQRUPODUELOJLVL
NDGDU YH\D RQGDQ oRN HWLN GHøHUOHULQ YH HWLN GHøHULQ ELOJLVLQH GD\DQDQ IHOVHIH HøLWLPL
JHUHNOLGLUdQNDQFDN\DGDROVDROVDEXHøLWLPWHNWHNGXUXPODUGDLQVDQRQXUXQXQ
QHUHGHWHKOLNHGHROGXøXQXJ|UHFHNELUJ|]HGLQPHPL]H\DUGÖPFÖRODELOL\RU\]GH\]
VDøODPÖ\RUDPD\DUGÖPFÖRODELOL\RU
%LUGHûXQXJ|]GHQNDoÖUPDPDNWD\DUDUYDUGÖUoHûLWOLPHVOHNDODQODUÖQGDLûEDûÖQGD
NDUûÖODûÖODQ HWLN VRUXQODU HWLN VRUXQODU RODUDN JQON \DûDPGD NDUûÖODûWÖøÖPÖ] HWLN
VRUXQODUGDQ WUFH IDUNOÖ GHøLOGLU $PD R VRUXQODUD o|]P DUDUNHQ HWLN GHøHU ELOJLVL YH
NDYUDP
ELOJLVL
JHUHNOL
ROGXøX
NDGDU
R
DODQGD
GRøUX
GHøHUOHQGLUPHQLQ
QDVÖO
\DSÖODELOHFHøLQHLOLûNLQELOJL YHE|\OHELUGHøHUOHQGLUPH\DSDELOPHNLoLQVDøODPPHVOHN
ELOJLVLJHUHNLU
6D\ÖQ NRQXNODU EX NRQJUHGH HQ ID]OD \HU PHG\D HWLøLQH D\UÖOGÖøÖ LoLQ JHQHO RODUDN
PHVOHN
HWLNOHUL\OH
LOJLOL
EX
VRQ
V|\OHGLNOHULPL
JHQLû
DQODPGD
NXOODQDFDøÖP
JD]HWHFLOLNWHNLLOJLOLVRUXQODUOD|UQHNOHQGLUH\LPL]LQYHULUVHQL]
*D]HWHFLOLNWH JD]HWHFLOLN GHUNHQ J|UVHO PHG\D\Ö GD NDSVÖ\RUXP HWLN \HQL ELU NRQX
GHøLOGLU DPD JQP]GH EX NRQX NLWOH LOHWLûLP DUDoODUÖQÖQ VDKLS ROGXNODUÖ WHNQRORMLN
RODQDNODUGDQ YH GROD\ÖVÖ\OD EDVÖQÖQ NDPXR\X ROXûWXUPDGDNL UROQQ DUWPDVÖQGDQ
GROD\ÖGDKDNDUPDûÖNKDOHJHOGL%HQLPJ|UHELOGLøLPNDGDUÖ\ODJQP]GHJD]HWHFLOLNWH
NDUûÖODûÖODQ HWLN VRUXQODU GRøUXGDQ GRøUX\D JD]HWHFLOLøLQ DPDoODUÖ\OD YH GRøUX
GHøHUOHQGLUPH VRUXQX\OD LOJLOLGLU *D]HWHFLOLøLQ DQD DPDoODUÖQGDQ ELUL EHONL GH DQD
DPDFÖ oHYUHPL]GH YH GQ\DGD ROXS ELWHQOHUL ELOPHPL]L RODQDNOÖ NÖOPDN \DQL ROXS
ELWHQOHU KDNNÖQGD ELU WHPHO KDN RODQ NLûLQLQ NHQGL NDQDDWLQL ROXûWXUPDVÖQD NDWNÖGD
EXOXQPDNWÖU *D]HWHFLQLQ DVÖO LûL DUDFÖOÖN HWPHNWLU 2QGDQ EHNOHQHQ EL]LP NHQGL
EDûÖPÖ]DWDQÖNOÖNHGHPHGLøLPL]DPDEL]LLOJLOHQGLUHQûH\OHULELOPHPL]LRODQDNOÖNÖOPDVÖ
E|\OHFH GH oRøX ]DPDQ oHûLWOL SURSDJDQGD YH UHNODPODUÖQ SVLNRORMLN HWNLOHUL\OH
ELoLPOHQHQ NDPXR\XQXQ RODELOGLøLQFH NDQGÖUÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD NDWNÖGD
$oÖOÖû.RQXûPDODUÖ
EXOXQPDVÖGÖU %|\OHFH JD]HWHFLQLQ LûLQGH \DOQÖ]FD HWLN VRUXQODU GHøLO D\QÖ ]DPDQGD
IHOVHILELOJLVRUXQODUÖGDV|]NRQXVXGXU
%LU JD]HWHFLQLQ LûLQL JD]HWHFLOLøLQ DPDoODUÖQD X\JXQ \DSPDVÖQÖQ DQD NRûXOX RQXQ
GRøUX GHøHUOHQGLUPH \DSDELOPHVLGLU GL\H GûQ\RUXP (Q EDûWD GD ROD\ODUÖ GRøUX
GHøHUOHQGLUPHVL g\OH NL ELU ONHGH \D GD GQ\DGD ELQ ELU RODQ ELWHQ DUDVÖQGD
KDQJLVLQLQ KDEHU ROGXøXQD KDQJLVLQLQ KDEHU ROPDGÖøÖQD \DQL NDPXQXQ KDQJLVLQL
ELOPHVL JHUHNWLøLQH \D GD KDQJLVLQL ELOPHVLQLQ X\JXQ ROGXøXQD NDUDU YHUPHVL dQN
KDEHU ELU JD]HWHFLQLQ YH\D GLøHU ELU NLWOH LOHWLûLP DUDFÖ PHQVXEXQXQ oRN IDUNOÖ
JHUHNoHOHUOH NDPXQXQ ELOPHVL JHUHNWLøLQL \D GD ELOPHVLQLQ X\JXQ RODFDøÖQÖ GûQGø
ûH\GLU *D]HWHFL |\OH GûQU úX \D GD EX D\UÖQWÖ\D |QFHOLN YHUPH ELU \DQD EHOLUOL ELU
ROD\ODU GHPHWL LoLQGHQ ELULQL VHoPHN YH RQGDQ ELU KDEHU \DSPDN NHQGL LoLQGH ELU
GHøHUOHQGLUPHGLU %XQXQ GD JD]HWHFLOLøLQ DPDFÖQD X\JXQ ELoLPGH \DSÖODELOPHVL GLøHU
ELOJLOHU \DQÖQGD HWLN GHøHU ELOJLVLQL GH NDSVD\DQ IHOVHIL ELOJL JHUHNWLULU 'RøUX ELU
\|QOHQGLUPH LoLQ WHN EDûÖQD \HWHUOL ROPD\DQ DPD RQVX] ROXQDPD\DFDN RODQ EX ELOJL
HNVLN ROGXøX ]DPDQ H]EHUH GHøHUOHQGLUPHOHUOH NDUûÖODûÖUÖ] %HQLP GHøHU DWIHWPH YH
GHøHU ELoPH GHGLøLP GHøHUOHQGLUPHOHUOH %DûND ELU GH\LûOH \DOQÖ]FD EL]LP LoLQ EHOLUOL
ELU JUXS LoLQ ELU ROD\ÖQ \DUDWWÖøÖ YH EDûND ELU JUXS LoLQ NDoÖQÖOPD]FDVÖQD IDUNOÖ RODQ
VRQXoODUÖQD EDNÖODUDN \DSÖOPÖû GHøHUOHQGLUPHOHUOH NDUûÖODûÖ\RUX] YH\D ELU ROD\ÖQ IDUNOÖ
WHRULN EDNÖû DoÖODUÖQGDQ YH\D NLûLQLQ GRøUX ROGXøXQD LQDQGÖøÖ ELU GRJPD DoÖVÖQGDQ
\DSÖODQ DoÖNODPDVÖ\OD NDUûÖODûÖ\RUX] %X IDUNOÖ GHøHUOHQGLUPH WDU]ODUÖ \DûDPGD VÖN VÖN
NDUûÖODûWÖøÖPÖ]
´DoÖNODQPDVÖQÖµ
D\QÖ
ROD\Ö
RODQDNOÖ
IDUNOÖ
NÖODU
ûHNLOGH
*QON
GHøHUOHQGLULOPHVLQL
\DûDPGD
EX
IDUNOÖ
YH
IDUNOÖ
ûHNLOGH
DoÖODUGDQ
\DSÖODQ
GHøHUOHQGLUPHOHU GL\H DGODQGÖUÖOÖU DPD D\QÖ NRQX KDNNÖQGDNL IDUNOÖ J|UûOHU \DQL
NLûLOHULQ IDUNOÖ NDQÖODUÖ\OD D\QÖ NRQXQXQ IDUNOÖ J|UQPOHUL \DQL NRQXQXQ NHQGLVLQLQ
IDUNOÖ\DQODUÖDUDVÖQGDJHQHOOLNOHD\UÖP\DSÖODPD]
(WLN VRUXQODU JD]HWHFLQLQ LûLQLQ NHQGLVLQGH YDUGÖU *HQHOOLNOH VDQÖOGÖøÖ JLEL EX HWLN
VRUXQODU GLøHU |]HOOLNOHUL \DQÖQGD JD]HWHFLGH RODQ YH DUDFÖQÖ JD]HWHFLOLNOH LOJLVL ROPD\DQ
NHQGL DPDoODUÖ LoLQ NXOODQDQ NLûLQLQ ELOLQoOL RODUDN \DSWÖøÖ NDPHUD KLOHOHUL\OH KDEHU
X\GXUPDODUÖ\ODIRWRPRQWDMODEDûODPD]ODUoRNGDKDWHPHOGHGLUOHU%|\OHFHJD]HWHFLOHULQ
D\QÖROD\ODUDIDUNOÖGHøHUDWIHWPHOHULYH\DGHøHUELoPHOHULIDUNOÖYHELUELULQHWHUVGûHQ
NDPXR\ODUÖQÖQ ND\QDøÖQÖ ROXûWXUX\RU /RELOHULQ JHQHOOLNOH \DSPD\D oDOÖûWÖøÖ ûH\ ELU
NRQXGD NDPXR\X ROXûWXUPDN LoLQ YH\D R NRQX\OD LOJLOL ELU GHøHU ELoPH YH\D ELU GHøHU
DWIHWPHQLQ \HULQH ELU \HQLVLQL NR\PDN LoLQ EHOLUOL ELU NRQXGD NHQGL GHøHU ELoPHOHULQL
YH\DNHQGLGHøHUDWIHWPHOHULQL\D\PD\DoDOÖûPDNWÖU'LøHU\DQGDEDVÖQÖQEDVNÖJ|UPHVL
GHøHU ELoPHOHUH YH\D GHøHU DWIHWPHOHUH ROGXøX NDGDU GRøUX GHøHUOHQGLUPHOHUH GH
GD\DQDQ
KDEHUOHULQ
VDQVU
HGLOPHVL
YH
JD]HWHFLOHULQ
\DUJÖODQPDVÖ
EX
WU
GHøHUOHQGLUPHOHUOH GH \DSÖOÖU $PD EX GHID GHøHUOHQGLULOHQ ROD\ODU GHøLO KDEHUOHUGLU
<DQL JD]HWHFL WDUDIÖQGDQ \D]ÖOPÖû PHWLQOHU \D GD oHNLOHQ LPJHOHUGLU %X GXUXP
NDUûÖVÖQGD \DQL ELOLQoOL \DSÖOPÖû NDPHUD KLOHOHULQLQ EDVÖQ |]JUOø DGÖQD VDQVU
HGLOPHPHVL DPD RODQÖ EHWLPOH\HQ \D GD J|VWHUHQ KDEHUOHULQ VDQVU HGLOPHVL NDUûÖVÖQGD
LQVDQ|QFHOLNOHQH\H]OHFHøLQLELOHPH]KDOHGûHU
'HøHUOL.RQXNODUD\QÖNRQXGDNLIDUNOÖGHøHU\DUJÖODUÖQÖQoDWÖûPDVÖQÖD\QÖNRQXGDNL
ELU GHøHU \DUJÖVÖ\OD ELU ELOJLQLQ oDWÖûPDVÖQGDQ GLNNDWOH D\ÖUW HWPHQL] JHUHNL\RU %XUD\D
JHWLUPHN LVWL\RUGXP R |UQHøL \\ |QFH 6RFUDWHV HUGHPLQ GRøUX ELOJL ROGXøXQX
V|\OHPLûWL <]\ÖOÖPÖ]GD EDûND ELU ILOR]RI û|\OH GHU ´'Q\DGDNL N|WON KHPHQ
KHPHQ KHS ELOPHPHNWHQ JHOLU ù\L\L LVWHPHGH D\GÖQODQPDPÖûVD N|W\ LVWHPHN NDGDU
]DUDU YHUHELOLUµ %XQD EHQ IHOVHIL GHøHU ELOJLVL WDUDIÖQGDQ D\GÖQODWÖOPDPÖûVD GL\H
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HNOHPHN GH LVWHULP (WLN ND\JÖODUÖPÖ] YDUVD QRUPODUÖQ ELOJLVLQGHQ |QFH IHOVHIL HWLN
ELOJLVLHGLQPHPL]GH\DUDUYDU%HQLGLQOHGLøLQL]LoLQWHûHNNUHGHULP
0('<$(7ù÷ù3$1(/ù
3DQHO <|QHWLFLVL 1XUL dRODNRøOX &11 7UN YH 7HOHYL]\RQ <D\ÖQFÖODUÖ 'HUQHøL
%DûNDQÖ
3DQHOLVWOHU
'DYLG%HUFKDUG6HUEHVW*D]HWHFL
2NWD\(NûL%DVÖQ.RQVH\L%DûNDQÖ
0XVWDID*|]DODQ'RøDQ0HG\D*UXEXDGÖQD
1XUL.D\Öû5DG\RYH7HOHYL]\RQhVW.XUXOX%DûNDQÖ
$\GÖQ6H]JLQ%DûEDNDQOÖN%DVÖQ<D\ÖQYH(QIRUPDV\RQ*HQHO0GU
1XULdRODNRøOX
%L]L EXUD\D GDYHW HGHQ VÖQÖI DUNDGDûÖP $NÖQ (UJGHQ·H YH 2'7h )HOVHIH
%|OPQHWHûHNNUHGHULP
0HG\D HWLøL |]HOOLNOH PHG\DQÖQ 7UNL\H·GH LoLQGH EXOXQGXøX GXUXP YH EHONL GH
GQ\DGD LoLQGH EXOXQGXøX GXUXP DoÖVÖQGDQ VRQ GHUHFH UHQNOL FD]LS ELU NRQX 6D\ÖQ
.XoXUDGL·QLQGHGHGLøLJLELN|UOHULQILOWDULILJLELQHUHVLQGHQEDûOD\DFDøÖQÖ]QH\LQHUH\H
RWXUWDFDøÖQÖ]GDELUEDûNDWDUWÖûPD\ÖEHUDEHULQGHJHWLUPH\HKD]ÖUELUNRQX
*HQHO RODUDN EDNWÖøÖPÖ]GD HøHU 6D\ÖQ .XoXUDGL·QLQ WDQÖPODUÖQGDQ \ROD oÖNDUDN
KDUHNHW HGHFHN ROXUVDN \DQL HWLøLQ LNL DQODPÖQGDQ DKODN YH SUDWLøH \|QHOLN PHVOHN
GDYUDQÖû LONHOHUL EXUDGD ELU ´ELOHûLN NDSODUµ ROGXøXQX J|]GHQ NDoÖUPDPDN OD]ÖP
7RSOXPGD DKODN GHøHUOHULQLQ JHoHUOL ROGXøX |OoGH EHOOL ELU PHVOHNWH GH HWLN LONHOHU
JHoHUOL YH X\JXODQDELOLU ROX\RU .HULP .RUFDQ·ÖQ /LQo URPDQÖQGD V|\OHGLøL JLEL
´'ÖûDUÖGD NDU \DøDUNHQùoHULGH EDKDU ROPX\RUµ 'ROD\ÖVÖ\OD E|\OH ELU ELOHûLN NDSODU
EDøODQWÖVÖYDU
$PD KHU ûH\H UDøPHQ ELUûH\OHU \DSÖOPDVÖ \|QQGH FLGGL ELUWDNÖP JD\UHWOHU GH YDU
úX DQGD EX SDQHOGH KD]ÖU EXOXQDQ GHøHUOL NRQXNODUÖPÖ]ÖQ KHSVL EX QRNWD\D NDGDU
\DSÖODQODU \DSÖOPDVÖ WDVDUODQDQODU \DSÖOPD\D WHûHEEV HGLOHQOHU NRQXVXQGD EL]H ÖûÖN
WXWDFDN GHQH\LPH ELULNLPH VDKLSOHU YH EXUD\D RWXUDQODU GDKD oRN LûLQ SUDWLøLQGHQ
JHOL\RUODU 2QXQ LoLQ EHQ LON |QFH V|] EXQGDQ DûDøÖ \XNDUÖ \ÖO |QFH %DVÖQ
.RQVH\L·QL NXUPDN LoLQ ELUOLNWH \ROD oÖNWÖøÖPÖ] %DVÖQ .RQVH\L %DûNDQÖ 2NWD\ (NûL·\H
YHUPHNLVWL\RUXP2NWD\(NûL%DVÖQ.RQVH\L·QLQDQD\DVDVÖ\ODLONHOHUL\OHLQVDQODUÖWHNHU
WHNHU EX LONHOHUL NDEXO HWPH\H oDøÖUDUDN EHONL EHOOL HWLN QRUPODUÖQ EX VHNW|UGH
\HUOHûPHVLNRQXVXQGDHQID]ODJD\UHWLRODQNLûLOHUGHQELULVLGLU%X\XUXQ2NWD\(NûL
2NWD\(NûL
6D\JÖGHøHU .RQXNODU HWLN NRQXVX JHUoHNWHQ 1XUL dRODNRøOX·QXQ YH 3URIHV|U
.XoXUDGL·QLQ LIDGH HWWLøL JLEL NRQXûPD NRQXVX RODUDN NDUûÖPD oÖNWÖøÖQGD EHQL HQ oRN
]RUOD\DQ VRUXQODUGDQ ELUL oQN JHUoHNWHQ QHUHVLQGHQ WXWDFDøÖPÖ KDQJL DoÖGDQ
EDNDFDøÖPÖWD\LQHGHPL\RUXPg]HOOLNOHKX]XUXQX]DJHOPHPHRODQDNYHUHQEXoDøUÖ\Ö
DOGÖøÖP]DPDQFLGGLELUûHNLOGHVÖNÖQWÖGX\GXPQHUHVLQGHQEDND\ÖPEXPHVHOH\HGL\H
%DQDGRVWXP3URI'U.RUNPD]$OHPGDUÖûÖNWXWWXYHEXWDNGLPNRQXûPDVÖVÖUDVÖQGD
1XULdRODNRøOXGRVWXPGDELUD]GDKDLûLPLNROD\ODûWÖUGÖ$PDL]LQYHULUVHQL]EHQ\LQH
GH û|\OH ELU NDo SDUDJUDIOÖN ELU JHUL\H JLGLû \DSPD\D RQGDQ VRQUD GD JHUoHNWHQ EL]LP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HWLN GHøHUOHU NRQXVXQGD EDVÖQ GQ\DVÖQGD QHOHU \DSPD\D oDOÖûWÖøÖPÖ]Ö KX]XUXQX]D
JHWLUPH\HQL\HWOL\LP
%XHWLNGHøHUOHUL³WDELVHYJLOLKRFDODUÖPÖ]EXUDGD³VRQGHUHFHNRQXQXQHWNLQYH
LOJLOLX]PDQODUÖQÖQKX]XUXQGDEHQLPGHULQOHPHVLQHDNWDUPDPDEHVROXU$PDû|\OHELU
EDNÖ\RUXP JHUL\H NHQGL ELULNLPLPH J|UH EDNÖ\RUXP NRGODûWÖUÖOPÖû HWLN GHøHUOHU
ELOL\RUVXQX]GLQNLWDSODUÖQGDYDU(VNLOHULQGH\LPL\OH´HYDULPHûDUHµ\DQL´2Q(PLUµ
ELOLQGLøLJLELHWLNGHøHUOHUVLVWHPLQLQLQVDQOÖNGQ\DVÖQD\DQVÖPÖûHQNÖVDPHWLQOHULQGHQ
ELULVLGLU $PD GLQLQ JHWLUGLøL HWLN GHøHUOHUOH GDKD VRQUDNL DVÖUODUGD JHOLûHQ LQVDQOÖN
GQ\DVÖQÖQDNODGD\DOÖRODUDNJHWLUGLøLHWLNGHøHUOHUDUDVÖQGD]DPDQoDWÖûPDVÖROGXøXQX
YH EXQODUGDQ VRQXoWD J|UHELOGLøLPL] 7DOLEDQ |UQHøL LVWLVQD VD\ÖOPD]VD \DQL RQODUÖ ELU
LVWLVQDRODUDNGLNNDWHDOPDNND\GÖ\ODRNLDNÖOEXNRQXGDWD\LQHGLFLHWNLQUROR\QX\RU
ùQVDQOÖN LoLQ JHQHOGH HWLN GHøHUOHULQ RUWDN SD\GDVÖ oRN %XQODUÖ VD\PD\D GD JHUHN
\RN2QXGDDU]HWWLøLPJLEL´2Q(PLUµJD\HWQHWRODUDNNHQGLoDøÖQGDRUWD\DNR\PXû
GXUXPGD %XQODUÖQ LOHUL DûDPDVÖ WRSOXPXQ EHOLUOL NHVLPOHUL LoLQ HWLN GHøHUOHU EL]L GH
LOJLOHQGLUHQEDVÖQODLOJLOLEDVÖQNDYUDPÖDUWÖNoRN\D\JÖQODûPÖûWÖUEWQPHG\D\ÖDODFDN
ûHNLOGH NRQXûX\RUXP HWLN GHøHUOHUGLU 3URI 'U .XoXUDGL EDVÖQOD LOJLOL HWLN GHøHUOHUH
EXPHVOHøLQLoLQGHELUKD\OL]DPDQJHoLUPLûELUNLPVHRODUDNDU]HGH\LPNLVRQGHUHFH
GRøUX ELU DoÖGDQ \DNODûWÖ 0HVHOHQLQ |]QGH NDPXR\XQXQ GRøUX ER]XOPDPÖû
DOGDWÖOPDPÖû ELU ûHNLOGH ROXûPDVÖQD KL]PHW HWPHN YDUGÖU $QFDN EXUDGD WHPHO QRNWD
|QFH JHUoHøH XODûDELOPHNWLU <DQL JD]HWHFLOHU NHQGL NDQDDWOHULQL \DQVÖWDUDN YH\D EHOLUOL
HWNLOHU DOWÖQGD RODQ NDQDDWOHULQL DNWDUDUDN NDPXR\XQD GRøUX\X \DQVÖWPDN NRQXVXQGD
J|UHYOHULQL WDP \DSÖ\RUODU JLEL GûQPH\HQOHUGHQ ELUL\LP 1LoLQ" dQN JHUoHNOHUH
WDP RODUDN XODûDPD\DQ LQVDQODU GQ\DVÖQGDNL JD]HWHFLOHULQ EXQX D\UÖFD SURIHV\RQHO
ELoLPGH J|UHY RODUDN VWOHQPLûOHUGLU NDPXR\XQD DNWDUGÖøÖ ROD\ODU NDoÖQÖOPD] RODUDN
HNVLNYH\DoDUSÖWÖOPÖûROXU2QHGHQOHJD]HWHFLOLNWHHWLNGHøHUOHUDoÖVÖQGDQELULQFLQRNWD
EXQXQ EHQ VDGHFH JD]HWHFLOLN EDøODPÖQGD GHøLO LQVDQ ROPDQÖQ KHSLPL]H \NOHGLøL ELU
J|UHY RODUDN DOJÖOÖ\RUXP DPD NRQXP EHQLP JD]HWHFLOLN ROGXøX LoLQ V|\O\RUXP
%DVÖQ .RQVH\L·QLQ HWLN GHøHUOHU PDQ]XPHVLQL LIDGH HGHQ EL]GHNL EDVÖQPHVOHN
LONHOHULQGHQGLU ´*D]HWHFLOLNWH WHPHO LûOHY JHUoHNOHUL EXOXS ER]PDGDQ DEDUWPDGDQ
NDPXR\XQD \DQVÖWPDNWÖUµ dQN JHUoHøL WDP RODUDN EHOLUOH\LS RQX ER]PDGDQ
DEDUWPDGDQ NDPXR\XQD DNWDUPD]VDQÖ] LQVDQODUÖQ UHVPLQ WDPDPÖQD EDNDUDN NDQDDW
UHWPHOHULQH RODQDN YHUPH]VLQL] 7DP WHUVLQH UHVPLQ RQODUÖQ |QQH NR\GXøXQX]
SDUoDVÖ\OD \DQOÖû NDQDDW UHWPHOHULQH VHEHS ROXU E|\OHFH HWLN DoÖGDQ GD EDNWÖøÖPÖ]
]DPDQ JD]HWHFLOLNWH VL]H GûHQ LûL GDKD EDûWDQ \DSPDPÖû ROXUVXQX] %L]LP EDVÖQ
GQ\DPÖ]GD JHQHO RODUDN ûLND\HW HGLOHQ YH KDNOÖ RODUDN ûLND\HW HGLOHQ EHQFH HQ FLGGL
HWLN GHøHU HNVLøL ER]XOPDVÖ EX QRNWDGDGÖU 2 QHGHQOH 7UN EDVÖQÖQGD ]JQP DPD
LWLUDIHWPHNLKWL\DFÖQÖGX\X\RUXPKHUKDQJLELUJD]HWHGHQKHUKDQJLELUROD\ÖWHNEDûÖQD
RNX\XS WDP ELU NDQDDWH YDUPDQÖ] \DQL UHVPLQ WDPDPÖQÖ VL]H DNWDUDQ PD]LVL\OH
HWNLOHUL\OHYHRJQNKDOL\OHVL]HDNWDUDQELUKDEHURNXPDQÖ]PDDOHVHIKkOkDQFDNSHN
QDGLUHQ PPNQGU KDWWD NXUDO RODUDN PPNQ GHøLOGLU GL\HELOLUVLQL] %X EL]GH HQ
|QHPOLHQFLGGL|QFHOLNOHWDPLUHGLOPHVLJHUHNHQELUPHVOHNHWLøLHNVLNOLøLGLU
%L] %DVÖQ .RQVH\L RODUDN \ÖOÖQGDQ EHUL úXEDW ·GHQ EHUL IDDOL] %DVÖQ
.RQVH\L RODUDN EDVÖQPHVOHN LONHOHUL GL\H NDOHPH DOÖQPÖû LONHGHQ ROXûDQ HWLN
GHøHUOHULJQON\DûDPGDX\JXODPD\DYHX\JXODWPD\DoDOÖûÖUÖ]1H\DSDUÖ]EXQXQLoLQ"
7HPHOLQDQFÖPÖ]KHUVRUXQX|]JUONoDQOD\ÖûLoLQGHo|]PHNROGXøXLoLQEL]|UQHøLQ
\DVDNOD\ÖFÖ ELU ûH\ JHWLUHPH\L] EL] FH]DODQGÖUÖFÖ RODPD\Ö] =DWHQ FH]DODQGÖUPDN LoLQ
NDUûÖ LUDGH\H UDøPHQ \DSWÖUÖPÖ X\JXODPDPÖ] JHUHNLU NL EL]LP E|\OH ELU LGGLDPÖ] V|]
0HG\D(WLøL3DQHOL
NRQXVX GHøLO 2 QHGHQOH QH \DSDELOLUL] NL" %L]LP \DSWÖøÖPÖ] V|]O EDVÖQGD J|UQWO
EDVÖQGD \D]ÖOÖ EDVÖQGD PHG\D NDYUDPÖ LoLQH JLUHQ QH NDGDU \D\ÖQ YDUVD \DSÖOPÖû
\D\ÖQODU LOH LOJLOL EX \D\ÖQODUÖ \DSDQ JD]HWHFLOHULQ PHVOHNOHUL\OH LOJLOL X\JXODPDVÖ
VÖUDVÖQGDNL WDYUÖ \DQL \D\ÖQODPDPÖû DPD ûDQWDM \DSPÖû GD GDKLO ROPDN ]HUH %DVÖQ
.RQVH\L·QHLOHWLOHQEDûYXUX\XD\OÖNELUVUHLoLQGHLQFHOHUL]GHøHUOHQGLULUL]NLûLOLN
%DVÖQ .RQVH\L <NVHN .XUXOX·QGD oHûLWOL PHG\D NXUXOXûODUÖQÖQ GD X]DQWÖODUÖ YDU
gUQHøLQ EHQ +UUL\HW JD]HWHVLQLQ EDû\D]DUÖ\ÖP +UUL\HW JD]HWHVL KDNNÖQGD GD HOEHWWH
ûLND\HWOHUJHOLU%X\HOHULQoDOÖûWÖNODUÖNXUXPODUODLOJLOLKHUKDQJLELUEDûYXUXJHOGLøLQGH
\NVHN NXUXOGDNL EX \HOHU R NRQX\OD LOJLOL R\ KDNNÖQGDQ PDKUXP NDOÖUODU .DUDUODUÖ
GLøHUOHULYHULUKDWWDKDVVDVNRQXODUGDRDUNDGDûODUJ|UûPHGHQGHoÖNDUODU6RQUDELULVL
V|\OHUVH EHONL QH NRQXûXOGXøXQX |øUHQLUOHU %X NDGDU GLNNDWOL ûHNLOGH X\JXODUÖ]
·GH NXUXOGXN ·D NDGDU SHN IDUNÖQGD GHøLOGL NDPXR\XPX] ·GDQ LWLEDUHQ
ILLOHQ EDûYXUXODUÖ DOPD\D EDûODGÖN <DNODûÖN EDûYXUX\OD R \ÖOODUÖ WDPDPODGÖN
%X VRQ VHQH .DVÖP D\ÖQÖQ ELU |QFHNL WRSODQWÖVÖQGD DOGÖøÖPÖ] NDUDU QXPDUDVÖ LGL
<ÖO VRQXQD NDGDU DQOÖ\RUXP NL ·L EXODELOLU EX NRQXGD YHULOPLû NDUDU VD\ÖVÖ 1H
\DSÖ\RUX]"
9HUGLøLPL]
NDUDUODUÖ
WP
EDVÖQD
J|QGHUL\RUX]
EDûYXUX
VDKLELQH
J|QGHUL\RUX]DUWÖ%DVÖQ.RQVH\L·QLQùQWHUQHWVLWHVLQGH\D\ÖQOÖ\RUX]'ÖûDUGDQEDNÖQFD
´NLP ELOL\RU IDUNÖQD YDUÖOÖ\RU PX"µ ´%DVÖQ .RQVH\L ELU ûH\OHU V|\O\RU EXQD DOGÖUÖû
HGHQ YDU PÖ"µ GL\H GûQHELOLU %HQ DU] HGH\LP <DUJÖ\D JLGHUHN PDKNPL\HW DOÖS
VRQXFD J|WUHQOHUGHQ GDKD HWNLOL VRQXo DODQODU %DVÖQ .RQVH\L·QH EDûYXUDQODUGÖU
1LoLQ"dQNPHVOHNGQ\DPÖ]GD%DVÖQ.RQVH\L·QLQDOGÖøÖNDUDUODUQHNDGDUEDûNDODUÖ
WDUDIÖQGDQ IDUN HGLOPHVH GH \DQNÖODQPDNWDGÖU YH R NRQX R Lo GQ\DGD WDUWÖûÖOPDNWD
´VHQLQ \DSWÖøÖQ D\ÖEÖ LûWH J|UGOHUµ GHGLUWPHNWHGLU %HQ EXUDGD NHVH\LP oQN
KDNLNDWWHQ oRN JHQLû ELU NRQX EX NRQXQXQ SUDWLNWHNL X\JXODPDODUÖ YH VRQXoODUÖ
KDNNÖQGD ELU ûDQVÖPÖ] YDU GL\H GûQ\RUXP +HP 6D\ÖQ %DûNDQ %DVÖQ .RQVH\L
<NVHN .XUXOX·QGD GD J|UHY \DSWÖ KHP 6D\ÖQ 2UKDQ %LUJLW KDOHQ %DVÖQ .RQVH\LQLQ
\NVHNNXUXO\HVLYHNHQGLVLQLQGHV|]KDNNÖYDU%HQLPHNVLNEÖUDNWÖNODUÖPÖQDVÖOROVD
WDPDPODUODU6DøROXQ
1XULdRODNRøOX
dRN WHûHNNU HGHUL] +HPHQ EDûÖQGD ELU NoN KDIÖ]D ND\PDPÖ G]HOWH\LP 6D\ÖQ
(NûL·\LVXQDUNHQ\ÖO|QFHGHGLPDPD\ÖOROPXû)DNDWEDQD\ÖOJLELJHOL\RU7DELL
%DVÖQ .RQVH\L·QGH VDSWDQPÖû RODQ EDVÖQPHVOHN LONHOHULQLQ GDKD GD oHWUHILOOL ELU KDOL
·WHoÖNDUWÖODQ757NDQXQODUÖDUGÖQGDQoÖNDUWÖODQ5DG\RYH7HOHYL]\RQhVW.XUXOX
NDQXQXQGD ´\D\ÖQ LONHOHULµ ûHNOLQGH \HU DOÖ\RU hVWHOLN EXQODU VDGHFH PHVOHNL LONHOHUOH
VÖQÖUOÖ NDOPÖ\RU LoLQH ED]Ö VL\DVL LGHRORMLN J|UûOHU GH JLUPLû YD]L\HWWH %XQODU VWHOLN
6D\ÖQ(NûL·QLQEDKVHWWLøLJLELPH\\LGHVL]GHøLO*D\HWNXYYHWOLPH\\LGHVLODKÖQDVDKLS
ELU NXUXOXû WDUDIÖQGDQ GHQHWOHQHUHN X\JXODWÖOÖ\RU 5DG\RYH 7HOHYL]\RQ hVW .XUXOX EX
\]GHQ GH WRSOXPXQ KHGHI WDKWDVÖQGD RWXUX\RU %HøHQHQ GH EHøHQPH\HQ GH WRSD
WXWX\RU GDKD GRøUXVX NLPVH\H EHøHQGLUPH LPNDQÖ ROPD\DQ NDUDUODUÖ ]HULQGH VUHNOL
WRSD WXWXOX\RU $PD EX NRQXGD \DSPDNWD ROGXNODUÖQÖ DQODWPDN ]HUH 5DG\R YH
7HOHYL]\RQhVW.XUXOX%DûNDQÖ6D\ÖQ1XUL.D\Öû·ÖGDYHWHWPHNLVWL\RUXP
1XUL.D\Öû
6D\ÖQ %DûNDQ GHøHUOL NRQXNODU V|]OHULPH EDûODUNHQ KHSLQL]L VD\JÖ\OD VHODPODUÖP
0HG\D HWLøL VDGHFH EXJQQ NRQXVX GHøLO ùON 7UN JD]HWHVL 7DNYLPL 9HND\L·QLQ
\D\ÖQODQPDVÖQGDQ EX \DQD KHS WDUWÖûPD NRQXVX ROPXûWXU 0HûKXU |UQHNWLU ·OÖ
\ÖOODUGD%DED7DKLULVLPOLJD]HWHFL7HUNRV*|O·QGHQNHQWHVXWDûÖ\DQûLUNHWWHQLVWHGLøL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
UûYHW YHULOPH\LQFH JD]HWHVLQH ´7HUNRV *|O·QH GRPX] GûWµ GL\H PDQûHW DWPÖû
5ûYHWL DOÖQFD ´GûHQ KD\YDQÖQ GRPX] GHøLO GDQD ROGXøX DQODûÖOGÖµ GL\HUHN G]HOWPH
\D\ÖQODPÖûWÖ 'DKD \DNÖQ WDULKOHUH JHOLUVHN ·OL \ÖOODUGD ELU NÖVÖP \D\ÖQ NXUXOXûODUÖ
´EHVOHPHEDVÖQµGL\HDGODQGÖUÖOPÖûWÖ'|QHPLQVL\DVLLNWLGDUÖPXKDOLIEDVÖQÖEDVNÖDOWÖQD
DOPDN YH NHQGLQH WDUDIWDU EDVÖQ NXUXOXûODUÖ ROXûWXUDELOPHN LoLQ UHVPL LODQ YH NDøÖW
WDKVLVL PHNDQL]PDVÖQÖ NXOODQPÖûWÖ %X WDKVLVOHUL DODQ NXUXOXûODU LNWLGDUODUD PHWKL\HOHU
\D]PDNWD oRN F|PHUW GDYUDQÖUODUGÖ VRQUDVÖQD JHOLQFH QO DUPDW|U 0DOLN
<RODo·ÖQ $NûDP *D]HWHVL·QL VDWÖQ DOPDVÖQD \RO DoDQ ROD\ oDUSÖFÖ ELU |UQHNWLU 0DOLN
<RODo JHOLUOHUL\OH LOJLOL |QHPOL ELU VRUXQX JQGHPH JHWLUPHN DPDFÖ\OD $QNDUD·\D JLGHU
8ODûWÖUPD %DNDQOÖøÖ |]HO NDOHPLQGH EDNDQOD NRQXûPDN LVWHGLøLQL LIDGH HGHU DQFDN ELU
WUO EDûDUÖOÖ RODPD] 2 VÖUDGD JHQFHFLN oRFXNODU EDNDQÖQ RGDVÖQD WHNOLIVL]FH JLULS
oÖNPDNWDGÖU 0DOLN <RODo |]HO NDOHP PGUQH ´EXQODU NLP"µ GHU YH ´JD]HWHFLµ
FHYDEÖQÖDOÖU<RODoDNûDPùVWDQEXO·DG|QHUNHQNDUDUYHULU´%HQPXWODNDJD]HWHVDKLEL
ROPDOÖ\ÖP\RNVD|EULûOHULPLNROD\NROD\\UWHPH\HFHøLPµ2OD\ÖQDUGÖQGDQ$NûDP
*D]HWHVL·QLVDWÖQDOÖU*HoPLûWHGHPHG\DVL\DVHWWLFDUHWLOLûNLOHUL\RøXQGXYHR\ÖOODUGD
GD PHG\D HWLøL ]HULQGH \RøXQ WDUWÖûPDODU ROXUGX $PD ûXQX LIDGH HWPHP JHUHNLU NL
PHG\DQÖQ JHQHO DQODPGD \R]ODûPDVÖ VRQUDVÖQGD E\N VHUPD\HQLQ PHG\D\D
JLUPHVL\OH ROPXûWXU ·GHQ VRQUD JD]HWH VDKLSOHULQLQ NDUWYL]LWOHULQGH EDQNDFÖ
GHYOHW PWHDKKLGL VLJRUWDFÖ WXUL]PFL LWKDODWoÖ LKUDFDWoÖ HQHUML \DWÖUÖPFÖVÖ JLEL
PHVOHNOHUL RNXPD\D EDûODGÖN 7DELL E|\OH ROXQFD PHG\D VL\DVL LNWLGDUOD Lo LoH JLUGL
6L\DVLLNWLGDUÖQLUDGHVL\OHDOÖQDFDNNDUDUODUDEDøOÖNDOPD\D EDûODGÖJHOHQHNVHOLûOHYLRODQ
PXKDOHIHWL \DSDPD] ROGX +DONWDQ X]DNODûWÖ SDWURQODUÖQ GHYOHWWHNL WHûYLN NUHGL YH
LKDOH LûOHULQL \DSPDVÖ LoLQ NXOODQGÖøÖ ELU VLODKD G|QûW 0HG\D SDWURQODUÖ LNWLGDU
]HULQGHNL HWNLOHULQL DUWWÖUPDN LoLQ JD]HWHOHULQL GDKD oRN VDWWÖUPDN WHOHYL]\RQODUÖQÖ
GDKD oRN L]OHWWLUPHN NDYJDVÖQD JLULûWLOHU %X GD PHG\DQÖQ EDûÖQD SURPRV\RQ
DVSDUDJDVWHOHYROHWUSURJUDPODUÖVDUGÖ\DQL\R]ODûPD\ÖGDKDGDKÖ]ODQGÖUGÖ%LUNLûL
KHP PHG\D SDWURQX KHP EDQNDFÖ LVH EDQNDVÖ EDWPDN ]HUH\NHQ EXQX QDVÖO KDEHU
\DSDELOLU WRSOXPX QDVÖO ELOJLOHQGLUHELOLU" %LU NLûL KHP PHG\D SDWURQX KHP GH
PWHDKKLWLVHRQDEDøOÖWHOHYL]\RQYHJD]HWHOHUGH|]HOOHûWLUPHRSHUDV\RQODUÖVDøOÖNOÖELU
ûHNLOGH GHøHUOHQGLULOHELOLU PL" 0HG\D NXUXOXûODUÖQÖQ YH RQODUD EDøOÖ ûLUNHWOHULQ ERUVDGD
KLVVHOHUL YDU %RUVD Gû\RU KDEHU \RN VDGHFH SXDQ DUWÖ\RU ´ERUVD FRûWXµ
GL\H KDEHUOHU oÖNÖ\RU %D]Ö ûLUNHWOHU OHKLQH KDEHUOHU YHULOL\RU PDQLSODV\RQD \RO
DoÖOÖ\RU <DQÖQGD RQ ELQOHUFH LûoL oDOÖûWÖUDQ ELU SDWURQ JD]HWHVLQGH WHOHYL]\RQXQGD
QDVÖO LûoL FUHWOHULQ \HWHUVL]OLøLQL VDYXQDELOLU" 7UNL\H WDULKLQLQ HQ DøÖU HNRQRPLN
NUL]LQHJLUPHGHQELUNDoJQ|QFHNLJD]HWHPDQûHWOHULQLKDWÖUOD\DFDNROXUVDNoRNLOJLQo
ûH\OHU J|UU] WDPDPHQ SHPEH ELU WDEOR oL]LOPHNWH\GL 7UN PXFL]HVLQGHQ V|]
HGLOL\RUGX 7UN PHG\DVÖQGDNL HWLN ]DIL\HWLQ ELU GLøHU QHGHQL WHNHOOHûPHGLU %XJQ
SDWURQODUDELUJD]HWH\HWPL\RUELUoRNJD]HWH\LHOHJHoLUPH\HoDOÖûÖ\RUODUELUWHOHYL]\RQ
\HWPL\RUELUoRNWHOHYL]\RQDVDKLSROPDNLVWL\RUODUELUUDG\R\HWPL\RUELUoRNUDG\R\D
VDKLSROPD\ÖDU]XHGL\RUODU%XQXGD57h.NDQXQXQDD\NÖUÖELUûHNLOGHNDQXQDNDUûÖ
KLOH \DSDUDN JHUoHNOHûWLUL\RUODU 7DELL EX WDEOR WRSOXPXQ KDEHU DOPD KDNNÖQÖ JDVS
HGL\RU 7RSOXP ELU LNL SDWURQXQ YH RQODUÖQ \|QHWLFLOHULQLQ L]LQ YHUGLøL |OoGH
GRøUXODUGDQJHUoHNOHUGHQKDEHUGDURODELOL\RU$EGOKDPLGVDQVUQGHQGDKDWHKOLNHOL
ELUVDQVUGUEX'HPRNUDVLLoLQFLGGLELUWHKGLWWLU+DWÖUOÖ\RUVXQX]GXUJHoHQOHUGHLNL
PHG\D NXUXOXûXQXQ DUDVÖQGD FLGGL ELU NDYJD \DûDQGÖ .XUXOXûODU ELUELULQL PHG\D
HûNÖ\DVÖ SDS\RQOX KD\GXW G|YL] NDoDNoÖVÖ YDPSLU KRUWXPFX GL\H VXoODGÖODU %X
NXUXOXûODUGDQ ELULQLQ VW G]H\ \|QHWLFLVLQH VRUGXP ´%WQ EXQODUÖ \DSPDQÖ]Ö
0HG\D(WLøL3DQHOL
SDWURQXQX] PX V|\O\RU LVWL\RU"µ ´+D\ÖUµ GL\H FHYDEÖQÖ YHUGL ´.HVLQOLNOH E|\OH ELU
ûH\ \RN %L] SDWURQXPX]XQ KRûXQD JLWWLøLQL GûQHUHN EX ûHNLOGH \D\ÖQ \DSÖ\RUX]µ
0HG\DGDNL HWLN \R]ODûPDQÖQ ELU GLøHU QHGHQL \|QHWLFLOHUGLU 'HøHUOL ELUoRN JD]HWHFL\L
WHQ]LK HGHUHN V|\O\RUXP PHG\D \|QHWLFLVL JD]HWHFLOHU HGLW|UOHU EDøÖPVÖ]OÖøD |QHP
YHUVHOHUGL PHG\D VHNW|UQH \DWÖUÖP \DSPDQÖQ RQX GLøHU \DWÖUÖPODU LoLQ VLODK RODUDN
NXOODQPDN DQODPÖQD JHOPHGLøLQL JD]HWHFLOLN YH WHOHYL]\RQFXOXøXQ NDPXVDO ELU KL]PHW
ROGXøXQX VDYXQVDODUGÖ PHG\D EXJQN GXUXPXQD JHOPH]GL 0DQNHQOHUL VLQHPD
DUWLVWOHULQL JD]LQR ûDUNÖFÖODUÖQÖ \D]DU VXQXFX VSLNHU \DSDQ LUDGH GH PHG\D SDWURQODUÖ
GHøLORQODUÖQ\HWNLYHUGLNOHULGHQH\LPOLJD]HWHFLOHUGLU6UHPWDPDPODQGÖ7HûHNNUOHU
1XULdRODNRøOX
5DG\R YH 7HOHYL]\RQ hVW .XUXOX %DûNDQÖ 6D\ÖQ 1XUL .D\Öû·D oRN WHûHNNU
HGL\RUXPúLPGLEL]HEXNRQXGDXOXVODUDUDVÖGHQH\LPOHULGHDNWDUPDVÖLoLQ%DVÖQ<D\ÖQ
*HQHO0GU%\NHOoL$\GÖQ6H]JLQ·GHQNRQXûPDVÖQÖULFDHGHFHøLP
$\GÖQ6H]JLQ
3DQHOH NDWÖODQODU DUDVÖQGD PHVOHøL JD]HWHFLOLN ROPD\DQ ELU WHN EHQ YDUÖP 'LøHU
SDQHOLVWOHU IHYNDODGH ELULNLPOL YH GHøHUOL PHG\D PHQVXSODUÖ %X GXUXPGD ELU DQODPGD
WHGLUJLQ
ROGXøXPX
V|\OHPHP
JHUHNLU
%DVÖQ<D\ÖQ
(QIRUPDV\RQ
*HQHO
0GUOøQQ \D]ÖOÖ YH\D HOHNWURQLN PHG\D ]HULQGH JHoPLûWH ROGXøX JLEL GRøUXGDQ
PGDKDOH \HWNLVL YH\D DUDoODUÖ \RNWXU %XQD WDELL NL VHYLQPHN OD]ÖP $\UÖFD ELOGLøLP
NDGDUÖ\OD GHYOHW DGÖQD PHG\D\OD LOJLOL RODUDN ROXûWXUXOPXû J|Uû \D GD ELU SROLWLND GD
EXOXQPDPDNWDGÖU $QFDN NRQXPXP PHG\D\D LOLûNLQ JHOLûPHOHUL \DNÖQGDQ L]OHPHPH
LPNDQ
YHUL\RU
%XUDGD
V|\OH\HFHNOHULP
GH
PHG\DQÖQ
\DNÖQ
ELU
WDNLSoLVLQLQ
V|\OH\HFHNOHULQGHQLEDUHWWLU%XGXUXPGDGDEHQSDQHOLQELU|OoGH´QDwYHµLROX\RUXP
YH NHQGLPGH GH QDwYH RODUDN \RUXPGDQ ]L\DGH VRUX VRUPD KDNNÖQÖ DYDQWDMÖQÖ
J|U\RUXP 3URIHV|U .XoXUDGL ELUD] |QFHNL NRQXûPDVÖQGD $OEHUW &DPXV·QQ 9HED
URPDQÖQGDQ ELU DOÖQWÖ\D \HU YHUGL &DPXV D\QÖ ]DPDQGD JD]HWHFH\GL *D]HWHFLOLøL
ELOGLøL HQ J]HO PHVOHNOHUGHQ ELUL RODUDN WDQÖPOÖ\RUGX )UDQVD·QÖQ 1D]L $OPDQ\D·VÖ
WDUDIÖQGDQ LûJDOL VÖUDVÖQGD GLUHQLû JD]HWHFLOLøL \DSPÖûWÖ YH VDYDûÖQ KHPHQ HUWHVLQGH YH
GDKDVRQUDODUÖONHVLQLQEDVÖQÖKDNNÖQGD|]HWOHûXJ|UûOHULGLOHJHWLUGL
´6DYDû |QFHVL EDVÖQ SDUD YH LKWLûDP PSWHODVÖ\GÖ DPDFÖ VDGHFH ELUNDo NLûLQLQ
JFQ DUWWÖUPDNWÖ +HSLPL]LQ DKODNÖQÖ ER]PDN GÖûÖQGD KHUKDQJL ELU HWNLVL ROPDPÖûWÖ
'ROD\ÖVÖ\OD\ÖOODUÖDUDVÖQGDYDUGÖøÖQRNWD\D\DQL)UDQVD·QÖQ\]NDUDVÖROPD
QRNWDVÖQD KLo ]RUODQPDGDQ JHOGL %XJQ LWLEDU \DUDWDQ YH\D \ÖNDQ EX PHNDQL]PD\OD
FHSKHGHQ PFDGHOH HWPHN ]RU VDWDQ LøUHQo ELU JD]HWH\H NDUûÖ PFDGHOH
YHUPHPL] JHUHNLUNHQ \|QHWLFLVLQL \HPHøH GDYHW HWPHN LoLQ VÖUD\D JLULOL\RU )UDQVÖ]
EDVÖQÖ LVH \ÖO LoLQGH WRSODP PLO\RQ RNX\XFX \LWLUL\RU %DVÖQ ELU ONHQLQ VHVL\VH
ONHQLQG]H\LQLEXVHVLQNDOLWHVLQLG]HOWHUHN\NVHOWHELOLUL]µ
&DPXV·QQ HOOL NVXU \ÖO |QFH EDVÖQOD LOJLOL IDUNOÖ \HUOHUGH \HU DOPÖû J|UûOHULQH GDNLNDOÖN NRQXûPD LoHULVLQGH ROGXNoD X]XQ \HU YHUGL\VHP EXQX EX V|]OHUL ûDûÖUWÖFÖ
|OoGH JQFHO EXOGXøXP LoLQ \DSWÖP %X V|]OHULQ LOOD GRøUX ROGXøXQX VDYODPÖ\RUXP
$PD EXJQ ONHPL]GH YH\D EDûND GHPRNUDVLOHUGH D\QÖ HOHûWLUL NDOÖSODUÖQD VÖN VÖN
UDVWODGÖøÖPÖ] DoÖN %X QRNWDGD &DPXV·QQ EDûND ELU WHVSLWLQH GH DWÖIWD EXOXQPDP
JHUHNL\RU ´%DVÖQ |]JU ROGXøX ]DPDQ L\L \D GD N|W RODELOLU g]JU ROPDGÖøÖ ]DPDQ
\DOQÖ]FD N|W RODELOLUµ &DPXV·QQ EX WHVSLWLQL ELU SRVWXODW RODUDN J|UHELOHFHøLPL]L
GûQ\RUXP 0HG\D HWLøLQL GH EX EDøODPGD WDUWÖûÖ\RUX] *|UHELOGLøLP NDGDUÖ\OD
PHG\D HWLøL EXJQH NDGDU QH GQ\DGD QH GH 7UNL\H·GH ûX VRQ \ÖOGD WDUWÖûÖOGÖøÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDGDU WDUWÖûÖOGÖ HOHûWLULOGL %X JQFHOOLøH VD\ÖQ .XoXUDGL GH GHøLQGL g]HOOLNOH
7UNL\H·GH EX WDUWÖûPD\Ö HVDV RODUDNEHVOH\HQOHU 6D\ÖQ (NûL·QLQ GH ELUD] |QFH DQODWWÖøÖ
JLEL %DVÖQ .RQVH\L YH\D 7UNL\H *D]HWHFLOHU &HPL\HWL JLEL PHVOHN |UJWOHUL YH EDVÖQ
PHQVXSODUÖQÖQ
NHQGLOHUL
RUWD\D
NR\GXNODUÖ
LONHOHUOH
ROXûWXUGXNODUÖ
GHQHWLP
PHNDQL]PDODUÖ\OD KD]ÖUODGÖNODUÖ WDUWÖûPD ]HPLQOHUL\OH VRUXQXQ D\GÖQODWÖOPDVÖQD NDWNÖ
VDøOÖ\RUODU%LUUHIHUDQVPDO]HPHVLVDøOÖ\RUODU*HUoHNWHQGH7UNL\H·GHPHG\DHWLøLQLQ
|QHPOLELUNÖVPÖQÖROXûWXUDQJD]HWHFLDKODNÖKDEHUHWLøLPHG\DGDVDKLSOLNJLELNRQXODU
\RøXQ ûHNLOGH LûOHQL\RU %XJQ PHG\DQÖQ HWLN VRUXQODUÖ DoÖVÖQGDQ ROGXNoD JHQLû
PDO]HPH\H VDKLEL] $QFDN GQ\DGD YH 7UNL\H·GH PHG\DQÖQ KDEHUFLOLN ER\XWX
GÖûÖQGDNL\RUXPODUÖ\ODELUOLNWHELUEWQRODUDN\DSÖVÖNHQGLLoLQGHNLLOLûNLOHUL\DUDWWÖøÖ
UQOHU YH HWNLOHUL NRQXVXQGDNL UDKDWVÖ]OÖNODU HOHûWLULOHUVDQNL VRQVX]D GHN VUHFHNPLû
JLEL
ELU
L]OHQLP
LoLQGH\L]
%XQXQ
\DQÖ
VÖUD
PHG\D\D
EDNÖûWDNL
PHG\DQÖQ
GHøHUOHQGLULOLûLQGHNLNÖVWDVODUEHONLGHPHG\DQÖQGLQDPLN\DSÖVÖQHGHQL\OHVDQNLVUHNOL
GHøLûL\RU 8OXVDO YH XOXVODUDUDVÖ NRQMRQNWUGHNL GHøLûLNOLNOHU GH EX GHøHUOHQGLUPHOHUL
HWNLOL\RU
%X NRQXGD IHOVHIHFLOHU WD\LQ HGLFL ELU URO R\QD\DFDNWÖU %X WRSODQWÖQÖQ IHOVHIHFLOHU
WDUDIÖQGDQG]HQOHQPHVLGHKHUKDOGHELUWHVDGIGHøLOGLUùRDQQD.XoXUDGL·QLQGHELUD]
|QFH GHøLQGLøL JLEL IHOVHIL GHøHU ELOJLVLQLQ D\GÖQODWPDVÖQD LKWL\DFÖPÖ] YDU *HQHO oDWÖ
HNVLNOLøLELU\DQDPHG\DQÖQEHOLUOLNHVLPOHULWDUDIÖQGDQROXûWXUXOPXûQRUPODUGDED]HQ
VRPXW JHOLûPHOHU NDUûÖVÖQGD \HWHUVL] NDOÖ\RU gUQHøLQ PONL\HW NRQXVX *HOLûHQ YH
GHøLûHQWPNRûXOODUDYHEXJQGQ\DQÖQPXKWHOLIONHOHULQGHROXûDQPHG\D\DSÖODUÖQD
UDøPHQ PHG\D DODQÖQGD GLNH\ YH \DWD\ HQWHJUDV\RQXQ \DUDWWÖøÖ YDUVD\ÖODQ VDNÖQFDODUD
NODVLN EDNÖû DoÖVÖ\OD \DNODûPDN QH GHQOL GRøUX YH JHUoHNoLGLU" <DVDODUOD G]HQOHQL\RU
ROVD GDKL HWLN WDUWÖûPDQÖQ PHUNH]LQGH EXOXQDQ EX DODQGDNL JHUHNOL VÖQÖUODPDODUÖQ
VÖQÖUODUÖ NRQXVXQGD JHQHO NDEXO J|UHFHN ELU NÖVWDV ROXûWXUXODELOLU PL" 9H\D JD]HWHFLQLQ
VDYDû GXUXPODUÖQD NDUûÖ WDYUÖ KDNNÖQGD .DUGDN NUL]L QHGHQL\OH ED]Ö JD]HWH YH
JD]HWHFLOHULQ L]OHGLøL WXWXPD \|QHOLN KDNOÖ HOHûWLULOHUL ûHNLOOHQGLUHQ QRUP NDOÖEÖQÖQ
EXJQ %LQ /DGLQ YH 7DOLEDQ·D NDUûÖ DVNHUL WHSNL J|VWHULOPHVLQL VDYXQPXû RODQ
JD]HWHFLOHUHX\JXODPDNQH|OoGHGRøUXGXU"%XUDGDJHUoHNWHQELUJ|UHFHOLNVRUXQXYDU
PÖGÖU" %X WU VRUXQODU WDELL NL GDKD GD DUWWÖUÖODELOL\RU 'ROD\ÖVÖ\OD EHONL GH PHG\D HWLøL
NRQXVXQGD
WRSOXPVDO
VRUXPOXOXN
NXUDPÖQÖ
GD
LoHUHFHN
WDU]GD
ELU
\HQLGHQ
GHøHUOHQGLUPHQLQ JQGHPH JHOPHVL JHUHNL\RU )HOVHIHFLOHULQ NDWNÖVÖ\OD EX \DSÖOÖUNHQ
GLøHU \DQGDQ PHG\DQÖQ PHG\DQÖQ EWQQ NDSVD\DFDN ELU PHG\D HWLøLQH LPNDQ
YHUHFHN \DSÖGD YH \|QGH ROXS ROPDGÖøÖQÖQ L\LFH WHVSLW HGLOPHVL JHUHNHFHNWLU .H]D
7UNL\H·GHYHHYUHQVHO|OoHNWHQk]ÖPNRQXPGDRODFDNELUPHG\DHWLøLQLJHoHUOLNÖODFDN
WRSOXPVDO LNOLPLQ YDU ROXS ROPDGÖøÖQÖQ GD DQODûÖOPDVÖ JHUHNHFHNWLU %XJQ PHG\DQÖQ
USHUWLFLELUJoKDOLQHJHOGLøLNHVLQGLU$QFDND\QÖ]DPDQGDPHG\DQÖQKHPJ|UHYLQLQ
QH ROPDVÖ JHUHNWLøL GûQFHVLQGHQ KHP GH JHUoHN GQ\DQÖQ QDVÖO LPJHOHQPHVL QDVÖO
DNWDUÖOPDVÖ
JHUHNWLøL
VRUJXODPDVÖQGDQ
X]DNODûWÖøÖ
JLEL
WHPHO
ROJXODUÖ
GXUPDGDQ
PDVNHOHGLøL ROD\Ö \DQVÖWPDN \HULQH NHQGLVLQL ROD\ \HULQH NR\GXøX EWQ HQHUMLVLQL
NHQGLVLQLEHVOHPH\HYHNHQGLQLWHNUDUUHWPH\HKDUFD\DQEXQLWHOLNOHUL\OHGHWRSOXPXQ
]DDIODUÖQÖ LVWLVPDU HGHQ RQX ûL]RIUHQ ELU oL]JL\H GRøUX oHNHQ ELU NXUXP ROGXøX
WDU]ÖQGD FLGGL LSXoODUÖQD GD\DQDQ HOHûWLULOHU PHYFXWWXU %X JHQHO HOHûWLULOHULQ SDUoDVÖ
RODQ WHNLO ROD\ODUÖQ KHSLPL] ]DPDQ ]DPDQ WDQÖøÖ YH ûLND\HWoLVL ROX\RUX] %|\OHVLQH ELU
\DSÖNDSVD\ÖFÖELUHWLøHWkELRODELOLUPL"'LøHUELUVRUXWRSOXPODUGDPHG\D\DPXKDWDS
JHQLû NLWOHOHUGHQ EXQODUD WNHWLFL YH\D \XUWWDûODU GD GL\HELOLUL] EX NRQXGD VUNOH\LFL
ELU URO R\QD\DFDN JoO ELU WDOHS ûHNLOOHQL\RU PX" dRN ID]OD VRUX VRUGXøXPXQ
0HG\D(WLøL3DQHOL
IDUNÖQGD\ÖP DQFDN PHG\D HWLøL LOH LOJLOL KHUKDQJL ELU \DSÖODQPD oDEDVÖQGD EX WU
VRUXODUÖQ
J|]
|QQGH
EXOXQGXUXOPDVÖQÖQ
\DUDUOÖ
RODFDøÖQÖ
GûQ\RUXP
+HU
KDONDUGD HYUHQVHO GRøUXODUD \DNODûPD DPDFÖQÖ WDûÖ\DFDN E|\OH ELU oDOÖûPDQÖQ
JHUHNOLOLøL GH DoÖN $NVL WDNGLUGH PHG\DQÖQ ROXûWXUGXøX JFQ YH VWOHQGLøL YDUVD\ÖODQ
WRSOXPVDO LûOHYLQ VRUXPOXOXøXQXQ D\UÖFD D\UÖFDOÖNODUÖQÖQ KDON DGÖQD J|UHY \DSPD
\HWNLVLQLQ PHûUXL\HWLQLQ VDUVÖFÖ WRS\HNQ ELU VRUJXODPD\D WkEL WXWXODFDøÖ WDKPLQ
HGLOHELOLU %X EDøODPGD IHOVHIHFL +DUXQ 7HSH·QLQ JD]HWHFL LoLQ GHøLQGLøL QL\HW HWLøL
DQOD\ÖûÖQGDQVRUXPOXOXNHWLøLDQOD\ÖûÖQDJHoLû|QHULVLQLQDQODPOÖVRQXoODU\DUDWDELOHFHøL
GûQOHELOLU
6RQXoRODUDNûXQXV|\OH\HELOLULPNLPHG\DWRSOXPVDOLûOHYLQLQJHUHøLQLGûQPHVH
ELOHNHQGLEHNDVÖDGÖQD\HQLELUHWLN\DSÖODQPD\DLKWL\DoGX\DFDNWÖU-HDQ%DXGULOODUG
(\OO ROD\ÖQÖ GHøHUOHQGLULUNHQ ELU JFQ JFQQ VUHNOL \NVHOPHVLQLQ LQVDQGD YDU
RODQ\ÖNPDLVWHøLQLWDKULNHWWLøLQLEHOLUWL\RUGX7HûHNNUHGHULP
1XULdRODNRøOX
6D\ÖQ 6H]JLQ oRN oRN WHûHNNUOHU úLPGL SDQHOLPL]LQ WHN\DEDQFÖ NRQXûPDFÖVÖ RODQ
'DYLG %HUFKDUG·Ö GDYHW HWPHN LVWL\RUXP *HUoL 'DYLG·L \DEDQFÖ GL\H WDQÖPODPDN ]RU
oQN'DYLGVHQHGLU7UNL\HLOHLOJLOHQL\RUX]XQ\ÖOODUEXUDGD\DûDGÖYHVDQÖ\RUXP
oRNEHøHQHFHøLQL]ELU7UNoHLOHVL]OHUHKLWDSHGHFHN'DYLG
'DYLG%HUFKDUG
3HNLWHûHNNUHGHULP6D\ÖQ%DûNDQ'HøHUOL.RQXNODULON|QFH2UWD'RøX7HNQLN
hQLYHUVLWHVLQLQ )HOVHIH %|OPQH WHûHNNU HWPHN LVWL\RUXP $QNDUD·\D ELU NHUH GDKD
JHOGLøLPKD\DWÖPÖQE\NELUE|OPQWRSODPRODUDNVDQÖUÖPVHQHVLQL$QNDUD·GD
JHoLUGLP YH EX ûHKLU YH EX QLYHUVLWH\L oRN VHYGLøLP LoLQ GDYHWLQL] EHQL oRN
GX\JXODQGÖUGÖYHVL]HGHWHûHNNUHGHULPùNLQFLELUQRNWD\ÖEHOLUWPHPOD]ÖPPDDOHVHI
DUWÖN )LQDQFLDO 7LPHV LOH DODNDP \RN ]DWHQ VDQÖUÖP VHQH\H \DNÖQ ELU VUHGLU VHUEHVW
GDQÖûPDQRODUDNoDOÖûÖ\RUXP+DWWDELUVUH7UNKNPHWLLoLQEDVÖQ\D\ÖQGDoDOÖûWÖP
·OÖ \ÖOODUGD úLPGL ùQJLOWHUH·GH\LP YH VHUEHVW oDOÖûÖ\RUXP $\UÖFD oQF EDûODQJÖo
QRNWDVÖ VRQ GDNLNDGD 7UNoH NRQXûDFDøÖPÖ |øUHQGLP EHQL YH HNVLN 7UNoHPL
EDøÖûODPDQÖ]Ö YH DQOD\ÖûOD NDUûÖODPDQÖ]Ö ULFD HGL\RUXP%X NRQXûPDODU oRN NÖVD RODFDN
YH VDGHFH QRNWD\D GHøLQHFHøLP %XQODU PHVOHNL KD\DWÖPGDQ WHFUEHOHU YH VRPXW
|UQHNOHUOHLOJLOLRODFDNNDYUDPVDOELUoHUoHYHSHNROPD\DFDN
ùONQRNWD]DWHQJD]HWHFLOHUoDøGDûKD\DWÖQELUUQGU(WLøLQRULMLQDODQODPÖHVNL
<XQDQFDGD KHP PDQHYL\DWWÖU KHP GH \DûDQWÖGÖU *D]HWHFLOHUH |]J ELU \DûDPD |]
YDU *D]HWHFLOHU JHQHOOLNOH SHN EXUMXYD GHøLO HOHûWLULFLGLU EDøÖPVÖ]GÖU WRSOXPD ELUD]
HOHûWLUL\H \DNÖQ ELU J|]OH EDNÖ\RUODU %DøÖPVÖ]OÖN oRN|QHPOL JD]HWHFLOHU LoLQ YH VDQÖUÖP
oDOÖûPDNWDRODQKHUJD]HWHFLLoLQHQ|QHPOLVRUXE|\OHELUKDUHNHWWHEXOXQXUVDPE|\OH
ELU \D]Ö \D]DUVDP EDøÖPVÖ]OÖøÖP NRQXVXQGD WDYL] YHUPLû RODFDN PÖ\ÖP VRUXVXGXU %X
KHUKDOGHEWQJD]HWHFLOHULoLQoRN|QHPOLELUVRUX%XQXDQODPDNLoLQLNLQFLELUQRNWD
NR\PDN OD]ÖP *D]HWHFLOLN DQOD\ÖûÖQGD UHNDEHW oRN |QHPOL ELU \HU DOÖ\RU JD]HWHFLOHU
DUDVÖQGD JD]HWHOHU DUDVÖQGD )LQDQFLDO 7LPHV YH :DOO 6WUHHW -RXUQDO DUDVÖQGD 9RLFH RI
$PHULFDYH%%&DUDVÖQGD%%&LOHEDøÖPVÖ]WHOHYL]\RQDUDVÖQGD5HNDEHWJD]HWHFLOLøLQ
ELU SDUoDVÖGÖU 7DELL ED]Ö WRSOXPODUGD EDVÖQ YH PHG\D YDU DPD UHNDEHW \RN 0HVHOD
HVNL 6RY\HWOHU %LUOLøL·QGH 3UDYGD YH ù]YHVWL\D JLEL JD]HWHOHU YDU )DNDW RQODU EHQFH D\QÖ
DQODPGD JD]HWH YH PHG\D GHøLO oQN RQODU GDKD oRN ELU GHYOHW HQIRUPDV\RQ
VLVWHPLQL WHPVLO HGL\RUODU 2QXQ DPDoODUÖ YH \|QWHPOHUL oRN IDUNOÖ $\UÖFD %DWÖOÖ
WRSOXPODUGD YH DUWÖN 7UNL\H·GH YH VDQÖUÖP DUWÖN KHU WRSOXPGD HQIRUPDV\RQ ELOJL YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KDEHUOHûPH\L ID]OD |Q SODQGD WXWPD\DQ GDKD oRN VDQVDV\RQ HøOHQFH YH \DQL R WU
ûH\OHUOHLOJLOLRODQPHG\DWLNNDQDWODUYDU2QODU]DWHQEDVÖQÖQLNLQFLELULNLOHPLQLWHPVLO
HGL\RUODU%DVÖQKHPELOGLUPHNLoLQ\DSÖOÖUHVDVDPDFÖEXGXUDPDD\QÖ]DPDQGDEDVÖQ
WLFDULGLU \DQL SL\DVDQÖQ JHUoHNOHULQH X\PDN ]RUXQGDGÖU <DQL VDWPD\DQ VDWÖOPD\DQ ELU
JD]HWH HU JHo LIODVD PDKNPGXU %X ]DWHQ JD]HWHFLOHU LoLQ |QHPOL ELU oHOLûNLGLU %X
oHUoHYH LoLQGH VDQÖUÖP JD]HWHFLOHU NHQGLOHULQH J|UH ELU WDNÖP NXUDOODU IRUPHO YH
HQIRUPHO UHVPL YH UHVPL ROPD\DQ ELU WDNÖP NXUDOODU NR\PXû %L] EXQODU LoLQ HWLN
NHOLPHVLQL NXOODQÖ\RUX] GD ELU NXUDO KHU ]DPDQ HWLN ROPD\DELOLU YH HWLN ROXS ROPDGÖøÖ
NRQXVXQGDWDUWÖûPDRODELOLU%XWDUWÖûPD\ÖVL]OHUHEÖUDNÖ\RUXP)DNDWEHONLJD]HWHFLLoLQ
\D]Ö \D]DUNHQ HQ |QHPOL LNLOHP ´HWNLµ =DWHQ VL] ELU KDEHUL \D\ÖQOÖ\RUVDQÖ] ELU HWNLVL
RODFDN %HONL EX LVWHGLøLQL] ELU VRQXo GRøXUDELOLU EHONL LVWHPHGLøLQL] ELU VRQXo
GRøXUDELOLU %X JD]HWHFL LoLQ FLGGL ELU VRUXQGXU 0HVHOD EHQ )LQDQFLDO 7LPHV·GD
EDQNDFÖOÖN PXKDELUL LNHQ ELU UHIRUPX E\N ELU KH\HFDQOD L]OL\RUGXP \DQL EDQNDFÖOÖN
VLVWHPLQGH WHNQLN ELU VRUXQ EXUDGD D\UÖQWÖODUÖQD JLUPH\HFHøLP )DNDW WHVDGIHQ
|øUHQGLP NL oRN WHNQLN RODQ ELU NDQXQ KDWDVÖ YDUGÖ 2 NDQXQ KDWDVÖQÖ KDON |øUHQLUVH
ED]Ö NLûLOHU WHûHEEVWH EXOXQDELOLUGL YH EX UHIRUP PPNQ ROPD\DFDNWÖ YH EX KDEHUL
ELOHQ WHN JD]HWHFL EHQGLP %LUNDo KDIWD ELUNDo KDIWD GHøLO ELUNDo JQ GDKD \HULQGH
ROXUGX WDUWÖûWÖP EX KDEHUL YHUH\LP PL YHUPH\LP PL \DQL KDEHU VDNODPDN PHûUX
PXGXUGHøLOPLGLU6RQXQGDROGXNoDÖOÖPOÖELUûHNLOGHKDEHULYHUGLPYHDVOÖQGDROD\ODU
EHQLP EHNOHGLøLP ûHNLOGH JHOLûPHGL oQN KHUKDOGH VRUXQX KHUNHV NDYUDPDPÖûWÖ YH
ELU WDNÖP G]HQOHPHOHU ROGX YH UHIRUP GHYDP HWWL )DNDW \DQL EHQ oRN oDUSÖFÖ ELU
ûHNLOGH \D]VD\GÖP R UHIRUP VX\D GûHFHNWL YH ]DWHQ ND]DQDQ ROPD\DFDNWÖ ND\EHGHQ
oRNRODFDNWÖ%XELUQHYLPDQHYLLNLOHPGLU
ùNLQFLVRUXQWDELLJD]HWHFLOLNYHGRVWOXNODUODLOLûNLOLLVWHPHGLøLQL]VRQXoODU(QEDVLW
ûHNLOGH ´EX KDEHUL \D\ÖQOÖ\RUVXQX]µ GL\RUODU ED]HQ ´EX DGDPÖQ oRFXNODUÖ DøOD\DUDN
RNXOGDQ D\UÖODFDNODUµ \DQL DLOHYL KD\DWÖQÖ HWNLOH\HFHN %X WDEL NLûLVHO KD\DWÖ\OD LOJLOL
GHøLO \DQL ELULVLQL GRODQGÖUÖFÖ YH GUVW ROPD\DQ ELULVL LODQ HGHUVLQL] 'RøUX LVH ELOH
EXQXQ ELU EHONLVL YDU <DSDFDN PÖVÖQÖ] \DSPD\DFDN PÖVÖQÖ]" dQN ED]HQ oRN EHOOL
ROX\RUVDGDED]HQQHVL\DKQHGHEH\D]ELUE|OJHGHVLQL]9HELUJD]HWHFLEXNRQXODUGD
oRNGLNNDWOHGûQPHOLGLU)DNDWEXUDGDDVOÖQGDoLUNLQELUNHOLPHRODQVDQVUNHOLPHVL
JHOL\RU \DQL RWRVDQVU 2WRVDQVU L\L PLGLU NDoÖQÖOPD] PÖGÖU \RNVD \DQL ED]HQ RODQ
ED]HQ ROPD\DQ ELU JHoLW WRSOXPGDQ WRSOXPD GHøLûHQ ELU ROJX PXGXU ELU ROD\ PÖGÖU
ELOHPL\RUXPEXQXGDVL]HEÖUDNÖ\RUXP$PD|\OHELUVRUXQ]DWHQYDUGÖU
$\QÖ ]DPDQGD GQ\D VDELW GXUPX\RU =DWHQ EDVÖQ YH \]\ÖOODUGD RUWD\D
oÖNWÖ.DPXR\X|QHPOLROPD\DEDûODGÖøÖ]DPDQODUGD(OHûWLULOPHNJLEL$PDWRSOXPGD
GHøLûL\RU %DWÖOÖ ONHOHUGH EHQFH ELU PHG\D \R]ODûPDVÖ YDU %DVÖQÖQ VWDQGDUWODUÖ %DWÖOÖ
WRSOXPODUGD EHQ GDKD oRN ùQJLOWHUH·\L NDVWHGL\RUXP oQN JHOGLøLP ONH R VHQH
|QFHNL NDGDU \NVHN GHøLOGLU 0HVHOD JHQoOLøLPGH %%&·GH oDOÖûWÖP 2 ]DPDQODU %%&
KHU ]DPDQ KHUKDEHUGH WDUDIVÖ]GÖ)DNDW D\QÖ LGGLDGD EXOXQPDN EXJQOHUGH ELUD] ]RU
%D]HQPHG\DWLNNDPSDQ\DODUROX\RUED]HQORELOHULQHWNLVLYDU%%&·QLQED]ÖNÖVÖPODUÖ
EDøÖPVÖ]GÖU oRN WDUDIVÖ]GÖU DPD ED]Ö KDEHUOHUL HVNLVL NDGDU WDUDIVÖ] GHøLO %X GXUXPX
RUWD\D JHWLUHQ HWNHQOHU EHQFH oRN oHûLWOLGLU %XQODUÖQ DUDVÖQGD WHOHYL]\RQ YDU $\QÖ
]DPDQGD EHQFH HøLWLP VLVWHPLQGH ELU ER]XOPD YH\D \R]ODûPD YDU %X EHONL SRVW
PRGHUQLVW\DQLDûÖUÖoRøXOFXELUWRSOXPGDEDûJ|VWHUHQELUROD\GÖUùQJLOL]FHVL´SROLWLFDO
FRUUHFWQHVVµ 7UNoHVLQL WDP RODUDN EXODPÖ\RUXP DPD VDQÖUÖP VL\DVL RODUDN G]JQ
ROPDN|\OHELUûH\1H\VHHOHûWLULH\OHPLQLQD]DOPDVÖDQODPÖQDJHOL\RU%D]HQKDEHUOHU
0HG\D(WLøL3DQHOL
WDNOLWoLOLN DQODPÖQD JHOL\RU \DQL VDGHFH DOÖûÖODQODU VDGHFH KHUNHVoH GRøUX DOJÖODQÖODQ
ûH\OHUV|\OHQHELOLU\DQL\HQLOLNoLOLNSHNROPX\RU
%XUDGDELUNRQX\DGHøLQPHNLVWL\RUXP]DWHQEXROD\EHONLELUEDNÖPD\HQLGLUDPD
EHONL ELU EDNÖPD \HQL GHøLOGLU oQN \ÖO |QFHVL JHo 2VPDQOÖ WDULKLQH EDNDFDN
ROXUVDN D\QÖ ROD\Ö R ]DPDQNL ùQJLOL] JD]HWHOHULQGH WDELL R ]DPDQ WHOHYL]\RQ PHG\D
\RNWX J|UHELOLUVLQL] ·OÖ \ÖOODUGD ·O \ÖOODUGD 7LPHV·ÖQ %DONDQ PXKDELUL oRN
PHûKXU ELU DGDPGÖ DGÖ -RKQ 'DYLG %XUFKLHY YH ]DWHQ EXJQN %XOJDULVWDQ·ÖQ
\DUDWÖFÖODUÖQGDQ ELULGLU %XOJDUODU RQX R NDGDU VHYGL NL SXOODUÖQD ELOH RQXQ UHVPLQL
NR\GXODU 2QXQ VD\HVLQGH %DONDQ 6DYDûÖ EHONL ELOPH\HELOLUVLQL] DPD 7UN WDULKLQLQ
ELU SDUoDVÖGÖU \DQL %DONDQ 6DYDûÖ·QÖ PPNQ NÖODQ LWWLIDNÖ R \DSWÖ ùON |QFH
<XQDQLVWDQ·D JLWWL 6ÖUSODUOD YH %XOJDUODUOD ELUOLNWH VDYDûDELOHFHNOHULQL V|\OHGL LNQD HWWL
RQGDQ VRQUD PWKLû ELU LWWLIDN RUWD\D oÖNWÖ 2 VDYDûÖQ VRQXoODUÖQÖ KkOk %DONDQODUÖQ
KDULWDVÖQGD J|UHELOLUVLQL] %X ELU JD]HWHFLQLQ ELOLQoOL VL\DVL ELU NDPSDQ\DVÖ YH EHQ]HU
ROD\ODUÖ EXJQN EDVÖQGD J|UHELOLUVLQL] )DNDW EXJQN EDVÖQGD ED]Ö IDUNODUÖ GD
J|UHELOLUVLQL] oQN GQ\D GHøLûWL ]DWHQ EL] DUWÖN NR]PRSROLW ELU GQ\DGD\Ö]
+DEHUOHU VDGHFH GÖû PXKDELUOHU WDUDIÖQGDQ \D]ÖOPÖ\RU <DQL EDVÖQGD DUWÖN ´KRPH
FRUUHVSRQGHQFHµ YH PHUNH]LQ |QHPL oRN DUWPÖû YH EXQXQ GROD\ÖVÖ\OD ORELFLOLN DUWPÖû 9H
ELUoRN HWQLN YH VL\DVL VRUXQODUÖ \XUW GÖûÖQGDNL PXKDELU NDGURVX GHøLO PHWURSRO
PHUNH]GHNL JD]HWHFL NDGURVX \D]Ö\RU *HQHOOLNOH HWQLN ORELOHUH YH KDONOD LOLûNLOHU
ûLUNHWOHULQH GDQÖûDUDN \D]Ö\RUODU \DQL RQODUÖQ HWNLVL DOWÖQGD 2QXQ LoLQ KDONOD LOLûNLOHU
oRN |QHPOL ELU ROD\ +DQJL JD]HWHFL\H VRUVDQÖ] ´KDONOD LOLûNLOHU KDNNÖQGD QH
GûQ\RUVXQ"µ GL\H ´QHIUHW HGL\RUXP $OODK $OODK KLo DODNDP ROPX\RUµ GL\HFHN
$PD WDELL DUWÖN GHøLO %DVÖQ LNLOHPLQLQ VÖUUÖ JD]HWHFL LOH DUNDGDû ROPDN YH EX KDONOD
LOLûNLOHUûLUNHWOHULEXQXoRNL\LELOL\RUODU%D]HQEDûDUÖOÖROX\RUODUED]HQGHøLOOHU
6RQRODUDNE\NELUVRUXLûDUHWL=DWHQEHQFHPXKDELUOHULQGHøHULD]DOÖ\RU%XQXQ
HQ EHOLUJLQ LûDUHWL EXJQN VDYDûODUGD GDKD |QFH %RVQD VDYDûÖQGD YH EXJQN
$IJDQLVWDQ·GD ELUoRN VHUEHVW JD]HWHFL JHQo VHUEHVW JD]HWHFL \DûODUÖQGD RUD\D
NRûX\RUODU ELU JD]HWH LOH DQODûÖ\RUODU KDEHU UHNDEHWLQGH ROX\RUODU YH PDDOHVHI KLo
NRUXQPDGÖNODUÖ LoLQ |O\RUODU \DQL EDVÖQGD GD KD\DWODUÖQÖ ND\EHGHQ \LWLUHQ JHQo
JD]HWHFLOHULQ VD\ÖVÖ oRNWXU %X EHQFH ]F ELU ROD\ %DVÖQÖQ ED]Ö PDQHYL YH HWLN
LNLOHPOHULNRQXVXQGDILNLUOHULPLDQODWPD\DoDOÖûWÖP7HûHNNUHGHULP
1XULdRODNRøOX
3HNL oRN WHûHNNUOHU 'DYLG %HUFKDUG 3DQHOLQ VRQ NRQXûPDFÖVÖ 0XVWDID *|]DODQ
$\GÖQ 6H]JLQ·LQ V|\OHGLøLQLQ XIDN ELU IDUNOÖOÖøÖQÖ J|VWHUHQ ELU ûH\ SDQHOGH EHONL N|NHQ
LWLEDUÖ\OD 2NWD\ (NûL 1XUL .D\Öû EHQ YH 'DYLG %HUFKDUG JD]HWHFL\L] +HSLPL]LQ
EDûODPD QRNWDVÖ JD]HWHFLOLN 0XVWDID *|]DODQ LVH JD]HWHFLOLN LOH EDûODPD\DQODUGDQ
8OXVODUDUDVÖ GHQHWLP ûLUNHWL $UWKXU $QGHUVRQ·GDQ VHQH NDGDU |QFH PHG\D
GQ\DVÖQD LWKDO HWWLøLPL] PHG\DQÖQ DUWÖN NDOHPL NXYYHWOL ELU PXKDELU YH D\DøÖQD
NXYYHWOL PXKDELUGHQ LEDUHW ROPDGÖøÖQÖ J|VWHUHQ PHG\DQÖQ oRN GDKD NDUPDûÖN ELU
ILQDQVDO YH HQGVWUL\HO \DSÖ\D EUQGøQ J|VWHUHQ ELU DUNDGDûÖPÖ] 6|] ûLPGL
0XVWDID*|]DODQ·DDNWDUPDNLVWL\RUXP
0XVWDID*|]DODQ
6HYJLOL gøUHQFLOHU 6D\ÖQ +RFDODUÖP YH 6D\ÖQ %DûNDQ %XJQ VDEDKOH\LQ VDEDKWDQ
EHUL L]OHGLøLPL] YH GLQOHGLøLPL] ROD\ODUGDQ VRQUD EHQGRøUXVXQX LVWHUVHQL] GRøDoODPD
ELU NRQXûPD \DSPD\D NDUDU YHUGLP HOLPGHNL PDO]HPH\L RNXPD\DFDøÖP +HU ûH\GHQ
|QFHûXQXV|\OHPHPOD]ÖP%HQELUJD]HWHFLGHøLOLP$VOÖQGDJD]HWHFLOLNVHNW|UQHGH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JLUPHGLPWHOHYL]\RQFXGDGHøLOLP$PDEXQGDQVDGHFH ELUEXoXN\ÖO|QFH%UNVHO·GH
$QGHUVRQ ûLUNHWLQLQ WP JHOLûHQ ONHOHULQ ELUNDo VHNW|UQGHQ VRUXPOX ELU RUWDøÖ\GÖP
9H PHVOHøLP GDQÖûPDQOÖNWÖU %XJQ EXUDGD \]GH \] ]DPDQÖPÖ D\ÖUGÖøÖP 'RøDQ
*UXEX LoLQ ELU NRQXûPD \DSÖ\RUXP DPD V|\OH\HFHNOHULP HYUHQVHOGLU .DQÖPFD GD
QHUHGHROXUVDPROD\ÖPNHQGLJHUoHNOHULPNHQGLGRøUXODUÖPGÖU
%XJQ |\OH ELU QRNWDGD\Ö] NL DUWÖN ELU WDNÖP VHNW|UOHUH EX GQ\DQÖQ JHOLûHQ \DSÖVÖ
LoLQGH ELU QRNWDGDQ EDNPDN PPNQ GHøLO *D]HWHFLOLøH VDGHFH JD]HWHFLOLN RODUDN
EDNPDN PPNQ GHøLO YH\D HQHUML LûLQH HQHUML LûL RODUDN EDNPDN PPNQ GHøLO %X
DUDGD LOHUOHPHGHQ |QFH ûXQX GD V|\OHPHP OD]ÖP %HQ D\QÖ ]DPDQGD 7('0(5
9DNIÖQÖQ 7UNL\H (WLN 'HøHUOHU 9DNIÖQÖQ NXUXFX \HVL\LP (WLN NRQXVXQDVRQ GHUHFH
|QHP YHUL\RUXP oQN VHQHPL KDUFDGÖøÖPELU NXUXOXûWD HWLN GHøHULQ QH ROGXøXQX
EDQD |øUHWHQ \]OHUFH KDGLVH LOH NDUûÖODûWÖP %X NRQXODUGDNL HNVLNOLNOHULQ 7UNL\H LoLQ
IDUNÖQGD\ÖP%LURNX\XFXYH\DL]OH\LFLRODUDNGDNHQGLPJD]HWHOHUGHQWHOHYL]\RQODUGDQ
VL]YHDLOHOHULQL]QHNDGDUûLND\HWoLLVHQL]RNDGDUGDûLND\HWoL\LP$PDPHVHOH\LELUNDo
QRNWDGD HOH DOPDN OD]ÖP %LU WDNÖP PHVHOHOHU NL EXJQN NRQXPX] HWLN VDGHFH
PHG\DGD GHøLO EXJQ YH \DUÖQ GLøHU VHNW|UOHUGHNL HWLN NRQXVXQD GD GHøLQHFHNVLQL]
HWLNNRQXVXQGDELUWDNÖPG]HQOHPHOHULQ\DSÖODELOPHVLLoLQYHPHVDIHDOÖQDELOPHVLLoLQ
XQXWPD\DOÖP NL WHNQLN DODQGD GD YH GH GQ\DQÖQ JLGLûDWÖ QRNWDVÖQGD GD ELU WDNÖP
ROD\ODUGD G]HQOHPHOHU \DSPDN ]RUXQGD\Ö] $NVL WDNGLUGH EX LNLVLQLQ GHQJHVLQL
NXUDPD]VDNKHUûH\ODIWDNDOÖU
%XUD\D JHOPHGHQ |QFH GQ GRV\DODUÖPÖ ELU NDUÖûWÖUGÖP ùQJLOWHUH·QLQ $PHULND·QÖQ
$OPDQ\D·QÖQNHQGLPEDNWÖøÖPVHQH|QFHEDNWÖøÖPONHOHULQ´FRGHRIFRQGXFWµODUÖQÖ
\DQL WHOHYL]\RQFXOXN \D\ÖQFÖOÖN DODQÖQGDNL \D]ÖOÖ HWLN NRGODUÖQÖ G|NWP YH GH %DVÖQ
.RQVH\L·QLQ7UNL\H·GHoÖNDUPÖûROGXøX´FRGHRIFRQGXFWµÖDOGÖPYHPXND\HVHHWWLP6L]H
VDPLPL V|\OH\H\LP NL \D]ÖOÖ RODUDN $YUXSD·GD GHøLQLOHQ QRNWDODU QH LVH $PHULND·GD QH
LVH EL]LP GH ´FRGH RI FRQGXFWµÖPÖ]GD RQODU YDU %XQODUÖQ WHPHO XQVXUODUÖQD EDNDFDN
ROXUVDQÖ]DGDOHWEDVÖQÖQ|]JUOøWRSOXP\DUDUÖ%XQODUÖQKHUELULYDUIDNDWEXQODUÖQ
GDKDLûOHUKDOHJHOHELOPHVLLoLQNHVLQOLNOHKHUVHNW|UQWHNQLNVRUXQODUÖQÖo|]PHNOD]ÖP
(WLøL R VHNW|UQ JHOLûLPL LoLQGH EX oHUoHYH LoLQGH GHøHUOHQGLUPHN OD]ÖP 6RQXoWD
PHG\D GHGLøLQL] ]DPDQ GD EX ELU WLFDUL IDDOL\HWWLU %HQ ELU JD]HWHFL GHøLOLP WRSOXPXQ
GRøUX ELOJLOHQGLULOPHVLQH GH \UHNWHQ LQDQÖ\RUXP $PD GHøLûHQ GQ\DGD DFDED
JD]HWHOHULQ ELOJL YHUPH KDGLVHVL QH NDGDU VDGHFH JD]HWHOHUOH VÖQÖUODQPÖûWÖU gøUHQFLOHU
RODUDN |]HOOLNOH JHUoHøH EDNDUNHQ JHUoHNWHQ GX\GXøXQX] J|UGøQ] LûLWWLøLQL] KHU
ûH\LQ JHUoHN ROGXøXQGDQ DUWÖN ûSKH HWPH\H EDNÖQ %X JD]HWHOHUGHQ DOGÖøÖQÖ] ELOJLOHU
LoLQ GH JHoHUOLGLU dQN DUWÖN VL]LQ VRQ GHUHFH GHøLûLN ELOJL ND\QDNODUÖQÖ] YDU
'ROD\ÖVÖ\OD WRSOXPXQ NDPX \DUDUÖQD ELOJLOHQGLULOPHVL LoLQ WHN ND\QDN WHOHYL]\RQODU
GHøLO %LU GH XQXWXOPDPDVÖ JHUHNHQ ELU ûH\ YDU EX VHNW|UOHUGH DUWÖN GQ\DGD VDGHFH
JD]HWHFL\H JD]HWHFL RODUDN EDNDPÖ\RUX] WHOHYL]\RQ LûLQH VDGHFH WHOHYL]\RQ RODUDN
EDNDPÖ\RUX] %HQLP EXOXQGXøXP J|UHY \DSWÖøÖP DODQ 707 GHGLøLPL] WHFKQRORJ\
PHGLDWHOHFRPPXQLFDWLRQ DQG HQWHUWDLQPHQW \DQL WHNQRORML WHOHNRPQLNDV\RQ KDEHUOHûPH
PHG\D YH HøOHQFH VHNW|UGU %XQODUÖQ ELUELULQGHQ D\UÖOPD] SDUoDODUÖ YDU GQ\D EX
\|QH GRøUX JLGL\RU 6L] EX WU JHUoHNOHUL LQNkU HGHUHN ELU EDVÖQ NXUXOXûXQD VDGHFH
JD]HWHFLRODUDNNDODFDNVÖQGL\HPH]VLQL]%XQXGHUVHQL]RNXUXOXûXQHQ|QHPOL|]HOOLøL
RODQ EDVÖQ |]JUOøQ HOLQGHQ DOÖUVÖQÖ] dQN WLFDUL RODUDN |]JU ROPD\DQ KLoELU
EDVÖQ NXUXOXûX JHQHO RODUDN |]JU RODPD] (QLQGH VRQXQGD VL\DVLOHULQ HWNLVL DOWÖQGD
NDOÖU
0HG\D(WLøL3DQHOL
'LøHU ELU KDGLVH GH EX WU ROD\ODUÖQ GQ\DGD QDVÖO G]HQOHQGLøLQH EDNWÖøÖPÖ]GD
EDVÖQÖQPHG\DQÖQHWLøLLOHVDKLSOLNNRQXVXoRNLoLoH7UNL\H·GHGHEXNRQXGDELUVU
KDNOÖ YH\D KDNVÖ] GHøHUOHQGLUPHOHU YDU PHG\D WHNHOGLU VL\DVLOHUOH Lo LoHGLU YE <RUXP
\DSPÖ\RUXP NDWÖOPÖ\RUXP \RUXP \DSPÖ\RUXP )DNDW ELU JHUoHN YDU EXJQ HQ
GHPRNUDWLN ONHOHUGHQ |UQHøLQ )LQODQGL\D·\Ö HOH DODOÖP )LQODQGL\D·GD \DNODûÖN RODUDN
WDQH JD]HWH oÖNDU \Dû LOH \Dû DUDVÖQGDNL QIXVXQ \]GH GRNVDQÖ JD]HWH RNXU
YH oÖNDQ JD]HWHQLQ \HUHO JD]HWHOHU GDKLO ROPDN ]HUH VDKLSOLøLQL YH\D NXUXOXû
\DSDU $PD KLoELU ONH )LQODQGL\D·GD EDVÖQ WHNHOLQGHQ EDKVHWPH] .H]D EXJQ ED]Ö
NXUXOXûODUÖ
HOH
DOGÖøÖQÖ]
]DPDQ
|UQHøLQ
EXJQ
GQ\DQÖQ
HQ
EDûDUÖOÖ
PHG\D
NXUXOXûODUÖQGDQELUWDQHVLRODQ8YHQGL8QLYHUVDO·LQoÖNÖûQRNWDVÖELU´ZDVWHPDQDJHPHQWµ
ûLUNHWL\DQLûHKLUVXODUÖQÖQDWÖøÖQÖWHPL]OH\HQEXLûOHUL\DSDQELUNXUXOXûWXU%XJQEX
NXUXOXû *60 OLVDQVODUÖQD GD JLUPLûWLU LKDOHOHULQH GH NDWÖOPDNWDGÖU YH EXJQ GQ\DQÖQ
ELU QXPDUDOÖ HQ E\N PHG\D ûLUNHWOHULQGHQ HQ VWWHNL ûLUNHWWHQ ELU WDQHVL
KDOLQGHGLU 9H EX NXUXOXûXQ LoLQGH WHOHYL]\RQ LVWDV\RQODUÖ YDUGÖU GHUJLVL YDUGÖU
UHNODPFÖOÖøÖ YDUGÖU WHOHNRPQLNDV\RQ LûL YDUGÖU 9H $YUXSD·QÖQ KHPHQ KHPHQ KHU
ONHVLQGH JHoHUOL RODQ |GHPHOL WHOHIRQ VLVWHPL LOH ´SD\ WYµ GHGLøLPL] ELU WDNÖP LûOHUL
LûOHWLU /H *DUGUH DLOHVLQLQ VDKLEL ROGXøX )UDQVD·GDNL \DSÖODUÖQ LoLQGH KHU VHNW|UGHQ Lû
J|UUVQ] %UNVHO·GH /XPEUHW %UXVVHOV %UNVHO·LQ KROGLQJOHULQGHQ ELU WDQHVLGLU
GQ\DQÖQ EHOOL EDûOÖ \DWÖUÖP KROGLQJOHULQGHQ ELU WDQHVLGLU ùûLQ LoLQGH HQHUMLVL YDUGÖU
JD]HWHVL YDUGÖU WHOHYL]\RQX YDUGÖU %HUWHQVPDQODU HQ VRQ 57/·\L DOPÖûWÖU GHUJLOHUL
YDUGÖU úLPGL E|\OH ELU JLGLû YDUNHQ VL] VHNW|UQ HWLøL DGÖQD ELU WDNÖP VÖQÖUODPDODU YH
KDNVÖ] VDKLSOHQPHOHU JHWLUHPH]VHQL] %X NRQXGD 7UNL\H·GH VL\DVLOHU GQ\DGDNL
PHYFXWX\JXODPDODUDX\PDNYHHNVLNRODQQRNWDODUGDVÖQÖUODPDODUJHWLUPHN]RUXQGDODU
%XUDGD NDoÖû \ROX \RNWXU 1HGLU GQ\DGDNL X\JXODPDODU" (YHW GQ\DGD WHNHOOHûPH\L
|QOH\LFL X\JXODPDODU YDUGÖU EL]GH GH ROPDN ]RUXQGDGÖU ODI GHøLO PHG\DQÖQ HWLøLQLQ
oDOÖûPDVÖ LoLQ EX X\JXODPDODU ROPDN ]RUXQGDGÖU $PD Lû |]PVHQHUHN ROPDN
]RUXQGDGÖU ho WDQH WHOHYL]\RQ OLVDQVÖQÖ] RODPD] KHU WHOHYL]\RQXQ EXJQ GQ\D\D
EDNWÖøÖQÖ] ]DPDQ OLVDQV VD\ÖVÖ |QHPOL GHøLO KLoELU |QHPL NDOPDPÖû |QHPOL RODQ
L]OHQPH RUDQÖ %XJQ EHû WDQH JD]HWHQL]LQ ROPDVÖ |QHPOL GHøLO |QHPOL RODQ EXQXQ
WRSOXPXQ ELOJLOHQPH NRQXVXQGDNL WHNHOOHûPH\H QH GHUHFH HWNLOL ROGXøX %XJQ EHQ
VL]H V|\OH\H\LP 7UNL\H·QLQ HQ E\N JD]HWHVLQL DOÖQ VDPLPL V|\OH\H\LP LVWH\HQ
LQVDQODUD LVWDWLVWLNVHO RODUDN EXQX V|\OHULP JD]HWH VDWWÖøÖ ûHKLU VD\ÖVÖ o JHoPH]
%XJQ 7UNL\H·QLQ R\ SRWDQVL\HOLQLQ ·LQH VDKLS RODQ WDûUDGD WRSODP JD]HWH
WLUDMÖQÖQ ·L VDWÖOPD] 'ROD\ÖVÖ\OD ROD\ODUD ELU WDNÖP GDKD JHUoHNoL PDQWÖNOÖ YH
GQ\DQÖQ JLWWLøL \|QGH EDNPDN OD]ÖP GHøHUOHQGLUPHN OD]ÖP +DGLVHOHUL WHNQLN
SODWIRUPGD o|]PHQLQ \ROX GRøUXQXQ HYUHQVHO ER\XWXQX DQODPDNWÖU 1H GRøUX"
%XJQ7UN7HOHNRP·XQ$QNDUD·GDEDûODWWÖøÖELUX\JXODPDYDU]DQQHGHUVHPdDQND\D
WDUDIÖQGD%LUD]WHNQRORMLNELUNRQXGXUoRNL\LELOGLøLPELUNRQXGXUDPD'6/GHQLOHQ
ELU
WHOHNRP
WHNQRORMLVL
7HOHYL]\RQXQX]X
WHOHIRQ
NDEORQX]X
GDKD
GRøUXVX
DOÖ\RUVXQX] WDQH NDQDO VH\UHWPHN LoLQ NXOODQÖ\RUVXQX] 'HQHPH \D\ÖQODUÖQD
EDûODPÖûODU oRN \HQL oÖNDQ ELU WHNQRORMLGLU úLPGL EDNÖQ ELU WHOHIRQ ûLUNHWL ELU
WHOHYL]\RQ ûLUNHWL JLEL GXUX\RU GHøLO PL" úLPGL KDQJL VHNW|UGH 7UN 7HOHNRP PHG\D
VHNW|UQGH PL RODFDN ELU WHOHIRQ VHNW|UQGH PL RODFDN" 9H\D ELU WHOHIRQ ûLUNHWLQL HOH
DOÖQ EXJQ ELUoRN |QHPOL KDEHU NL EL]LP KDEHU RGDODUÖQD JLUGLøLP NDGDU J|U\RUXP
ELUoRN |QHPOL KÖ]OÖ KDEHU *60 HNUDQÖQGDQ JHOL\RU %XJQ VDEDKOH\LQ +LOPL %H\
$IJDQLVWDQ·GDNL ELU KDGLVH\L XoDNWDQ LQGLNWHQ VRQUD KDYDDODQÖQGD WHOHIRQXQD LQHQ ELU
KDEHUGHQ |øUHQGL úLPGL ELU WHOHIRQ ûLUNHWL PHG\D ûLUNHWL PLGLU" %XQXQ LoLQGHQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHOHFHN KDEHU GROD\ÖVÖ\OD \LQH WHOHIRQ ûLUNHWL ROPDVÖQD UDøPHQ PHG\D HWLøLQH X\JXQ
ROPDOÖPÖGÖU"2OD\NDUÖûÖN%HQLPPHVDMÖPûX$UWÖNKDEHUDOPDND\QDNODUÖoRN]HQJLQ
KHOH
ùQWHUQHW
GHQHQ
KDGLVHQLQ
JHOLûLPLQGHQ
VRQUD
WHOHNRPQLNDV\RQGDNL
JHOLûPHOHUGHQ VRQUD 6DGHFH |QHPOL RODQ KDEHU DOPD\D GD\DOÖ ELU HWLN DQOD\ÖûÖ GHøLO
PHG\DGD 0HG\D VHNW|U WLFDUL ROPDN ]RUXQGDGÖU DNVL WDNGLUGH JHUoHNWHQ VL\DVLOHULQ
R\XQFDøÖ ROXU 0HG\D VHNW|UQH VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU *HUHN ELU VHNW|U
LoLQGH GLNLQH PRQRSRO |QOHPHN LoLQ JHUHNLUVH VHNW|UOHU DUDVÖQGD PHG\DQÖQ NHQGL
LoLQGHNL DOW VHNW|UOHUL DUDVÖQGDNL VDKLSOHQPHOHU LoLQ VÖQÖUODPDODU JHOPHN ]RUXQGDGÖU
%XQODUD WHNQLNVHYL\HGH GQ\D QHUH\H JLGL\RUVD R \|QGH EDNÖOPDOÖGÖU JHUoHNoL RODUDN
EXVÖQÖUODPDODUÖQJHWLULOLSED]Ö\DVDODUÖPÖ]oRNWDQYDUED]ÖODUÖ\RNWHNQLNWDUDIOÖEXWU
VRUXQODU o|]OPHOLGLU $NVL WDNGLUGH EWQ VHNW|UOHUGH ROGXøX JLEL WHNQLN WDUDIÖ HNVLN
ELU SODWIRUPGD PHG\D HWLøLQL DU]X HWWLøLPL] VHYL\HOHUH oÖNDUWPDPÖ] PPNQ GHøLOGLU
%|\OH ROGXøX VUHFH GH NHQGL HNRQRPLVL GLQDPL]PL LoLQGH WLFDUL ROPD\D oDOÖûDQ NDU
HWPH\H oDOÖûDQ PHVVHVHOHULQ ELU WDNÖP PHG\DWLN NRQXODUD \|QHOPHVL DVÖO PHVOHøLQL
XQXWPDVÖ NDoÖQÖOPD]GÖU %|\OH ROGXøX VUHFH GH EHQ GH ûLND\HWoL RODFDøÖP L\L ELU
RNX\XFX RODUDN *UXEXPX]GDNL YH\D JUXEXPX]XQ GÖûÖQGDNL JD]HWHOHUL RNXUNHQ YH\D
WHOHYL]\RQODUÖ VH\UHGHUNHQ DLOHOHULPL]OH ELUOLNWH ûLND\HWoL ROPD\D GHYDP HGHFHøL] dRN
WHûHNNUHGHULP
1XULdRODNRøOX
%LU VDDW LoLQGH LON WXUX KHU EHû NRQXûPDFÖPÖ]ÖQ GD NRQXûPDVÖ\OD WDPDPODGÖN úLPGL
L]QLQL]OH EHQ RQ EHû GDNLND VDORQGDQ V|] DOPDN LVWH\HQOHUH V|] YHUPHN LVWL\RUXP %X
J|UûOHUL GH GLNNDWH DODUDN VRQ ELU WXU \DSÖS SDQHOL NDSDWPDN LVWL\RUXP 6|] DOPDN
LVWH\HQOHU
'LQOH\LFL6RUXODUÖ
6DORQGDQ%LU'LQOH\LFL
3DQHOLQ JLGLûDWÖ LoLQGH JD]HWHFLOLN DODQÖQGDQ JHOHQ VD\ÖQ SDQHOLVWOHULQ KHSVL YH EDVÖQ
\D\ÖQGDQ VRUXPOX JD]HWHFL ROPD\DQ NRQXûPDFÖ PHG\D HWLøLQLQLQ EDVÖQ |]JUOø LOH
EWQOHûHQ|QHPLQLYXUJXOD\DUDNJHOGLOHU6RQNRQXûPDFÖLVHPHG\DDODQÖQGDJD]HWHFL
ROPD\DQ ELU LûOHYH VDKLS RODQ VRQ NRQXûPDFÖ LVH NRQXQXQ EDûND ELU ER\XWXQX GLOH
JHWLUGLYHE|\OHOLNOHoRN|øUHWLFLoRNLOJLQoELUVRQXFDXODûWÖN*HUoHNWHQGHGRøUXGXU
PHG\D KHU ûH\GHQ |QFH ELU WLFDUL HWNLQOLNWLU NkU HWPHN ]RUXQGDGÖU $QFDN WDULKVHO
JHOLûLP LoLQGH JHUHN PHG\D HWLøL JHUHN EDVÖQ |]JUOø ³NL JQP]GH LOHWLûLP
|]JUOøRODUDNGDKDJHQLûNDSVDPGDHOHDOÖ\RUX]³NDYUDPÖQÖQROXûXPVUHFLLoLQGH
ELU \HUH XODûÖOPÖûWÖU %X XODûÖODQ \HU OLEHUDO ELU \DNODûÖPGDQ OLEHUDO GûQFHGHQ
ND\QDNODQDQ WRSOXPVDO VRUXPOXOXN GûQFHVLGLU YH PHG\DQÖQ ELU WLFDUL HWNLQOLN
ROPDVÖQDNDUûÖQELUWRSOXPVDOVRUXPOXOXøXROGXøXGDYXUJXODQPÖûWÖU<DQLNRQXûPDFÖ
GD EXQX EHOOL ELU |OoGH NDEXO HWWL DPD EX WRSOXPVDO VRUXPOXOXN NDYUDPÖQÖQ LoHULPL
ûXGXU 0HG\D WLFDUL IDDOL\HWL GLøHU WLFDUL IDDOL\HWOHUOH D\QÖ NRûXOODUD EÖUDNÖODPD] %X
WRSOXPVDO VRUXPOXOXøXQ JHUHøL RODUDN JHUHNWLøLQGH NDPXVDO PGDKDOHOHUH DoÖNWÖU HøHU
NHQGLVL R PGDKDOHOHUH JHUHN EÖUDNDFDN ELU GXUXP \DUDWÖUVD \DKXW GD LûWH EDVÖQ
NRQVH\OHULJLELNHQGL|QOHPOHUL\OHNHQGLGHQHWLPLQLJHUoHNOHûWLUHPH]VH.ÖVDFDVÖPHG\D
NXUXOXûODUÖ VHUEHVW UHNDEHW RUWDPÖ LoLQGH oDOÖûPDVÖ VDYXQXODPD\DFDN NXUXOXûODUGÖU
%DVÖQÖQ EWQ NDYUDPODUÖ E|\OH ROXûPXûWXU úLPGL GHPHN NL PHG\D RUWDPÖQGD
NDYUDPODUÖ GHøLûWLUPHN JHUHNL\RU YH HVDVHQ 6D\ÖQ 1XUL .D\Öû GD E\N VHUPD\HQLQ
PHG\D\DJLULûL\OHPHG\DQÖQ\R]ODûPDVÖQGDQV|]HWWLúLPGLEXQRNWDGDEHQELUNDoVRUX
0HG\D(WLøL3DQHOL
VRUPDN LVWL\RUXP +HU ûH\GHQ |QFH NXûNXVX] 1XUL .D\Öû·D VRUX\RUXP %|\OH ELU
WRSOXPVDO VRUXPOXOXøX RODQ NXUXOXûODUÖELU NHQDUD EÖUDNDOÖP KHUûH\GHQ |QFH 7UNL\H
&XPKXUL\HWL·QGH KHUNHV \DVDODUD X\PDN ]RUXQGDGÖU %|\OH ELU RUWDPGD NHQGLVLQLQ GH
EHOLUWWLøL JLEL NDQXQD NDUûÖ KLOH LOH E\N UDG\RWHOHYL]\RQ NXUXOXûODUÖ ûX DQGD \DVDO
RODUDN WDUWÖûPDOÖ GXUXPGDGÖU .DQXQL NRQXPODUÖ KXNXND NDQXQD NDUûÖ KLOH LOH ROXûDQ
EX NXUXOXûODUÖQ EX NRQXPODUÖQÖQ DoÖøD oÖNDUWÖOPDVÖ HOEHWWH NROD\ GHøLOGLU $QFDN VRQ
UDG\R WHOHYL]\RQ \DVDVÖQGDNL GHøLûLNOLN oDEDODUÖ VÖUDVÖQGD EHONL GH VRQXFXQXQ E|\OH
RODFDøÖ KLo GûQOPHGLøL LoLQ PHG\D NHQGLQL oRN JoO KLVVHWWLøL LoLQ PHFOLV
NRPLV\RQODUÖQGDROVXQGHøLûLNSODWIRUPODUGDROVXQYHKDWWDHQVRQ6D\ÖQdRODNRøOXLOH
6D\ÖQ .D\Öû·ÖQ ELUOLNWH NDWÖOGÖNODUÖ ELU WHOHYL]\RQ RWXUXPXQGD \LQH ELU 'RøDQ 0HG\D
*UXEX \HWNLOLVL WDUDIÖQGDQ EX GXUXP LWLUDI HGLOPLûWLU 5DG\RWHOHYL]\RQ \DVDVÖQÖQ
GHøLûPHVL LoLQ NXOLV \DSDQ EDVNÖ JUXEX ROXûWXUDQ PHG\D NXUXOXûODUÖ WHPHO JHUHNoHOHUL
RODUDN \DVDO GXUXPODUÖQÖQ GDKD GRøUXVX NHQGL GXUXPODUÖQÖQ \DVD\D X\PDGÖøÖQÖ
V|\OH\HUHN \DVDQÖQ GHøLûWLULOPHVLQL WDOHS HWPLûOHUGLU <DQL VXoVW GXUXPODUÖ VXNXWD
HUPLûWLU %X GXUXPGD 5DG\R YH 7HOHYL]\RQ hVW .XUXOX DFDED ELU VXo GX\XUXVX
\DSPDN NRQXPXQGD GHøLO PLGLU" <D GD E|\OH ELU JLULûLPOHUL YDU LVH EX QDVÖO
VRQXoODQPÖûWÖU"
.D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ
%HQ 6D\ÖQ (NûL·\H ELU VRUX VRUPDN LVWL\RUXP úLPGL 6D\ÖQ .D\Öû·ÖQ YH 6D\ÖQ
*|]DODQ·QÖQ DQODWWÖNODUÖQGDQ GD oRN QHW ELU ûHNLOGH ELU NH] GDKD RUWD\D NRQXOGX NL
EXJQ DUWÖN JD]HWHFLOLN WHNHOOHûPLû E\N VHUPD\HOHULQ VHUPD\H JUXSODUÖQÖQ YH WLFDUL
ûLUNHWOHULQ HWUDIÖQGD \UWO\RU úLPGL D\QÖ VRUXQ PKHQGLVOHUOH LOJLOL RODUDN GD YDU
%XUDGD
û|\OH
ELU
VRUXQXPX]
YDU
RUWDN
ELU
VRUXQXPX]
YDU
EXUDGD
oDOÖûDQ
PHVOHNWDûODUÖQ³EL]LPPHVOHNWDûODUÖPÖ]GDD\QÖûHNLOGH³PHVOHNNXUDOODUÖQDX\GXNODUÖ
WDNGLUGH \DQL %DVÖQ .RQVH\L WDUDIÖQGDQ NRQXOPXû PHVOHN NXUDOODUÖQD SDWURQODUÖQ
JDGULQH XøUX\RUODU PÖ XøUDPÖ\RUODU PÖ" ùû VDKLSOHULQLQ ELU ûHNLOGH DQWLSDWLVLQL YH\D
WHSNLVLQL oHNPL\RUODU PÖ" %XQD EHQ]HU ROD\ODU PKHQGLVOLN DODQÖQGD VÖNoD \DûDQÖ\RU
%X ROD\ VL]GH GH \DûDQÖ\RU PX" %LU GH VRPXW RODUDN EXQD LOLûNLQ KHU KDQJL ELU ROD\OD
NDUûÖ NDUûÖ\D NDOGÖQÖ] PÖ YH QH JLEL |QOHPOHU DOGÖQÖ] |]HOOLNOH Lû VDKLSOHUL G]H\LQGH"
7HûHNNUHGHULP
ùVPDLO'HPLUG|øHQ+DFHWWHSHhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL
%HQ 6D\ÖQ 1XUL .D\Öû·D ELU VRUX VRUPDN LVWL\RUXP VRPXW ELU VRUX NÖVD ELU VRUX
.HQGLOHUL oRN ROXPVX] |UQHNOHU YHUGLOHU RQFD ROXPVX] |UQHNOHU YHUGLOHU YH
NRQXûPDODUÖGD]DWHQ\DUÖPNHVLOGL%HQVRQXQXoRNPHUDNHGL\RUGXP%HONLNHQGLOHUL
WDPDPOD\DFDNODUDPDEHQ\LQHGHVRUDFDøÖPEXQFDROXPVX]|UQHNOHUNDUûÖVÖQGDVL]QH
\DSDPÖ\RUVXQX] GL\HFHøLP <DQL QH \DSWÖøÖQÖ]Ö HQ D]ÖQGDQ EXUDGDNL L]OH\LFLOHU
ELOL\RUODU (NUDQ NDUDUWÖ\RUVXQX] WDELv 2QX GD VRUDFDøÖP \DQL LNLQFL RODUDN QH
\DSDPÖ\RUVXQX] DUWÖ HNUDQ NDUDUWPD X\JXODPDVÖ QH |OoGH HWNLOL EXQXQ ELU JHUL
ELOGLULPLQLDOGÖQÖ]PÖ"1H|OoGHHWNLOLRQXPHUDNHGL\RUXP(NUDQNDUDUWPDEHONLKHU
ûH\ GHøLO EHONL EDûNDûH\OHUGH \DSÖ\RUVXQX] DPD EL]ELOPL\RUX] EL]L ELUD] ELOJLOHQGLULU
PLVLQL]"7HûHNNUHGHULP
5HP]L\H*QD\(U\DPD]0HUVLQ·GHQ(øLWLPFLYHdHYUHFL
0HG\DQÖQQHUH\HJLWWLøLQLGQ\DGDYH7UNL\H·GHKHSLPL]ELOL\RUX]1HUH\HJLWWLøLQL
YH QHOHU \DSWÖøÖQÖ VRQXFD QDVÖO XODûÖOGÖøÖQÖ KHSLPL] \DûÖ\RU YH ELOL\RUX] $QFDN EX
JLGLûHNDUûÖELUûH\OHU\DSPDNJHUHNLUGQ\D\ÖYHONHPL]LNXUWDUPDNLoLQJ]HOûH\OHU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DSDQ GD oRN $QFDN PHG\DQÖQ URO GRøUXOWXVXQGD EX J]HO ûH\OHU KLoELU ûHNLOGH
RUWD\D oÖNDUÖODPÖ\RU %LU WDNÖP WHNHOOHUH WDNÖOÖ\RU YH \DûDGÖøÖPÖ] J|UVHO \DQOÖûOÖNODU
GRøUXOWXVXQGD LQVDQODU GD EXQD GRøUX |UJWOHQL\RU *|U\RUX] NL KHUNHV RNXPX\RU
GûQHPL\RU JHOLûWLULOPL\RU EX EDøODPGD Lû GH \DSDPÖ\RUX] 2NX\DPDGÖøÖPÖ] LoLQ
QH\LQ GRøUX QH\LQ \DQOÖû ROGXøXQX DQOD\DPÖ\RUX] %XJQ N|UIH] ROD\Ö ELOH \DQOÖû
\DQVÖWÖOGÖ EL]OHUH +DGL ELUNDo NLûL EXQX RNX\RU J|U\RU DPD KDONÖQ oRøX EXQXQ
IDUNÖQGD GHøLO YH HWNLOHQPH GRøUXOWXVXQGD \DQOÖûODUD GRøUX FLGGL ûHNLOGH ND\Ö\RUX]
3HNLEXQXQDVÖOo|]POHPHOL\L]GL\HGûQ\RUX]PHG\DRODUDN7DELWLFDULDQOD\ÖûDGD
VD\JÖGX\X\RUX]d|]POHPHNLoLQQH\DSPDNJHUHNL\RU"
5DPL]*LUD\2'7h0H]XQX(QGVWUL0KHQGLVL
ùNLJQ|QFH.DVÖPGÖYHRJQNPDQûHWOHUHEDNWÖPE\NJD]HWHOHUGHE\N
GHQLOHQJD]HWHOHUGH´2QXûLPGLDQODGÖODUGQ\DGDWDQÖGÖµJLEL$WDWUNP]LoLQRWU
LIDGHOHU YDUGÖ %HQ PHG\DQÖQ HQ E\N J|UHYOHULQGHQ ELU WDQHVLQLQ 0XVWDID .HPDO·LQ
VDGHFH 7UNL\H·\H GHøLO EWQ GQ\D\D DQODWÖOPDVÖ ROGXøXQX GûQ\RUXP YH EX
NRQXGD.DVÖPÖQVDGHFHELUEDûODQJÖoROGXøXQXGûQ\RUXP%XQXQRQDUDOÖøÖRQ
RFDøÖ RQ ûXEDWÖ GD ROGXøXQX GûQ\RUXP YH EX NRQXGDNL oDOÖûPDODUÖQ ELUD] GDKD
KÖ]ODQPDVÖ WDUDIÖQGD\ÖP dQN HWLN RODUDN E\N KDWDODU LûOL\RUX] HøHU $WDWUN·
DQODWPD]VDNGQ\D\DWHûHNNUHGL\RUXP
6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL
gøUHWLPh\HVL
%HQLP ûX DQD NDGDU GLQOHGLøLP NDGDUÖ\OD WDELL NL WLFDUHW YH JD]HWH YH PHG\D HWLøLQL
WDUWÖûÖ\RUX] DPD FPOHOHUGH û|\OH ELU ûH\ \DNDOÖ\RUXP <DQL KHUNHV ELU NLWDEÖQÖ DoÖ\RU
YHNLWDEÖQDX\JXQSL\DVDDGDPÖSL\DVDNLWDEÖQGDQLûWHJD]HWHFLOHUJD]HWHNLWDSODUÖQGDQ
ELU ûH\OHU V|\O\RU úSKHVL] KHUNHV NHQGL NLWDEÖQGDQ NHQGLQL VDYXQPD\D \|QHOL\RU
+HUNHVROD\ÖWHVSLWNDGDUNHQGLQLELUVDYXQPDLKWL\DFÖGDGX\GX%HQKHUûH\GHQ|QFH
HøHU RUWDGD HWLN ND\JÖODUÖPÖ] YH HWLN VRUXQODUÖPÖ] \RNVD EX VDYXQPD LKWL\DFÖ QHUHGHQ
ND\QDNODQÖ\RU |\OH ELU VRUX VRUPDN LVWL\RUXP 7DUWÖûPDGDQ JHOGLøLPL] ER\XW HøHU
VDYXQPD\VD
R
]DPDQ
EL]LP
EXJQ
EX
SDQHOL
\DSPDPÖ]
³NL
EHQ
E|\OH
GHøHUOHQGLUL\RUXP³ EXJQ ]DUDUÖ WD]PLQ QLWHOLøLQGH ELU WDUWÖûPD \DSÖ\RUX] %DNÖQ
HWLNOH JHOGLN HWLNVL]OLNOH JHOGLøLPL] EX QRNWDGD ]DUDUODUÖPÖ] YDU YH EXQX WD]PLQ
HGL\RUX]EXQXVL\DVHWWHEXQXPHG\DGDEXQXLûGQ\DVÖQGDWD]PLQHGL\RUX]$PDKLo
GHøLOVHEXJQGHQVRQUDDUWÖN]DUDUÖWD]PLQGHøLO]DUDUÖ|QOHPH\DNODûÖPÖPÖ]ROVXQ%HQ
VDYXQPDODUÖ GLQOHGLNoH GDKD QLFH \ÖOODU ]DUDUÖ WD]PLQ QLWHOLøLQGHQ oÖNDPD\DFDøÖPÖ]D
LQDQÖ\RUXP'ROD\ÖVÖ\ODEXJQRUWDNELUQRNWD\ÖEXOPDPÖ]YHEWQNXUXPODUÖQEWQ
NXUXOXûODUÖQ NLûLVHO VDYXQPDODU YH\D NXUXPVDO VDYXQPDODU ELU WDUDID EÖUDNÖODUDN WP
DODQODUGD WP VHNW|UOHUGH RUWDN ELU YLFGDQ RUWDN ELU ûXXU RUWDN ELU VRUXPOXOXN QDVÖO
\DUDWÖODELOLU YH HWLNVL]OLN LoLQGH HWLN QDVÖO \DNDODQDELOLU EXQX WDUWÖûPDPÖ] JHUHNWLøLQH
LQDQÖ\RUXP6D\JÖODUVXQDUÖP
6OH\PDQùUYDQ*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
%HQ GH oRN NÖVD NRQXûPDODUOD LOJLOL JHQHO ELU GHøHUOHQGLUPH \DSÖS DVOÖQGD 5DûLW
+RFD·QÖQ EÖUDNWÖøÖ QRNWDGDQ EHONL GHYDP HWPHN LVWL\RUXP úX DoÖNoD J|UOG NL
7UNL\H·GH
\DûDQDQ
PHG\D
HWLøL
VRUXQODUÖQÖQ
WHPHOLQGH
WHNHOOHûPH
YDU
\DQL
NRQXûPDFÖODU QH GHUOHUVH GHVLQOHU EXJQ \DûDGÖøÖPÖ] VRUXQODUÖQ WHPHOLQGH WHNHOOHûPH
YDU
6RQ
NRQXûPDFÖQÖQ
V|\OHGLøL
)LQODQGL\D·GD
WDUWÖûÖOPÖ\RU
GHGLøL
WHNHOOHûPH
PHVHOHVLQGH ùWDO\D·GD ELOL\RUVXQX] %HUOXVFRQL PHG\D LPSDUDWRUX ûX DQGD LNWLGDUGD
0HG\D(WLøL3DQHOL
0XUGRFKùQJLOWHUH·GH $PHULND·GD YH GQ\DQÖQELUoRN \HULQGH NUHVHO ELUPHG\D JF
YH WDUWÖûÖOÖ\RU EXQXQ JF %X VRUXQ VDGHFH WLFDUL ELU WHNHOOHûPH RODUDN J|UOHPH]
dQN PHG\DGDNL WHNHOOHûPHQLQ WHPHO VRUXQX WHPHO VRQXFX PHG\D JFQQ PHG\D
SDWURQODUÖQÖQ
EX
JF EDûND
oÖNDUODUÖ
GRøUXOWXVXQGD
NXOODQPDN
LVWHPHOHULQGHQ
ND\QDNODQPDNWDGÖU $VOÖQGD JD]HWHFLOHU GH EX JHUoHNOHUL ELOGLNOHUL LoLQ oRN \RøXQ ELU
ELoLPGH RWRVDQVU X\JXODPDNWDGÖUODU %X 7UNL\H·GH oRN DoÖN ELU ELoLPGH J|UO\RU
0HG\D JLGHUHN DUWÖN WRSOXPX D\GÖQODWDQ NDPXR\XQX GRøUX ELoLPGH ELOJLOHQGLUHQ ELU
JoROPDNWDQoÖNÖS\|QOHQGLUPHQRNWDVÖQDGRøUXLOHUOHPHNWHGLU%HQEXQRNWDGDX]XQ
ELU\RUXP\DSDFDNGHøLOLPDPD|]HOOLNOH1XUL.D\Öû%H\V|]HWWLWHOHYL]\RQODUÖHOHûWLUGL
ùNL %LULQFLVL VD\ÖQ 2NWD\ (NûL·\H .HQGLVL %DVÖQ .RQVH\L EDûNDQÖ DPD D\QÖ ]DPDQGD
'RøDQ %DVÖQ .RQVH\L \HVL úLPGL EHQLP DQOD\DPDGÖøÖP PDGHP NL %DVÖQ .RQVH\L
YDU QL\H D\UÖFD ELU 'RøDQ %DVÖQ .RQVH\L ROXûWXUXOGX EX NRQXGD FHYDS YHULUOHUVH
VHYLQLULP 0XVWDID %H\ GH DFDED |UQHøLQ EX L]OHQPH RUDQODUÖQD EDøODQPDOÖ GHGL
7HNHOOHûPHLOHLOJLOLVRUXQEXùQJLOWHUH·GH$OPDQ\D·GDRUDQÖQGDELUVÖQÖUYDU
%L]LP VÖQÖUÖPÖ] NDo ROPDOÖ PL PÖ" 2 NRQXGD HøHU ELU ûH\ V|\OHUOHUVH oRN
VHYLQLULP
&H\ODQdL]PHOL2'7h)HOVHIH%|OPgøUHQFLVL
6D\ÖQ 0XVWDID *|]DODQ·D VRUPDN LVWL\RUXP ´'RøUX QHGLU"µ GL\H $UDûWÖUPDOÖ\Ö]
GûQPHOL\L] YH KHUNHV LoLQ GRøUX\X EXOPDOÖ KDEHUOHULPL]L EXQD J|UH \DSPDOÖ\Ö]
GHGLN%XQGDQGD\RODoÖNDUDNEXJQWLUDMND\JÖVÖ\ODWLFDULND\JÖ\ODPDQûHWOHUHVUOHQ
YH LQVDQODUÖQ VRV\DO \DûDPODUÖQÖ WHKOLNH\H VRNDELOHFHN KDEHUOHULQ DUGÖQGDQ NRFD
VD\IDODUÖ
NDSOD\DQ
EX
KDEHUOHULQ
DUGÖQGDQ
NoFN
G]HOWPHOHULQ
GRøUX
ROXS
ROPDGÖøÖQÖVRUPDNLVWL\RUXP
0HG\D(WLøL3DQHOLùNLQFL7XU.RQXûPDODU
2NWD\(NûL
(IHQGLP |QFH KHPHQ ELU QRNWD\Ö ELU |QFHNL NRQXûPDPGD HNVLN EÖUDNWÖøÖP ELU
QRNWD\Ö EHOLUWPHN LVWL\RUXP 6DGHFH DKODNOÖ RODOÖP HWLN GHøHUOHU D\DNWD NDOVÖQ
NRUX\DOÖP %XQODU SUDWLNWH ID]OD DQODPÖ RODQ ûH\OHU GHøLO EXQODU QDVLKDW JUXEX ODIODU
%XQODUÖ \DûDPD JHoLUPHQLQ \ROODUÖ QHOHUGLU" %L]LP LOJLOHQPHPL] JHUHNHQ QRNWD R %HQ
JHUoHNOHULQ WDP RODUDN |øUHQLOPHVLQLQ YH WDP RODUDN NDPXR\XQD \DQVÖWÖOPDVÖQÖQ
PHVOHN GHøHUOHULPL] DoÖVÖQGDQ oRN |QHPOL ROGXøXQX LIDGH HWWLP GLøHUOHULQH JLUPHGLP
oQN ]DWHQ YDNLW ]RUODPDVÖ YDUGÖ $PD EXUDGD |QHPOL YH HNVLN EÖUDNÖOGÖøÖQÖ
GûQGøPELUQRNWDYDU2QDGHøLQHUHNNRQXûPDPÖWDPDPODPDNLVWL\RUXP
%X JHUoHNOHULQ WDP RODUDN |øUHQLOPHVL DVOÖQGD LQVDQODUÖ DKODNOÖ ROPD\D ]RUOD\DQ
GHPRNUDWLN LQVDQ KDNODUÖQD X\JXQ KXNXND X\JXQ HQ VDøODP oDUHGLU %XQXQ GD \ROX
VD\GDPODûPD\Ö NDEXO HWPHNWLU .DPX VHNW|UQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL]
NDPX\D KL]PHW YHUL\RUXP LGGLDVÖQGD EXOXQDQODUÖQ GQ\DVÖQGD |UQHøLQ EDVÖQGD
|UQHøLQ VL\DVL \DûDPÖQ R |UJWOHU NHVLPLQGH YH |QFHOLNOH VD\GDPODûPD\Ö EDQNDODU
GQ\DVÖQGD WDEL NHQGL NXUDOODUÖ LoLQGH VD\GDPODûPD\Ö NDEXO HGHFHNVLQL] .DEXO
HWPH]VHQL] NDUDQOÖøÖQ ROGXøX KHU \HUGH DKODNVÖ]OÖøD \HûHUPH \DûDPD YH NHQGLQL HQ
N|W ûH\OHU NRQXVXQGD HWNLOL NÖOPD ûDQVÖ YHULUVLQL] 2 QHGHQOH WHNUDU HGL\RUXP ELULQFL
NRûXO WHPHO NRûXO VD\GDPODûPD\Ö NDEXO HWPHNWLU YH KXNXN GHYOHWLQL LûOHWPHNWLU <DQL
VD\GDPODûPD VDGHFH WHûKLUOH NDOPD] +XNXN GHYOHWLQGH GHYOHW KXNXNXQ LoLQGH WDP
RODUDN LûOHPHOLGLU %HQLP ELULQFL NRQXûPD\OD LOH LOJLOL WDPDPODPDN LVWHGLøLP QRNWD
EX\GX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ùNLQFLVLQH JHOHFHN ROXUVDN HIHQGLP LNL VRUX VRUXOGX ELU GH EHQLP D\UÖFD GHøLQPHN
LVWHGLøLP KXVXV YDU %LULVL 6D\ÖQ .D\D *YHQo·LQGL ´%DVÖQ PHVOHN LONHOHULQH X\DQ
EXQGD WLWL] RODQ JD]HWHFLOHU EX GXUXPGDQ ]DUDU J|UU P J|U\RUODU PÖ"µ GHGLOHU
%HQLP WDQÖN ROGXøXP \RN $PD \RNWXU GL\HPHP g\OH LûYHUHQOHU YDUGÖU NL NHQGLVLQLQ
oÖNDUÖ LOH DKODNL ELU X\JXODPD oDWÖûÖU YH DGDPÖ GD NDSÖQÖQ |QQH NR\DUODU %X ROPD]
GHPL\RUXP DPD VRPXW ELU |UQHN RODUDN DQÖPVDPDPÖ LVWL\RUVDQÖ] ]LKQLPGH ELU |UQHN
\RN <RNWXU GHPL\RUXP GLNNDWLQL]H DU] HGL\RUXP ùNLQFLVL ´%DVÖQ .RQVH\L YDUNHQ
'RøDQ *UXEXQXQ <D\ÖQ .RQVH\L QHGHQ NXUXOGX"µ GL\H ELU VRUX JHOGL DUNDODUGDQ %X
GRVWXPD V|\OH\H\LP ùNLVL ELUELULQGHQ IDUNOÖ ûH\OHU %DVÖQ .RQVH\L RQ DOWÖ LONH ED]ÖQGD
GHøHUOHQGLUPH\DSÖ\RU'RøDQ0HG\D*UXEXQXQ<D\ÖQ.RQVH\LQLQLONHVD\ÖVÖ\LUPLGLU
%D]Ö VRQ ]DPDQGDNL JHOLûPHOHUL GH GLNNDWH DODQ LONHOHU YDUGÖU 7HPHOGH ELUELULQH
SDUDOHOGLU oQN RQXQ LNLQFLVLQLQ GH ROXûPDVÖQD FLGGL ûHNLOGH NDWNÖGD EXOXQPD\D
oDOÖûWÖP 2OXûPDVÖQGD RUDGDNL WHPHO DPDo 'RøDQ 0HG\D *UXEX LoHULVLQGHNL
JD]HWHFLOHULQ R LONHOHU GRøUXOWXVXQGD X\JXODPD \DSPDODUÖGÖU %L] EX EDøODPGD
LVWHGLøLPL] QRNWD\D KHQ] YDUPÖû GHøLOL] 2QX GD KHPHQ DOWÖQÖ oL]HUHN V|\OH\H\LP
dQN EHQLP ûDKVL NDQDDWLPH J|UH JD]HWHFLQLQ PXNDYHOHVLQH R LONHOHUL NR\PD]VDQÖ]
EXQODUD X\PDGÖøÖQ WDNGLUGH VHQL NDSÖQÖQ |QQH NR\DFDøÖ] \DSWÖUÖPÖQÖ NDUûÖVÖQD
NR\PD]VDQÖ] EXJQ ELU \|QHWLFL LGDUH HGHU X\XOPDPDVÖ J|] DUGÖ HGLOLU |EU LGDUHFL
GLNNDWH DOÖU YH X\XOPD\D ]RUODQÖU $PD QLKDL DPDoODQDQ QRNWD\D HWLN GHøHUOHUH VD\JÖOÖ
X\JXODPDQÖQ EX JUXS LoLQGH \HUOHûPHVL LoLQ |QHULOHQ QRNWD\D DQFDN LûYHUHQOH \DSÖODQ
PXNDYHOH\HEXGHøHUVLVWHPLQLNR\PDN\ROX\ODXODûÖOÖU7DELNDUûÖOÖNOÖWD]PLQDWODUYE
*HOHOLP 6D\ÖQ .D\Öû·ÖQ V|]OHULQGH |]HOOLNOH VRPXWODûWÖ ´HVNLGHQ %DEÖkOL oRN L\L\GL
ûLPGL %DEÖkOL EDWWÖµ <DQL %DEÖkOL GHGLøLP ]DPDQ QH\L NDVWHWWLøLPL ELOL\RUVXQX] 6D\ÖQ
.D\Öû %DED 7DKLU·GHQ EDûODGÖ EX GHID %DED 7DKLU 7HUNRV *|O ROD\Ö RQGDQ
VRQUD EHVOHPH EDVÖQÖQGDQ V|] HWWL ·OL \ÖOODUGDQ |UQHN DOGÖ 9HUGLøL |UQHNOHU
GRøUXGXUGRøUXGXUGDRQODUEXJQQGHøLOHVNLVLQLQ|UQHNOHULGLU<DQLKDQJLELOLPVHO
DUDûWÖUPD 7UNL\H·GH EDVÖQ ·GD 7DNYLPL 9HND\L oÖNWÖøÖ JQGH L\L\GL %DVLUHWoL $OL
%H\ ]DPDQÖQGD L\L \UG $KPHW 0LWKDW (IHQGL ]DPDQÖQGD KDULND\GÖ úLQDVL oRN
PNHPPHOGL
YH
RQGDQ
VRQUD
JHOGLN
&XPKXUL\HW
G|QHPLQH
(EX]L\D
7HYILN
]DPDQÖQGD %DEÖkOL oRN L\L\GL ûLPGL oRN N|W GL\HELOLU" +DQJL ELOLPVHO DUDûWÖUPD EXQX
RUWD\D NR\GX EHQ EXJQH NDGDU J|UPHGLP (øHU EDVPDNDOÖS GHøHUOHQGLUPHOHUL
ELUELULPL]H DNWDUDFDN ROXUVDN VDQÖ\RUXP NL oRN LVDEHWOL ELU Lû \DSPÖû ROPD\Ö] %DVÖQGD
WHNHOOHûPH KDQJL ELOLPVHO DUDûWÖUPD EXQX RUWD\D NR\GX EHQ ELOPL\RUXP %LULVL HYHW
VL]GHQ|]HOOLNOHLûDUHWOHULQL]LoLQULFDHGL\RUXP7UNL\H·GHEHQLPNDQDDWLPLVRUDUVDQÖ]
\RøXQODûPD YDUGÖU 'RøUXGXU <DQL EHOOL VHUPD\HOHULQ RODELOGLøL NDGDU oRN \D\ÖQ
RUJDQÖQÖ
HOH
JHoLUPHOHULQGHQ
ND\QDNODQDQ
YH
\RøXQODûPD
NDYUDPÖ
LoHULVLQGH
WDQÖPOD\DELOHFHøLPL]ELUROJXYDUGÖU$PD7UNL\H·GHWHNHOOHûPHYDUGL\HQOHULQ'RøDQ
0HG\D*UXEX6DEDK*UXEXùKODV*UXEX$NûDPYH6KRZ79\DQLdXNXURYD*UXEX
6WDU *UXEX VDøGDNL EDVÖQ RODUDN DOJÖOD\DELOHFHøLPL] =DPDQ $NLW \DQL GLQFL EDVÖQ JLEL
DOJÖOD\DELOHFHøLPL]
<HQL
úDIDN·WDQ
ROXûDQ
o
D\UÖ
\D\ÖQGD
VRPXWODûDQ
\D\ÖQODU
$OPDQ\D·GD $[HO 6SULQJHU YDUGÖU %HUWHOVPDQQ YDUGÖU ùQJLOWHUH·GH ûLPGL GHøLûWL WDEOR
EXQD EHQ]HU \RøXQODûPDODU YDUGÖ %XQODU ]HULQGH ùQJLOL]OHU FLGGL oDOÖûPDODU \DSWÖODU
·GH YH ·WH \DSWÖODU RUWD\D oÖNDUWWÖODU \RøXQODûPD QH NDGDU YDU 2QODUÖ VRPXW
FLGGL YH REMHNWLI GHøHUOHQGLUPH\H WkEL WXWDU YH NR\DUVDQÖ] PDVDQÖQ ]HULQH KHUNHV
NXODN YHULU GHU NL ´KDK KDNLNDWHQ EXUDGD ELU \DQOÖû YDUµ 2QX G]HOWPHN GRøUX ROXU
(OEHWWH oQN oRøXOFX GHPRNUDVL LVWL\RUVDN LOHWLûLP GQ\DPÖ] |]JUFH ROXûVXQ
NDPXR\X LVWL\RUVDN HOEHWWH oRøXOFX \D\ÖQFÖOÖøD WDUDI RODFDøÖ] (OEHWWH WHNHOOHûPH\H
0HG\D(WLøL3DQHOL
KHSLPL] NDUûÖ oÖNDFDøÖ] %X EL]LP KD\DW PHVHOHPL] KD\DWL ELU PHVHOH $PD KHUKDQJL
ELUFLGGLGHøHUOHQGLUPH\HWkELROPDGDQELUELULPL]GHQDNWDUDDNWDUDEXQODUÖ\D\PDPÖ]Ö
LWLUDI HGL\RUXP NL GRøUX EXOPX\RUXP .RQXPODUÖPÖ]D GD X\JXQ ODIODU RODUDN
DOJÖODPÖ\RUXP
(IHQGLP VHUPD\H WHNQRORML JHOLûWL VHUPD\H EDVÖQD JLUGL GRøUXGXU %XQXQ
VDNÖQFDODUÖ YDU oRN GRøUXGXU dQN PHG\DQÖQ VDKLEL YHULOHQ |UQHNOHUGH ROGXøX JLEL
]DPDQ ]DPDQ RQX VLODK RODUDN NXOODQÖU )HYNDODGH \DQOÖûWÖU DPD EXQXQ oDUHVL RQXQ
|QQH NLOLW YXUPDN EXQD ûX \ROGDQ JLWVLQ GHPHN GHøLOGLU dRøXOFX GHPRNUDVLGHQ V|]
HGL\RUVDNoRøXOFX\D\ÖQFÖOÖNWDQV|]HGL\RUVDNEXKHUNHVHNHQGLVLQL\DQLNDUûÖoÖNDUODUÖ
LIDGH HWPH ûDQVÖ YHUHUHN KHUNHVH NHQGLVLQL WHPVLO HGHFHN \D\ÖQ RODQDNODUÖ VDøODPDNWÖU
<DQLEXJD]HWHQLQVDKLELEDQNDVÖQÖQ\]QGHQ\DQOÖûLû\DSWÖUÖ\RUVDRoÖNDUDNDUûÖRODQ
oÖNDUODUÖQ PHG\D GQ\DVÖQGD VHVL ROPDVÖQÖ VDøODPDPÖ] OD]ÖP %XQX J|] DUGÖ HGHFHøL]
YH EDQND VDKLEL \D]GÖUPÖ\RU .DUûÖ JoOH EXQX DQFDN |QOH\HELOLUVLQL] V|YHUHN
|QOH\HPH]VLQL] NL NDUûÖ oÖNDUDN |QOH\HPH]VLQL] NL $QFDN NDUûÖVÖQD oDUH RODQ NXUXPX
RUJDQÖo|]PNR\DUVDQÖ]VRQXoDODELOLUVLQL]7HûHNNUHGHULPVD\JÖODUVXQDUÖP
1XUL.D\Öû
%HQ|QFHVRUXODUGDQEDûODPDNLVWL\RUXP´(NUDQNDUDWPDQH|OoGHHWNLOLROX\RU"µ
GHGLELUDUNDGDûÖPÖ]57h.\ÖO|QFHNXUXOGX2WDULKWHQEX\DQDWRSODPJQ
HNUDQNDUDWPDYHPLNURIRQVXVWXUPDNDUDUÖYHUGLFH]DVÖYHUGL<DQLEX\DNODûÖN\ÖO
WXWX\RU \ÖOGD \ÖOOÖN NDSDWPD FH]DVÖ X\JXODGÖN 7DEL EXQXQ VDYXQXODELOLU ELU WDUDIÖ
\RN 'RøUX RODQÖQ EX ROGXøXQX GD VDQPÖ\RUXP d|]P QDVÖO NDSNDooÖOÖN VRUXQXQX
|QOHPHN LoLQ FH]DODUÖQ DøÖUODûWÖUÖOPDVÖ GD JHUHNL\RUVD DPD HVDV oDUH VRV\DO DGDOHWL
VDøODPDNVD LûVL]OLN VRUXQXQX o|]PHNVH QDVÖO WHU|U |QOHPHN LoLQ WHU|ULVWOHUL HWNLVL]
KDOH JHWLUPHN NDGDU WHU|U EHVOH\HQ XQVXUODUÖ GD RUWDGDQ NDOGÖUPDN JHUHNL\RUVD RQXQ
JLEL \DQL VDGHFH HNUDQ NDUDWDUDN PLNURIRQ VXVWXUDUDN \D\ÖQ GQ\DVÖQÖ G]HQOHPHN
PPNQ GHøLOGLU .RQXûPDPGD GD EHOLUWWLøLP JLEL VHUPD\H \DSÖVÖQÖ G]HOWPHGHQ EX
NRQXGDFLGGLDGÖPODUDWÖODELOHFHøLQLVDQPÖ\RUXP
´0HG\DSDWURQODUÖNDQXQGDoL]LOHQRUDQODUDX\PX\RUODUSHNLVL]QH\DSÖ\RUVXQX]"µ
GHGL ELU DUNDGDûÖPÖ] *HUoHNWHQ GH 7UNL\H·GH ELU NLûLQLQ ELU WHOHYL]\RQ NXUXOXûXQGD
\]GH \LUPLGHQ ID]OD KLVVHVLQLQ ROPDVÖ \DVDN EXJQN NDQXQXPX]D J|UH %LUGHQID]OD
WHOHYL]\RQGD KLVVHVL YDUVD RQODUÖQ WRSODPÖQÖQ GD ·\L JHoPHPHVL JHUHNL\RU )DNDW
EL]ELOL\RUX]NLEXJQ7UNL\H·GHoKDWWDG|UWWHOHYL]\RQXRODQPHG\DSDWURQODUÖYDU
%L] EXQX ELOLS QH \DSÖ\RUX]" 6HUPD\H 3L\DVDVÖ .XUXOX·QD %DQNDFÖOÖN 'HQHWOHPH
.XUXOX·QD
5HNDEHW
.XUXOX·QD
0DOL\H
%DNDQOÖøÖ·QD
\D]ÖODU
\D]GÖN
.RQXQXQ
DUDûWÖUÖOPDVÖ JHUHNWLøLQL LIDGH HWWLN %L]LP GLUHNW RODUDN JLGLS NXUXOXûODUÖQ HYUDNODUÖ
]HULQGHELULQFHOHPH\DSPD\HWNLPL]EXOXQPX\RUPDDOHVHI
´(NUDQODUÖ NDUDWPDN \HULQH \D\ÖQ KDNNÖ YHULUNHQ GDKD GLNNDWOL ROPDN GDKD X\JXQ
GHøLO PL"µ GHGL ELU DUNDGDûÖPÖ] GD 'RøUX DPD EL] ûX DQGD \D\ÖQ NXUXOXûODUÖQD KHQ]
OLVDQVODUÖQÖ YHUHPHGLN <HGL \ÖOGÖU OLVDQV YHUPHN LoLQ LKDOH \DSPDN LVWL\RUX] DPD ELU
WUO EDûDUDPÖ\RUX] %XQXQ ELU QHGHQL GH PDDOHVHI \D\ÖQ NXUXOXûODUÖ QH ]DPDQ
JLULûLPGH EXOXQVDN \D LNWLGDU ]HULQGH EDVNÖ NXUDUDN EX LKDOH\L LSWDO HWWLUL\RUODU \D GD
NDQXQL \ROODUD EDûYXUX\RUODU \UWPH\L GXUGXUPD NDUDUÖ DOGÖUÖ\RUODU 1LVDQ D\ÖQGD
\DSPD\Ö SODQODGÖøÖPÖ] LKDOH GH EX ûHNLOGH GXUGXUXOGX /LVDQVODUÖ GDøÖWDELOLUVHN \D\ÖQ
NXUXOXûODUÖ LKODO \DSPD\Ö DOÖûNDQOÖN KDOLQH JHWLUGLøLQGH RQODUÖ VXVWXUPDPÖ] HWNLVL] KDOH
JHWLUPHPL]OLVDQVLSWDOL\ROXQDJLWPHPL]NROD\ODûDFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6D\ÖQ 2NWD\ (NûL WHNHOOHûPHQLQ ROPDGÖøÖQÖ \RøXQODûPD ROGXøXQX V|\OHGL %HQLP
ELOGLøLP NDGDUÖ\OD |]HOOLNOH \D]ÖOÖ EDVÖQGD oRN FLGGL ELU WHNHOOHûPH ROJXVX YDUGÖU 6D\ÖQ
(NûL·QLQ
GH
oDOÖûWÖøÖ
JUXS
7UNL\H·GHNL
\D]ÖOÖ
EDVÖQÖQ
·LQL
HOLQGH
EXOXQGXUPDNWDGÖU (øHU E|\OH ELU RUDQ WHNHOOHûPH GHøLOVH WHNHOOHûPHQLQ QH ROGXøXQX
PHUDNHGL\RUXP<LQHSDQHOLVWDUNDGDûODUÖPÖ]GDQELULUDG\RYHWHOHYL]\RQFXOXøXQWLFDUL
ELUHWNLQOLNROGXøXQXEXQDJ|UHKDUHNHWHWPHOHULJHUHNWLøLQLLIDGHHWWLOHU%XQDGDNDUûÖ
oÖNÖ\RUXP5DG\R YHWHOHYL]\RQFXOXN WLFDULELU HWNLQOLN GHøLOGLU NDPXVDO ELU HWNLQOLNWLU
.DPX oÖNDUODUÖ J|] |QQH DODUDN \DSÖODELOLU +HUKDQJL ELU IDEULNDGDQ IDUNÖ EXUDVÖGÖU
<DQL oRN NkU HWPHN LVWH\HQ LQVDQODU LoLQ 7UNL\H·GH \DSÖODFDN GDKD oRN LûOHU YDUGÖU
$PD UDG\R YH WHOHYL]\RQFXOXN \DSPDN LVWL\RUVDQÖ] RQX GLøHU VHNW|UGHNL LûOHULQL]GHQ
D\UÖWXWPDQÖ]JHUHNLU
GH
0HG\DQÖQ EX HWLN HUR]\RQGDQ YH \R]ODûPDGDQ NXUWXOPDVÖ LoLQ \DSPDVÖ JHUHNHQOHUL
NÖVDFD
LIDGH
HWPHN
LVWL\RUXP
0HG\DGDNL
WHNHOOHûPH\L
|QOH\HFHN
NDQXQODU
NDUDUOÖOÖNOD X\JXODQPDOÖGÖU %XQODU \HWPL\RUVD \HQL NDQXQL G]HQOHPHOHU LYHGLOLNOH
\DSÖOPDOÖGÖU 0HG\D NXUXOXûODUÖQÖQ KDOND DoÖOPDVÖQGD oRN RUWDNOD GHQHWOHQHQ ELU
VLVWHPH JHoLOPHVLQGH GH \DUDU J|U\RUXP %|\OHFH KHP PDOL ULVN D]DODFDNWÖU KHP GH
VL\DVL LNWLGDU ELQOHUFH KLVVHGDUÖ NDUûÖVÖQD DOPD\D FHVDUHW HGHPH\HFHNWLU +kOk GQ\DQÖQ
HQ VD\JÖQ JD]HWHOHULQGHQ ELUL NDEXO HGLOHQ /H 0RQGH E|\OH ELU DQOD\ÖûOD ùNLQFL 'Q\D
6DYDûÖ VRQUDVÖQGD 'H *DXOOH |QFOøQGH NXUXOPXûWXU 2 WDULKWH 'H *DXOOH GHYOHWLQ
YHHJHPHQJoOHULQHWNLVLDOWÖQGDNDOPD\DFDNEDøÖPVÖ]ELUJD]HWHNXUDELOPHQLQ\ROXQX
JD]HWH VHUPD\HVLQL oRN VD\ÖGD NLûL\H GDøÖWPDNOD EXOPXûWX %X PRGHO EXJQ GH HQ
GRøUX YH JHUoHNoL PRGHO RODUDN GXUPDNWDGÖU .oN VHUPD\HOHUOH E\N JD]HWHOHU YH
WHOHYL]\RQODU NXUPDN PPNQ GHøLOGLU DPD JD]HWH YH WHOHYL]\RQ NXUDFDN VHUPD\HQLQ
ELUNLûLGHROPDVÖGDVRQGHUFHVDNÖQFDOÖGÖU
%LU GH L]QLQL]OH -DSRQ |UQHøLQGHQ V|] HWPHN LVWL\RUXP -DSRQ\D·GD GQ\DQÖQ HQ
E\N JD]HWHVL \D\ÖPODQPDNWDGÖU 2Q G|UW PLO\RQ JQON WLUDMÖ\OD <RPXLUX úLPEXQ
JD]HWHVL %X JD]HWHQLQ \DQ NXUXOXûX \RNWXU ùNL WDQH \DQ NXUXOXûX YDUGÖU ELUL VHQIRQL
RUNHVWUDVÖGÖU ELUL EH\VERO WDNÖPÖGÖU 9H JHUoHN SDWURQX RNX\XFXODUÖGÖU 7UNL\H·GH
JD]HWHOHULQ WLUDMODUÖQÖQ EX NDGDU JGN NDOPDVÖQÖQ DUNDVÖQGD KDONÖQ JD]HWHOHUL NHQGL
JD]HWHVLNDEXOHWPHPHVLJHUoHøL\DWPDNWDGÖU
<R]ODûPDQÖQ |QQH JHoHELOPHN LoLQ \DSÖOPDVÖ JHUHNHQ ELU GLøHU KXVXV JD]HWHFL
FHPL\HWOHUL YH ELUOLNOHUL PHVOHN LONHOHULQH X\PD\DQ \HOHUL NDPXR\XQD DoÖNODPDOÖ
DIRUR]
HWPHOL
DUDODUÖQGD
EDUÖQGÖUPDPDOÖGÖU
*D]HWH
RNX\XFXODUÖ
YH
WHOHYL]\RQ
L]OH\LFLOHUL NHQGLOHULQGHQ \DQD ROPD\DQ JD]HWHFL YH SURJUDPFÖODUÖ SURWHVWR HWPHOL
RQODUÖQ
oDOÖûWÖøÖ
JD]HWHOHUL
DOPDPDOÖ
WHOHYL]\RQODUÖ
L]OHPHPHOLGLU
.DPX
WHOHYL]\RQFXOXøX ELU ONHGH JoO LVH RUDGD |]HO WHOHYL]\RQFXOXN GD NHQGLVLQH oHNL
G]HQ YHUPHNWHGLU ùQJLOWHUH·GH $OPDQ\D·GD ùWDO\D·GD EXQXQ |UQHNOHULQL J|U\RUX]
7UNL\H·GH GH 757 NDOLWHGHQ WDYL] YHUPHGHQ GDKD oRN L]OHQPHQLQ \ROXQX EXODELOLUVH
|]HO WHOHYL]\RQODU GD LVWHU LVWHPH] 757·\L WDNLS HWPHN ]RUXQGD NDODFDNODUGÖU
hQLYHUVLWHOHU EQ\HVLQGH DUDûWÖUPD HQVWLWOHUL NXUXODELOLU %X HQVWLWOHU PHG\DGDNL
KDEHU oDUSÖWPDODUÖQÖ G]HQOL ELU ûHNLOGH NDPXR\XQD DoÖNOD\DELOLU $\QÖ ûHNLOGH VLYLO
WRSOXP |UJWOHUL GH PHG\D J|]OHP HYOHUL ROXûWXUDELOLU 0HG\DQÖQ GHQHWOHQPHVL
DoÖVÖQGDQED]ÖùQWHUQHWVLWHOHULQLoRNXPXWYHULFLEXOX\RUXP)UDQVD·GD6DUÖ.DUWLVLPOL
ELU VLYLO JLULûLP YDU %X JLULûLP )UDQVÖ] WHOHYL]\RQ NDQDOODUÖQGD HWLøH NDQXQ YH
\|QHWPHOLNOHUH D\NÖUÖ EXOGXøX \D\ÖQ YH SURJUDPODUÖ KXNXNoXODUÖ\OD X]PDQODUÖ\OD
GHøHUOHQGLUL\RUYHNDQXQL\ROODUDEDûYXUX\RU$GHWD|]HOELU57h.JLELoDOÖûÖ\RU7UN
0HG\D(WLøL3DQHOL
PHG\DVÖQÖ GHQHWOH\HFHN E|\OH ELU VLYLO JLULûLPLQ GH \DUDUOÖ RODFDøÖQD LQDQÖ\RUXP
7HûHNNUHGHULP
$\GÖQ6H]JLQ
%L]EXJQN7UNL\H·\LID]ODNDUDQOÖNJ|U\RUX]57h.%DûNDQÖ6D\ÖQ.D\ÖûELUD]
|QFH EDKVHWWL $YUXSD ONHOHULQGH EDWÖ GHPRNUDVLOHULQGH ELU WDNÖP VLYLO WRSOXP
|UJWOHQPHOHUL PHG\D\Ö GHQHWLP DOWÖQD DOÖ\RU %X ELU UDKDWVÖ]OÖNWDQ GROD\Ö WDEL %HQLP
J|UHELOGLøLP NDGDUÖ\OD EL]LP EXUDGD 7UNL\H·GH PHG\D\D \|QHOWWLøLPL] \D\ÖQODUÖQ
LoHULøLDoÖVÖQGDQROVXQVDKLSOHQPHPONL\HWGXUXPXEDNÖPÖQGDQROVXQEXHOHûWLULOHULQ
ELUoRøX EHOOL GHPRNUDVLOHU WDUDIÖQGDQ GD VHVOHQGLULOL\RU KHP GH ûLGGHWOL ELU ELoLPGH
VHVOHQGLULOL\RU (YHW EL] %DVÖQ <D\ÖQ *HQHO 0GUOø RODUDN ELU DUDûWÖUPD \DSWÖN
57h.·OHGHSD\ODûWÖNRDUDûWÖUPDPÖ]Ö´%DWÖOÖGHPRNUDVLOHUGHPHG\DPONL\HWLGXUXPX
QDVÖO
ROXU"µ
GL\H
|]HOOLNOH
WHOHYL]\RQ
DODQÖQGD
$QOD\DELOGLøLPL]
NDGDUÖ\OD
EX
oDOÖûPDGDQ oÖNDUWDELOGLøLPL] NDGDUÖ\OD PHG\DGDNL HQWHJUDV\RQXQ oRN Xo QRNWDODUD
YDUDELOGLøLQLJ|U\RUX]ùKDOHOHUHJLUPHNÖVÖWODPDODUÖGDELUD]VÖQÖUOÖ(øHU7UNL\HN|W
ELU |UQHNVH R N|W ROPD GXUXPXQX WHN EDûÖQD \DûDPÖ\RU RQX V|\OHPHN LVWL\RUXP
úLPGL EL]GH EHONL NDPXR\XQXQ PHG\D\D EDNÖûÖQÖQ GDKD HOHûWLUHO ROPDVÖQD \RO DoDQ
ROJX EDVÖQ oDOÖûDQODUÖQÖQ EHOLUOL WHPLQDWODUGDQ \RNVXQ ROPDODUÖ <DQL VD\ÖOÖ %DVÖQ
dDOÖûDQODUÖ <DVDVÖQÖQ WDP RODUDN X\JXODQDPDPDVÖ %X \DVD GD DVOÖQGD JQP]
HNRQRPLN NRûXOODUÖQÖ oRN DûDQ LPNDQODU WDQÖ\RU oDOÖûDQD )HYNDODGH oHWUHILO ELU NRQX
ELOL\RUXP$QFDN7UNL\H·GHEHONLPHG\D\D\|QHOLNELUWDNÖPUDKDWVÖ]OÖNODUÖQJLGHULOPHVL
DoÖVÖQGDQEXVD\ÖOÖ\DVDQÖQJQQNRûXOODUÖQDX\GXUXOXSoRNGDKDFLGGLELUûHNLOGH
X\JXODQPDVÖQÖQ WHPLQLQH oDOÖûÖODELOLU %HONL NXUWXOXû \ROODUÖQGDQ ELUL EXGXU 6D\ÖQ
%DûNDQ 'H *DXOOH·Q /H 0RQGH·OD LOJLOL oDOÖûPDVÖQGDQ LQLVL\DWLILQGHQ ELU |UQHN YHUGL
$VOÖQGD ND\QDN RODUDN EDNDUVDN ROD\D 'H *DXOOH·Q \DSWÖøÖ SHN GH DKODNL GHøLOGL
dQN R G|QHPLQ RUWDPÖQGD NHQGLVLQL NHQGL J|UûOHULQL VDYXQDFDN |]HOOLNOH GH
)UDQVD·QÖQGÖûSROLWLNDVÖQÖVDYXQDFDNELUJD]HWH\DUDWPDXøUDûÖ\GÖR
<DEDQFÖ ONHOHUGHNL EDVÖQÖQ QH GHQOL WDUDIJLU RODELOGLøLQL 6D\ÖQ 2NWD\ (NûL LOH
\DSWÖøÖPÖ] ELU oDOÖûPDGD J|UGN *HQHOGH \DEDQFÖ EDVÖQGD 7UNL\H LOH LOJLOL oÖNDQ
KDEHUOHULQ NDOLWHVLQL \|QQ ELOL\RUVXQX] %XQODUÖQ LoLQGH WDEL NL GRøUXODU YDU
WDELDWÖ\OD HOHûWLULOPHPL] JHUHNHQ KDNOÖ KDEHUOHU YDU WDELDWÖ\OD KDNOÖ WHQNLWOHU YDU $PD
EX WHQNLWOHUGHQ |QHPOL ELU NÖVPÖ GD VLVWHPDWLN EHOOL SVLNRORMLN QHGHQOHUH GD\DQÖ\RU
YH\DKXW GD EX ONHOHULQ GÖû SROLWLNDODUÖQÖQ X]DQWÖVÖ VD\ÖODELOLU 6D\ÖQ (NûL 8OXVODUDUDVÖ
%DVÖQ .RQVH\L QH]GLQGH ELU JLULûLPGH EXOXQGX 8OXVODUDUDVÖ %DVÖQ .RQVH\OHULQLQ EX
ûLND\HW PHNDQL]PDVÖQÖQ XOXVODUDUDVÖ EDVÖQ DODQÖQGD X\JXODQPDVÖ ûHNOLQGH ELU |QHUL
JHWLUGL %X |QHUL EDVÖQ |]JUOøQH D\NÖUÖOÖN \DUDWDELOHFHøL JHUHNoHVL\OH UHGGHGLOGL
úLPGL ELU \DQGD EDVÖQ |]JUOø LONHVL YDU ELU \DQGD REMHNWLIOLN YDU ELU \DQGD GD ELU
XOXVXQ ELU ONHQLQ EX 7UNL\H ROVXQ EDûND ELU ONH ROVXQ KDNVÖ] \HUH HOHûWLULOPHVL
KDWWD LWLEDUÖQÖQ ]HGHOHQPHVLROD\Ö YDU %XUDGD o XQVXUXQ GD |QHPL YDU $QFDN ELULQFL
XQVXU EDVÖQ |]JUOø JHUHNoH J|VWHULOHUHN EX |QHUL XOXVODUDUDVÖ SODQGD UHGGHGLOGL
%DûND ELU GH\LûOH NHQGL HYLPL]L WHPL]OH\HOLP NHQGL HYLPL]GH HQ L\L\L VDøODPD\D
oDOÖûDOÖP DPD EX NRQX\D YHVLOH RODUDN GHøHUOHQGLUHOLP ONHPL]GHNL NRûXOODUÖ dRN
WHûHNNUHGHULP
'DYLG%HUFKDUG
%LU
LNL
QRNWD\D
$UNDGDûODUÖPÖ]ÖQ
EX
GHøLQPHN
LVWL\RUXP
QRNWDGDNL
ND\JÖODUÖQÖ
%LU
WDQHVL
EDVÖQÖQ
SD\ODûÖ\RUXP
=DWHQ
WLFDUHW
EL]
WDUDIÖ
D\GÖQODUD
D\GÖQODWPDNOD LOJLOL WHUV Gû\RU EX ELU JHUoHN $PD EL] JHUoHøH EDNPDOÖ\Ö] dQN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ùQJLOWHUH·GHNLEDVÖQYHPHG\DQÖQoRøX|]HONLûLOHULQHOOHULQGHGLU%%&·GHELOHDUWÖNSDUD
DPDFÖ\OD oDOÖûÖOÖ\RU 2QXQ LoLQ ED]Ö NRQXODUGD PXWODND WDYL] RODFDN ùNLQFL NRQX EDVÖQ
]HULQGHNL NRQWUROOHU YH JHUoHNOHU EXUDGD oRN GHULQ NRQXODU YDU oRN NÖVD RODUDN
DQODWDFDøÖP %LU WDQHVL LWLUDI HGH\LP JHUoHN NRQXVXQGD oRN E\N GHøLûLNOLNOHU ROGX
.LûLVHO J|UûOH VDELW JHUoHNOHU DUDVÖQGD oHOLûNLOHU J|UO\RU +HUNHV NHQGL J|UûQ
LQDQGÖNODUÖQÖ DQODWÖ\RU ùVWHU LQDQÖ\RU LVWHU LQDQPÖ\RUVXQX] 'XUXP E|\OH EHONL L\L ELU
GXUXP GHøLO %HONL ùQJLOWHUH·GHNL WDULK GHUVOHULQGHQ YH WDULK GHUVOHULQLQ YH WDULK
ELOJLVLQLQD]ROPDVÖQGDQND\QDNODQDQELUJHUoHNDPDGXUXPE|\OH%XJQPHG\DGDELU
DoÖN RWXUXP \DNODûÖPÖ YDU %X ]DWHQ Lû GHøLO oQN EDVÖQ \ROX\OD DWÖûDQ NLûLOHU
ND\EHGL\RUODU$\QÖ]DPDQGDEXoRN|QHPOLùQJLOWHUH·GHDûÖUÖVHUEHVWOLNYDU%XEHQLP
J|UûPGU YH ùQJLOL] RUWD VÖQÖIÖQÖQ ELU NÖVPÖQÖQ $QFDN QH \DSDELOLUVLQL] 'HYOHWLQ
RWRULWHVLQL GHYLUHPH]VLQL] ùQJLOWHUH·GH EDVÖQÖQ ]HULQGHNL NÖVÖWODPD oRN D] =DWHQ
WHOHYL]\RQ LoLQ UXKVDW DOPDN ]RUXQGDVÖQÖ] %X 0HG79 LoLQ HYHW IRONORULN \D\ÖQ LoLQ
UXKVDW YHULOPLû YH RQODU GD WDPDPHQ VL\DVHWH G|QN ELU WDNÖP WHU|U GHVWHNOH\HQ
\D\ÖQD EDûODGÖ YH EXQX GXUGXUPDN ELU KD\OL ]DPDQ DOGÖ VRQXQGD GXUGXUXOGX dQN
PHNDQL]PD \RN 'LøHU NRQXODUGD ]DWHQ EDVÖQÖ NÖVÖWODPD PDKNHPHOHUH EDNÖ\RU
ùQJLOWHUH·GH LIWLUD NDQXQODUÖ YDU DPD KDNDUHW NDQXQODUÖ \RN $\UÖFD VDELW GHøHUOHUL
VDYXQXUODU ELU WHN LVWLVQD YDU R GD ÖUNoÖOÖN NRQXVXQGD 6L] ÖUNoÖOÖN NRQXVXQGD
EDûNDODUÖQD KDNDUHW HGHPH]VLQL] %X GXUXPXQ oRN ROXPVX] WDUDIODUÖ YDU EHQ GH
J|UûOHULQL]HND\JÖODUÖQÖ]DNDWÖOÖ\RUXPEXNRQXGD$PDD\QÖ]DPDQGDVUHNOLGHøLûPH
VUHFL LoLQGH RODQ WRSOXPODUGD QDVÖO ELU NÖVÖWODPD oHUoHYHVL NR\DFDNVÖQÖ] dQN EHOOL
ELU VUH VRQXQGD R oHUoHYH IRVLOOHûPLûRODFDN \DQL GHøLûHQ WRSOXPXQ \HQL GHøHUOHULQH
WHUV GûHFHN 'HPHN NL EDVÖQGD VUHNOL WDYL] YDU VUHNOL HKYHQLûHUL NDEXO HWPHN
]RUXQGDVÖQÖ]DPD]DWHQEXNHQGLOLøLQGHQGRøX\RU
0XVWDID*|]DODQ
(WLN VRUXQX YDU %X VRUXQ 7UNL\H·GH KHU DODQGD YDU KDVWDQHOHUGH YDU WÖS
GQ\DVÖQGD YDU HøLWLPGH YDU PHG\DGD GD YDU 6L\DVL HWLN VRUXQX GD YDU 2 \]GHQ NL
,0)·QLQ HQ VRQ VWDQGE\ DQODûPDVÖQGD ,0) ûDUW NR\PXûWXU %LU NRQXûODQPD
DODFDNVÖQÖ] YH VL\DVL HWLøL YH VL\DVL oUPH\L G]HOWPHN LoLQ ELU WDNÖP WHGELUOHU
DODFDNVÖQÖ] GL\H ùVWHUVHQL] VRQ ,0) VWDQGE\ DQODûPDVÖQD EDNDELOLUVLQL] 'ROD\ÖVÖ\OD
EXQX DVOÖQGD ELU WDUWÖûPD RUWDPÖQD JHWLUPHPL] OD]ÖP dÖNÖû QRNWDPÖ] HYHW ELU HWLN
VRUXQXPX] YDU 'ROD\ÖVÖ\OD EX VRUXODU GD LûWH NoN G]HOWPHOHU GRøUX PXGXU GL\H
dDUûDIoDUûDIKDNDUHWHGL\RUVXQX]\DQOÖûELOJLYHUL\RUVXQX]VRQUDNoNELUG]HOWPH
\DSÖ\RUVXQX] 2 ûLUNHW EX NXUXOXQ GHUGL oRN ID]OD EHQL LOJLOHQGLUPL\RU %X YDU PÖ
RQXQ EXQXQ \DSPDVÖ GD |QHPOL GHøLO (YHW YDU 'HPHN NL ELU HWLN VRUXQXPX] YDU
úLPGL EXUDGD WDUWÖûPDPDPÖ] OD]ÖP %LUGHQ ELU VRQUDNL DGÖPD VRQXQX ]DWHQ KHSLPL]
NDEXO HGL\RUX] +HSLPL] ]DWHQ VRQ GHUHFH PQHYYHU ]HQJLQ ELU ONH LoLQ KHU ûH\LQ
DGLO ROGXøX |]HOOLNOH JHQoOHUL LoLQ DGLO ROGXøX ELU RUWDP LoLQ oDOÖûÖ\RUX] úDKVHQ EHQ
E|\OH GûQ\RUXP úLPGL DQFDN EXUDGD ELU DQ ELOH DUD YHUPHPHPL] OD]ÖP 6RQ
GHUHFH JHUoHNOHUH EDøOÖ JHUoHNOHUL DQOD\DUDN KDUHNHW HWPHPL] OD]ÖP 7UNL\H·GH
WHNHOOHûPH YDU PÖGÖU JD]HWHOHUGH" %XQX VDPLPL V|\O\RUXP EHQ ELOPL\RUXP )DNDW
ûXQX ELOL\RUXP 6D\ÖQ .D\Öû·ÖQ YHUGLøL RUDQÖQÖQ GRøUX ROGXøXQX ELOL\RUXP
.HQGLVLQH GH HQ \DNÖQ ]DPDQGD HQ VRQ JD]HWH VDWÖû PLNWDUÖQÖ ELOGLUHFHøLP 7UNL\H·GH
PLO\RQJD]HWHVDWÖOÖ\RU·ÖEXQXQ]DWHQVL\DVLJD]HWHOHU%LUJUXEXQVDKLSROGXøX
ELU LNL YH o QXPDUDOÖ JD]HWHOHULQ ELU QXPDUDOÖ JD]HWH ROGXøX ûHKLU VD\ÖVÖ LNL YH\D o
úLPGL ûX YDU PÖ WHNHOOHûPH YDU PÖ VDPLPL V|\O\RUXP ELOPL\RUXP )DNDW EXQXQ ELU
0HG\D(WLøL3DQHOL
NXUDOÖ YDU DUNDGDûODU hVWQGH oDOÖûÖOPDVÖ JHUHNHQ ELU NXUDOÖ YDU $NVL WDNGLUGH EXQX
VUHNOL RODUDN YH EHQFH VL\DVLOHULQ WX]DøÖQD GûHUHN NDEXO HGHUL] HYHW WHNHO 7HNHO YDU
%L]LP ELU 5HNDEHW .XUXOXPX] YDUGÖU $YUXSD·GD GD EX LûOHU E|\OH \DSÖOÖ\RU
ùVNDQGLQDY\D·GD HQ L\L o JD]HWHQLQ LNL \] JD]HWHQLQ GDKD GRøUXVX o NXUXOXûWD
ROPDVÖQD
PVDDGH
HGLOL\RU
úXQD
EDNPDN
OD]ÖP
+DNVÖ]
KkNLP
ELULPLQ
N|W
NXOODQÖPÖQD YH |Q \DUJÖODUÖPÖ]OD GHøLO JHUoHNOHUL WRSOXPXQ LVWDWLVWLNVHO YHULOHULQH
EDNDUDN NRQXûPDPÖ] OD]ÖP %X VDGHFH PHG\D HWLøLQLQ VRUXQX GHøLO EX 7UNL\H·QLQ
HWLøLQLQ VRUXQX (øHU VL\DVLOHU ]HULQGH WHOHYL]\RQ OLVDQVODUÖ oÖNPDVÖ NRQXVXQGD ELU
EDVNÖ YDU LVH EXUDGD VL\DVHW HWLøLQLQ JHUHøLQLQ \DSÖOPDVÖ OD]ÖP RQXQ GHYUH\H JLUPHVL
OD]ÖP +HU ûH\ WLFDUHW DODQÖQGD GD EHONL \DQOÖû DQODûÖOPÖû RODELOLULP EHQ ûXQX GHPHN
LVWL\RUXP KHSLQL]H GH V|\O\RUXP 79 JD]HWH IDUN HWPH] ]DUDU HGHQ YH oRN L\L
QL\HWLQH UDøPHQ ]DUDU HGHQ YH VUHNOL RODUDN WHûYLNOH NDøÖW GHVWHøL\OH JD]HWHOHULQ
GHYOHWLQ HOLQH EDNWÖøÖ ELU RUWDPGD PÖ JD]HWH RNXPDN LVWHUVLQL] \RNVD NkU ]DUDU HVDVÖQD
J|UH oDOÖûDQ YH GH VRQXoODUÖQÖ J|UGøQ] GDKD ûHIIDI ELU PHG\DQÖQ UHWWLøL KDEHUOHUL
PL RNXPDN LVWHUVLQL]" <RUXPXQX]X VL]H EÖUDNÖ\RUXP WDPDPÖ\OD VL]H DLW ELU NDUDUGÖU
EX
úHIIDIODûPD NRQXVX KDOND DoÖOPD NRQXVX EXQGDQ J]HO ELU ûH\ YDU PÖ DUNDGDûODU"
1L\H7UNL\H·GHWPPHG\DNXUXOXûODUÖKDONDDoÖNROPDVÖQ"7PWHOHYL]\RQNXUXOXûODUÖ
KDOND DoÖN ROPDVÖQ" $PD EL] OLVDQVÖ ELOH YHUHPL\RUX] GDKD .LPGLU EXQODUÖQ VDKLSOHUL
EHOOL GHøLO 9H HøHU KDOND DoÖN ELU WHOHYL]\RQXQX] YDUVD EDûND LûOHUOH LOJLOHQPHQL]H L]LQ
YHUPL\RUX]3HNL R ]DPDQ DUNDGDûODUûHIIDIOÖøÖ EL] QH\OHVDøOD\DFDøÖ]" %DNÖQ EXJQ QH
]DPDQ LVWHUVHQL] HQ D]ÖQGDQ E\N PHG\D NXUXOXûODUÖQÖQ EX NXUXOXûODUÖQ ùQWHUQHW
VLWHOHULQH JLULQ %X VLWHOHUGH JYHQLOLU NXUXOXûODUÖQÖQ YHUGLøL UDSRUODUD EDNÖQ GHQHWLP
VRQXoODUÖQD EDNÖQ 6L]L ELOJL\L EXOPD\D GDYHW HGL\RUXP KHU ]DPDQ D\DøÖQÖ]D JHOPH]
%X UDSRUODUÖQ VRQXoODUÖ QDVÖO ROX\RU" .Do NDWÖOÖPFÖVÖ YDU NDo DPDFÖ YDU QH NDGDU
]DPDQGD \DSPÖû" +DQJL VHNW|UGH QHUHVLQGH EXQX KDNVÖ] \HUH NRYDODPÖû" %X WLS
NRQXODUGDûHIIDIOÖNoRN|QHPOLGLUEXWLSNRQXODUGDNDPX\DUDUÖQDVÖKKDWOLoDOÖûPDODUÖQ
JHUoHNOHûHELOPHVLLoLQGHûHIIDIYHWLFDULRODUDNGDWDPDPÖ\ODDKODNLYHNDQXQLKHUWUO
\NPOOøQ \HULQH JHWLUHELOHQ WHNQLN DQODPGD ûHIIDIODûPÖû JUXSODUOD EX PPNQ
RODELOLU7HûHNNUHGHULP
1XULdRODNRøOX
(IHQGLP SDQHOLVWOHUH oRN WHûHNNUOHU úLPGL EL] DVOÖQGD PHG\D HWLøLQL WDUWÖûPDN
]HUH \ROD oÖNWÖN 6RQXQGD VDKLSOLN WDUWÖûPDVÖQD G|QGN %XUDGD DVOÖQGD JDOLED WHN
WDUWÖûPDGÖøÖPÖ] HQ |QHPOL QRNWD J|]GHQ NDoWÖ *LGHUHN JQP]GH PHG\DQÖQ GDKD
E\N \DWÖUÖP JHUHNWLUHQ GDKD DøÖU PDOL \NOHU JHWLUHQ \DSÖVÖ \|QHWLPGH JLWWLNoH PDOL
JUXSODUÖQ \DQL VHUPD\H VDKLELQLQ GDKD ID]OD V|] VDKLEL ROPDVÖQD \RO DoÖ\RU %X VDGHFH
7UNL\H LoLQ GHøLO GQ\DQÖQ KHU \HULQGH EX |UQHNOHPL \DûÖ\RUVXQX] EX ROJX\D WDQÖN
ROX\RUVXQX] <DOQÖ] RUGD WDQÖN ROGXøXPX] oRN |QHPOL ELU EDûND ROD\ YDU (GLWRU\DO
WXWDUOÖN GHQLOHQ VDKLSOLNOH R JD]HWHQLQ R WHOHYL]\RQXQ \|QHWLPL DUDVÖQGD ELU oL]JL
oHNLOLSEXQODUÖQELUELULQGHQWDPDPHQEDøÖPVÖ]ELULûOH\LûRODUDNJ|WUOPHVLROJXVXQX
J|]DUGÖHGL\RUX]0XVWDID*|]DODQ·ÖQGHGLøLGRøUXGXU%LUJD]HWHELUWHOHYL]\RQSDUD
ND]DQPÖ\RUVD NHQGL JLGHULQL NDUûÖODPÖ\RUVD DQFDN EDøÖûODUOD \D GD VDøGDQ VROGDQ JHOHQ
SDUD LOH D\DNWD GXUDELOLU 2 SDUD GD \DUÖQ |EU JQ R JD]HWHQLQ R WHOHYL]\RQXQ |QQH
ELUIDWXUDNR\DU'ROD\ÖVÖ\ODEXQODUÖQNHQGLEDûÖQDSDUDND]DQDQNHQGL\DøÖLOHNDYUXODQ
NXUXOXûODUKDOLQHJHOPHVLJHUHNLU$QFDNEXQDNDUûÖOÖNELUJD]HWH\DGDWHOHYL]\RQXQELU
JUXS LOH EDøODQWÖOÖ RODUDN \DûÖ\RU ROPDVÖ PXWODND R JUXEXQ HPLU NRPXWDVÖ DOWÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
RODFDøÖ R JUXEXQ oÖNDUODUÖ GRøUXOWXVXQGD KDUHNHW HGHFHøL DQODPÖQD GD JHOPH] %XQXQ
7UNL\H·GH GH KHSLQL]LQ oRN L\L ELOGLøL LNL WDQH |UQHøL YDU %LUL 179·GLU ELUL &11
7UN·WU %XQODU WDPDPHQ SDWURQODUÖQÖQ GHQHWLPL GÖûÖQGD WDPDPHQ NHQGL EDøÖPVÖ]
oL]JLOHULQL VUGUPHNWHGLU 'LøHU WDUWÖûPDODUÖQ WDPDPHQ GÖûÖQGD NDODELOHFHN ûHNLOGH
\D\ÖQFÖOÖNODUÖQÖJ|WUHQNXUXOXûODUGÖU%LULQFLPHVHOHEXEHQFH
ùNLQFLVL GH oDOÖûDQODUÖQ KDQJL NXUDOODU oHUoHYHVLQGH GDYUDQPDVÖ JHUHNWLøLGLU %HONL
JHOHFHN VHQHNL SDQHOOHUH EX LNL \DNODûÖPÖ NR\DUDN EX LNL NRQX\X IDUNOÖ IDUNOÖ HOH DOPDN
OD]ÖP $PD EX ODIÖ GDKD ID]OD X]DWPDN LVWHPL\RUXP KHSLQL]H L\L JQOHU GLOHPHGHQ
|QFHNoNELUûH\GDKDV|\OHPHNLVWL\RUXP-HDQ3DXO6DUWUH·ÖQ6|]FNOHUGL\HDQÖODUÖQÖ
\D\ÖQODGÖøÖ NLWDSWD oRN J]HO ELU ûH\ YDUGÖU .ÖUND\DøD VRUPXûODU \UPH\H EDûODUNHQ
|QFH KDQJL D\DøÖQÖ DWDUVÖQ GL\H NÖUND\DN R JQGU EXJQGU GûQ\RUPXû (Q L\LVL
EL] R NDGDU GûQPH\HOLP NoN GH ROVD NHQGL oDSÖPÖ]GD ELU ûH\OHU \DSPD\D
EDûOD\DOÖPdRNWHûHNNUOHU
7(5g56ù<$6(7ùú'h1<$6,9((7ù.3$1(/ù
3DQHO<|QHWLFLVL3URI'U$NÖQ(UJGHQ2'7h)HOVHIH%|OP%DûNDQÖ
3DQHOLVWOHU
3URI'U$KPHWùQDP2'7h)HOVHIH%|OP
.D\D*YHQo7UN0KHQGLVYH0LPDU2GDODUÖ%LUOLøL%DûNDQÖ
2UKDQ%LUJLW%DVÖQ.RQVH\L<NVHN.XUXOh\HVL
8OXo*UNDQ0LOOHWYHNLOL
3URI'U&HQJL]*OHo0LOOHWYHNLOL
3URI'U'RøX(UJLO$QNDUDhQLYHUVLWHVL6L\DVDO%LOJLOHU)DNOWHVL
+LNPHW8OXøED\0LOOHWYHNLOL
$NÖQ(UJGHQ
'HøHUOL.RQXNODU.RQJUHPL]LQELULQFLJQQQLNLQFLRWXUXPXQDKRûJHOGLQL]
%XJQN LNLQFL SDQHOLPL]LQ DGÖ ´7HU|U 6L\DVHW ùû 'Q\DVÖ YH (WLNµ ú|\OH ELU
\|QWHP L]OL\RUX] ELULQFL WXUGD RQDU GDNLND NRQXûPD DUDGD VRUXODUÖ DOÖS RQGDQ VRQUD
LNLQFL WXUGD PPNQ ROGXøX NDGDU VRUXODUD FHYDS ûHNOLQGH 7DELv ELWLUPHGLøLQL]
NRQXODUÖ GD LNLQFL WXUD DNWDUÖUVDQÖ] VHYLQLULP %LULQFL WXU RQDU GDNLND $KPHW ùQDP ELU
IHOVHIL DoÖû NRQXûPDVÖ \DSDFDN 2QGDQ VRQUD GD VDQÖ\RUXP RWXUXû VÖUDVÖQD J|UH
NRQXûPDFÖODUD V|] YHUHFHøLP (YHW LON RODUDN 6D\ÖQ $KPHW ùQDP NRQX\D IHOVHIL ELU
JLULû\DSDFDN
%X\XUXQX]6D\ÖQùQDP
$KPHWùQDP
%HQ G|UW NDYUDPÖ ûX ûHNLOGH EDøOÖ\RUXP ùû GQ\DVÖ PHG\D WHU|U YH HWLN
'ûQFHPL DoÖNOD\D\ÖP EX G|UW NDYUDP DUDVÖQGDNL LOLûNL\L %LU G]HQGH \DûÖ\RUX] %X
G]HQGHøLûLNDGODUODDQÖOÖ\RU(øHUoRNVÖFDN\DNODûÖUVDQÖ]GQ\DQÖQLoLQGHEXOXQGXøX
VRV\RHNRQRPLN YH NOWUHO G]HQH LûWH OLEHUDO G]HQ GL\HELOLUVLQL] \D GD ELUD] GDKD
HOHûWLUHO ELU DGODQGÖUPD LOH NDSLWDOLVW G]HQ YH\D HPSHU\DOLVW G]HQ KHU QH\VH %X
G]HQ ELOLPGHQ YH WHNQRORMLGHQ JFQ DODQ ELU oDUN YH oRN \RøXQ N|NOHUL RODQ ELU
LûOH\LûRODUDNJ|]N\RUVDQD\LGHYULPLQGHQVRQUDúLPGLEXLûOH\LûLoHULVLQGHLûoHYUHVL
EX G]HQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN J|]N\RU <DQL EX G]HQLQ oDUNODUÖQÖ
G|QGUHQ LQVDQODU YH EX LQVDQODUÖQ ROXûWXUGXøX NXUXPODU YH EX G]HQLQ GLQDPLøLQL
ROXûWXUDQ E\N ELU HQHUML ND\QDøÖ Lû oHYUHVL %X G]HQLQ LoLQGH \DûD\DQ LQVDQODUOD EX
G]HQ DUDVÖQGDNL N|SU\ KDEHUOHûPH\L VDøOD\DQ GD PHG\D 0HG\DQÖQ R EDNÖPGDQ
oRN|QHPOLELULûOHYLYDUdQNPHG\DEXG]HQLQoDUNÖQÖG|QGUGøQGûQHQYH
EX oDUNÖQ G|QPHVLQGH JF HOLQGH EXOXQGXUDQODU LOH EX oDUNÖQ LoLQGH G|QHQ LQVDQODU
DUDVÖQGDNLKDEHUOHûPH\LVDøOD\DFDNRODQEXG]HQLQQDVÖOELUG]HQROGXøXNRQXVXQGD
ELOJL YHUHFHN RODQ EX G]HQLQ JHUoHNOLN DQOD\ÖûÖQÖQ JHUoHNOLNOH RODQ LOLûNLVLQL NXUDFDN
RODQKDEHUND\QDøÖRODUDNJ|]N\RU'ROD\ÖVÖ\ODEXG]HQGHNLDNVDNOÖNODUGDQKHPEX
G]HQL oHYUHOH\HQ YH EX G]HQLQ NDoÖQÖOPD] SDUoDODUÖ YH EX G]HQL oHYLUHQ NLûLOHU
RODUDN Lû oHYUHVL VRUXPOX KHP GH EX G]HQL oHYLUHQ YH GHYDP HWWLUHQ JF YHUHELOHQ
DNWDUDQ EX JoOH LOJLOL KDEHUOHU YHUHQ PHG\D E\N |OoGH VRUXPOX 7HU|U LûWH EX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
G]HQLQ oHYULOLûL LOH LOJLOL EX LNL JFQ LOLûNLVLQGH RUWD\D oÖNÖ\RU dQN EX G]HQGHQ
UDKDWVÖ] RODQ EX G]HQGHNL KDNVÖ]OÖøÖ EX G]HQGHNL DGDOHWVL]OLøL EX G]HQGHNL
HNVLNOLNOHUL YH |]UOHUL NDEXO HWPH\HQ YH EXQODUD NDUûÖ oÖNDQ LQVDQODUÖQ ELU WHU|U ³
RQD\OD\ÖQYH\DRQD\ODPD\ÖQWDELE\N|OoGHWHU|URQD\ODPÖ\RUX]DPD³EXG]HQH
NDUûÖ oÖNDELOPH %X G]HQLQ LûOH\LûLQH EDNDQ KHP Lû oHYUHOHULQLQ oHYLUGLøL ELU G]HQ
RODUDN EX G]HQH NDUûÖ oÖNÖ\RU KHP GH PHG\DQÖQ EX G]HQLQ LûOH\LûL LOH LOJLOL EX
G]HQLQ ]HULQH |UWWø |UWOHULQGHQ UDKDWVÖ] RODQ <DQL JHUoHNOLøL ELU ELoLPGH
VDSWÖUDQ VDNOD\DQ oDUSWÖUDQ JoOHUH NDUûÖ ELU oÖNÖû RODUDN WHU|U NHQGLQL J|VWHUL\RU GL\H
GûQ\RUXP %X DQODPGD WHU|U QH NDGDU N|WOHUVHN N|WOH\HOLP ³PDVXP ELU VU
LQVDQÖQ |OPQH \RO DoWÖøÖ LoLQ³ EX G]HQLQ LûOH\LûLQLQ NDoÖQÖOPD] ELU SDUoDVÖ RODUDN
J|]N\RU<DQLEXG]HQRQXoHYLUHQLûDGDPODUÖLOHG|Q\RUEXG]HQLQKDEHUFLOHUL
LOH G|Q\RU $PD EXQGDQ UDKDWVÖ] RODQ LQVDQODUÖQ LV\DQ HWPH ELoLPL RODUDN WHU|UOH GH
G|Q\RU ']HQ E|\OH NXUXOXQFD EDQD |\OH JHOL\RU NL LVWHU LVWHPH] EX G]HQGHQ
UDKDWVÖ] RODQ EX G]HQGHQ DFÖ oHNHQ LQVDQODUÖQ QH GHQOL LûWH |]JUON LQVDQ KDNODUÖ
NDUGHûOLNHûLWOLNDGDOHWV|]OHULNXOODQÖOÖUVDNXOODQÖOVÖQRODøDQG]HQLQNXUDOODUÖQDX\JXQ
NDUûÖ oÖNPD RODQDøÖ YH G]HQL GHøLûWLUPH XPXGXQX WDûÖPD\DQ G]HQGHQ EX DQODPGD
XPXGXQX NHVPLû YH G]HQLQ DNVDNOÖNODUÖQÖ ELU HOHûWLUL YH RQD ELU LV\DQ RODUDN J|]NHQ
WHU|U KDUHNHWL RUWD\D oÖNÖ\RU 'ROD\ÖVÖ\OD WHU|U LOH PFDGHOHGH EHQFH G]HQLQ
EWQQQ HOH DOÖQPDVÖ OD]ÖP <DQL QDVÖO ELU G]HQGH \DûÖ\RUX] NL WHU|U GHQLOHQ
LQVDQOÖNGÖûÖELUûH\RUWD\DoÖNÖ\RU1DVÖOELUG]HQGH\DûÖ\RUX]NLEXG]HQLQVUPHVLQL
VDøOD\DQ Lû DGDPODUÖ YH PHG\D PHG\DQÖQ JHUoL PXKDOLI RODQ NÖVÖPODUÖ GD YDUGÖU DPD
EHQPHG\D\ÖEWQ\OHWRSODPRODUDNROXPVX]ELU\HUGHJ|U\RUXP<DQLEXG]HQLQ
oDUNODUÖQÖQG|QPHVLQHKL]PHWHGHQELUNXUXPRODUDNJ|U\RUXPdQNPHG\DEXJQ
KHP EL]LP ONHPL]GH KHPGQ\DGD Lû oHYUHOHUL LOH oRN \DNÖQGDQ LOLûNLOLGLU 'ROD\ÖVÖLOH
WHU|U NDoÖQÖOPD] ELU H]LOHQ DFÖ oHNHQ KDNVÖ]OÖøD XøUD\DQ LQVDQÖQ NHQGLQL DQODWPD
ELoLPL RODUDN J|]N\RU $PD EX ûHNLOGH DQODWPDVÖQD HOEHWWH NL J|QOP] UD]Ö GHøLO
ùQVDQOÖøÖQ ELU DQODWÖP ELoLPL GHøLO $PD EDûND WUO EX G]HQGH H]LOHQ LQVDQODU
NHQGLOHULQL DQODWPD RODQDøÖ EXODPÖ\RUODU %HONL GH EX WHU|U \]QGHQ ELUWDNÖP ûH\OHUL
\HQLGHQ J|]GHQ JHoLUPHPL] JHUHN EX G]HQLQ EHONL VLONLQPH NHQGLQH JHOHELOPH
RODQDøÖ GD WHU|UGH J|]N\RU dRN DFÖ ELU ûH\ oRN NDQOÖ ELU ûH\ LVWHQPH\HQ ELU ûH\
DPD WHU|U EX DQODPGD ELU RODQDN LQVDQODU LoLQ <DQL ELUG]HQLQ DNVDNOÖNODUÖQÖ \HQLGHQ
J|]GHQ JHoLUPHN GDKD L\L ELU GQ\D YH GDKD L\L ELU JHOHFHN LoLQ QH GHQOL WUDMLN YH DFÖ
ROXUVDROVXQ|QHPOLELULPNDQRODUDNJ|UO\RUGRøUXVXùûWHHWLNEXUDGDJLUL\RU<DQL
EX G]HQ QDVÖO ELU G]HQ NL EX G]HQGH DFÖ oHNHQ LQVDQODU NHQGL VHVOHULQL WHU|UOH
GX\XUDELOL\RUODU
ùûWH HWLN EX oO LOLûNLQLQ \HQLGHQ J|]GHQ JHoLULOPHVL DoÖVÖQGDQ oRN |QHPOL %L]H
QH\L J|VWHUL\RU QH\L VRUX\RU HWLN ND\JÖPÖ]" ùQVDQ RODUDN EX GQ\DGD \DûDUNHQ LoLQGH
\DûDGÖøÖPÖ]G]HQLQGHøHUOHULQLVRUJXODPDPÖ]D\RODoÖ\RU%XQXHWLNDoÖGDQ\DSDFDøÖ]
6DQÖ\RUXP G]HQL oHYUHOH\HQ oDUNODUÖQ HQ E\N \DQÖOJÖVÖ G]HQGHNL EX DNVDNOÖøÖ EX
WHU|U EHODVÖQÖ J|UU J|UPH] EXQX KHPHQ ELU NDUûÖ WHU|UOH KDOOHWPH\H oDOÖûPDODUÖ HWLN
ER\XWX XQXWPDODUÖ <DQL VRUPDODUÖ JHUHNHQ KHU ûH\GHQ |QFH ´1HUHGH \DQOÖû
\DSÖ\RUX]" <DûDGÖøÖPÖ] EX KD\DWÖQ QHUHVL \DQOÖû" ´'HøHUOHULPL]LQ KDQJLVLQGH \D GD
KDQJLOHULQGH DNVDNOÖNODU |]UOHU YDU NL EX FHKHQQHPL \DûDPDN GXUXPXQGD\Ö]"µ JLEL
VRUXODU gQFHOLNOL RODUDN VRUXOPDVÖ JHUHNHQ EX VRUXODU HWLøH GDLU VRUXODUGÖU oQN HWLN
JHQHO DQODPÖ\OD ûXQD FHYDS YHULU ´1DVÖO \DûDPDOÖ" +DQJL GHøHUOHUOH \DûDPDOÖ" +DQJL
GHøHUOHUOH \DûDPDOÖ NL EX FHKHQQHP RUWDGDQ NDONVÖQ GQ\D GDKD J]HO ELU \HU KDOLQH
JHOVLQ"µ $PD EX VRUXOPX\RU DUDûWÖUÖOPÖ\RU YH EWQ Lû HWLN DGÖQD \DSÖODQ ELU WDNÖP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NRGODUÖQ DUDQPDVÖ RODUDN J|UO\RU (øHU ELU WDNÖP NRGODU EXOXQXUVD ELU WDNÖP
WDQÖPODPDODU \DSÖOÖUVD ³´WHU|U QHGLU" |]JUON QHGLU"µ JLEL³ PHVOHN DKODNÖQÖQ
NRGODUÖ YH PHVOHNWH oDOÖûDQODUÖQ X\PDVÖ JHUHNHQ NXUDOODU YHULOLUVH KHU ûH\ DoÖN YH VHoLN
RUWD\D NRQXUVD VRUXQ o|]OU VDQÖOÖ\RU $PD SUREOHP EXUDGD GHøLO NL 6L] LVWHGLøLQL]
NDGDU EDQD J|UH NXUDO NR\XQ EX G]HQ YH EX Lû GHøLûPHGHQ VUGø VUHFH NXUDOODU
XPXPXQ
NXUDOODUÖ
KDOLQH
JHWLULOHELOLU
LNWLGDUÖQ
JFQ
VUGUPH
\|QQGH
G|QûWUOHELOLU YH \R]ODûWÖUÖODELOLU 2UWDGD GHPRNUDVL LQVDQ KDNODUÖ DGDOHW HûLWOLN
|]JUON NDYUDPODU XoXûXUGXUXU YHVL] KHU QH NDGDU J]HO ELU G]HQGH \DûDGÖøÖQÖ]YH
KHU ûH\LQ \HUOL \HULQH RWXUGXøX KVQNXUXQWXVXQD NDSÖOÖUVDQÖ] NDSÖOÖQ EX GQ\DQÖQ
\DUDWWÖøÖ FHKHQQHP EX GQ\DGDNL KDNVÖ]OÖNODU YH ]XOP VUPH\H GHYDP HGHU 2QXQ
LoLQ EXUDGD KHP Lû oHYUHOHULQLQ KHP Lû oHYUHOHULQH EDøOÖ RODUDN VL\DVHWLQ YH RQD EDøOÖ
RODUDN GD DVNHUL JFQ HNRQRPLN JFQ NHQGLQL EX DQODPGD HWLN DoÖGDQ \HQLGHQ
J|]GHQ JHoLUPHVL JHUHNL\RU %X VDGHFH J|UQûWH ELU WDNÖP \HQL NXUDOODUÖQ \HQL
WDQÖPODUÖQ YH \HQL NDYUDPODUÖQ EXOXQPDVÖ VRUXQX GHøLOGLU EX ELU \DûDPD ELoLPL
VRUXQXGXU ELU WDYÖU VRUXQXGXU .XUDO ROXûWXUXOPDVÖQD YH GHøHUOHULQ DUDûWÖUÖOPDVÖQD
NDUûÖ GHøLOLP DPD EX NXUDOODUD X\JXQ LQVDQÖQ \DSÖVÖQÖ DUDûWÖUPDN OD]ÖP JHOGLøLQL
GûQ\RUXP %X NXUDOODUD X\JXQ WXWXPX DUDûWÖUPDN OD]ÖP %X NXUDOODUD X\JXQ DKODN
NDUDNWHULQL DUDûWÖUPDN JHUHN dQN LQVDQ |\OH JDULS ELU YDUOÖNWÖU NL VL] QH NDGDU
NXUDOODU NR\DUVDQÖ] NR\XQ YH RQODU QH NDGDU NXUDOODUD X\X\RUPXû L]OHQLPL YHULUOHUVH
YHUVLQOHURNXUDOODUDX\DUDNGDNXUDOVÖ]DKODNGÖûÖELUGQ\D\DUDWPDLPNDQÖKHU]DPDQ
YDUGÖU oQN LQVDQ NÖYÖUWDQ oDUSÖWDQ YH LVWHGLøL NXUDOÖ LVWHGLøL \|QH oHNHELOHQ ELU
YDUOÖNWÖU 2QXQ LoLQ LQVDQÖQ |]\OH LOJLOL oRN GHULQ ELU SUREOHPLPL]LQ ROGXøXQX
GûQ\RUXP ùûWH HWLN VRUJXODPD EXUDGD EDûOÖ\RU (WLN VRUJXODPD NRQXVXQX ûX WLS
VRUXODUGDQ DOÖU ´ùQVDQ QHGLU" 1DVÖO ROPDOÖGÖU" .RQXODQ NXUDOODUOD YH EX \NVHN
GHøHUOHUH X\JXQ \DûDPD\OD LOJLOL RODUDN QDVÖO NHQGLQL JHOLûWLUPHN ]RUXQGDGÖU"µ (øHU
LQVDQNHQGLNR\GXøX\NVHNGHøHUOHUHX\JXQ\DSÖVDOGHøLûLPLJHUoHNOHûWLUHPH]VHNHQGL
NHQGLQL DOGDWPD\Ö VUGUHFHNWLU <DQL \LQH WHU|UH WHU|UOH NDUûÖ NR\DFDN KDNVÖ]OÖøÖ
\HQPHNLoLQ\LQHKDNVÖ]OÖN\DSDFDNDPDDGÖGHøLûHFHNEXVHIHUNHQGL\DSWÖøÖKDNVÖ]OÖøD
GHPRNUDVL GL\HFHN |]JUON GL\HFHN LQVDQ KDNODUÖ GL\HFHN JF ROPD\DQODUÖQ NDUûÖ
oÖNÖûODUÖ WHU|U RODFDN DPD JF RODQODUÖQ HVWLUGLøL WHU|UQ DGÖ LQVDQ KDNODUÖ |]JUON
GQ\D EDUÖûÖ GQ\D G]HQL RODFDN 2QXQ LoLQ EWQ EXQODUÖ E\N ELU WDUDIVÖ]OÖNOD YH
JQGHOLN ND\JÖODUÖQ VÖUDGDQ oÖNDUODUÖQ X]DøÖQGD \HQLGHQ J|]GHQ JHoLUPHPL] JHUHNLU
GL\H GûQ\RUXP 2QXQ LoLQ HWLN ER\XWX oRN DQODPOÖ J|U\RUXP (WLN NRQXVXQD GD
oRN PHQIDDWSHUHVW oÖNDUFÖ ELU DoÖGDQ EDNPDPDN JHUHN oQN LoLP ûXQD oRN \DQÖ\RU
JHUoHNWHQùQVDQEXNDGDUGHøLOLQVDQEXFHKHQQHPLKDNHWPL\RUùQVDQEX]XOPKDN
HWPL\RU ùQVDQ ûX DûDPDGD \\·D JLUGLøLPL] E|\OH ELU G|QHPGH LQVDQ ROPD\Ö KkOk
EHFHUHPL\RU 2 QHGHQOH WDUWÖûPDODUÖ GDKD HWLN GDKD \NVHN GHøHUOHUOH YH NHQGL Lo
G|QûPP]OH LOJLOL VRUJXODPDODUOD VUGUPHOL\L] GL\H GûQ\RUXP 3UDWLN VL\DVL
oÖNDUFÖND\JÖODUGDQX]DNODûPD\DoDOÖûDUDN7HûHNNUHGL\RUXP
$NÖQ(UJGHQ
$KPHWùQDP·DEXVRQGHUHFHD\GÖQODWÖFÖJLULûNRQXûPDVÖLoLQWHûHNNUHGHUL]úLPGL
V|]+LNPHW8OXøED\·DEÖUDNPDNLVWL\RUXP%X\XUXQX]6D\ÖQ8OXøED\
+LNPHW8OXøED\
7HûHNNUOHU 6D\ÖQ %DûNDQ 6D\ÖQ %DûNDQ 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQLQ
'HøHUOL<|QHWLFLOHULYH%LOLPgøUHWHQOHUL'HøHUOL.RQXNODUYH6HYJLOLgøUHQFLOHU+HU
ûH\GHQ |QFH 2UWD 'RøX 7HNQLN hQLYHUVLWHVLQL hQLYHUVLWHQLQ )HOVHIH %|OPQ YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
E|OP EDûNDQÖ SDQHO \|QHWLFLPL] 3URI 'U $NÖQ (UJGHQ·L 8OXVDO 8\JXODPDOÖ (WLN
.RQJUHVL·QLQ LONLQL G]HQOHGLNOHUL LoLQ NXWODU YH EX oHUoHYHGH WHU|U VL\DVHW Lû GQ\DVÖ
YH HWLN SDQHOLQGH EDQD J|UûOHULPL DoÖNODPD IÖUVDWÖ YHUGLNOHUL LoLQ GH WHûHNNUOHULPL
VXQDUÖP
ùQVDQOÖNWDULKLQLHOHûWLUHOJ|]OHHOHDOGÖøÖPÖ]GDLNWLGDUÖYH\|QHWLPLHOHJHoLUHELOPHN
LoLQoHûLWOLNHVLPOHULQ\DSWÖøÖPFDGHOHOHULYHEXPFDGHOHOHUGHNXOODQÖODQoHûLWOLDUDoODUÖ
J|UU] %X PFDGHOHGH DUDoODUÖQ |QHPOL ELU URO R\QDGÖøÖQÖ GD J|]OHPOHUL] 6L\DVHW Lû
GQ\DVÖ PHG\D KDWWD YH KDWWD WHU|U ]DPDQ ]DPDQ R LNWLGDUÖ HOH JHoLUPHN YH\D R
LNWLGDUGDV|]VDKLELRODELOPHNLoLQoHûLWOL\|QWHPOHUNXOODQDJHOPLûWLUùNWLGDUÖYH\DGDKD
JHQLûELULIDGHLOHJFHOHJHoLUPHNLoLQ\DSÖODQoHNLûPHOHUGHX\JDUDGLODUDoODUNDGDU
KLOH GHVLVH JLEL VLODKODUÖQ GD \RøXQ ELU ûHNLOGH NXOODQÖOGÖøÖQÖ J|UU] dQN EX
PFDGHOHGH 0DN\DYHOL]PL WDQÖPODPDN LoLQ NXOODQÖODQ WHUPLQRORML\L NXOODQÖUVDN NL
0DFKLDYHOOL
]DPDQ
]DPDQ
\DQOÖû
\RUXPODQÖU
´JD\H
YDVÖWDODUÖ
PHûUX
NÖODUµ
0FDGHOHGH HUGHPOL DUDoODUÖ NXOODQDQODU NDGDU HUGHPVL] DUDoODUÖ NXOODQDQODUD GD VÖNoD
UDVWODQÖU 7RSOXP RODUDN oHNWLøLPL] VÖNÖQWÖODUÖQ YH KX]XUVX]OXNODUÖQ WHPHOLQGH EX
HUGHP EXQDOÖPÖ GD |QHPOL ELU \HU WXWDU 1LoLQ KHU WUO PFDGHOH\L EX LNWLGDU LoLQ
ROVXQ GLøHU DPDoODU LoLQ ROVXQ HUGHP oHUoHYHVLQGH \UWHPL\RU GD HUGHPH DGDOHWH
X\PD\DQ \|QWHP YH DUDoODUÖ NXOODQPDN GXUXPXQGD NDOÖ\RU LQVDQOÖN" 7DULK EX VUHFL
\DûDPÖû HUGHP |QHPOL ELU PFDGHOH YHUHJHOPLû DQFDN QHGHQ KkOk ELUD] VRQUD
|UQHNOHULQH GHøLQHFHøLP WUGHQ L\L \|QWHPOHU YH N|W \|QWHPOHUOH PFDGHOH GHYDP
HGL\RU" 'ROD\ÖVÖ\OD EXJQ VL]OHUOH ELUOLNWH EX NRQXODUÖ WDUWÖûWÖøÖPÖ]GD ELU DQODPGD
LQVDQOÖN WDULKLQGH \DSÖODJHOHQ WDUWÖûPDODUD ELU \HQLVLQL GDKD HNOHPLû RODFDøÖ] hPLW
HGHOLPNLEXWDUWÖûPDODUWRSOXPXGDKDL\L\HGRøUXJ|WUPHGHNDWNÖGDEXOXQVXQ
%X WDULKL VUHFH EDNWÖøÖPGD \DQL LQVDQOÖøÖQ LNWLGDU YH\D GLøHU PFDGHOHOHULQGH
HUGHPOLYH\DHUGHPVL]DUDoODUÖNXOODQPDVÖQÖQWHPHOLQGHDVOÖQGDDLOHGHEDûOD\DQRNXOGD
GHYDP HGHQ WRSOXP LoLQGH VUHQ YH VRQ oDøODUGD GD PHG\DQÖQ GD |QHPOL URO DOGÖøÖ
HøLWLP
RUWDPÖQGD
LQVDQOÖN
GHøHUOHULQLQ
|øUHWLOPHVLQGH
YH
ND]DQGÖUÖOPDVÖQGD
QRNVDQOÖNODU ROGXøXQX J|U\RUXP %XQD GD oRN |QHP YHUL\RUXP =LUD EL] oRFXøX
GRøGXøX DQGDQ LWLEDUHQ X\JXQ RUWDPGD X\JXQ GHøHUOHUOH \HWLûWLUPH]VHN \HWLûNLQ
oDøÖQD JHOGLøLQGH R G|QHPH NDGDU HOGH HWWLøL KDWDOÖ ND]DQÖPODUÖ GHøLûWLUHELOPHN oRN
]RUGXUdQNNLûLOLNROXûPXûLQDQÖODQGHøHUOHU\HUOHûPLûWLU.D]DQÖODQEXGHøHUOHUGHQ
\HWLûNLQ
oDøÖQGD
YD]JHoPHN
EX
DQODPGD
NLûLOLøLQGHQ
YD]JHoPHN
LQDQFÖQGDQ
YD]JHoPHN DQODPÖQD JHOL\RU %X PFDGHOHQLQ LoLQH JLUPHN LVWH\HQOHU GH oRN ID]OD
ROPX\RU 2 QHGHQOH LQVDQOÖøÖQ \DSDJHOGLøL YH EXJQ GH WHNUDUODPDNWD ROGXøX KDWD
oRFXøD GRøGXøX DQGDQ LWLEDUHQ YHUGLøL WRSOXPVDO HøLWLPH DWIHWWLøL |QHPLQ GûN
ROPDVÖ YHKDWDODUÖQÖ RUDGD LûOHPHVLGLU úLPGL GûQQ NL ELU oRFXNGQ\D\D JHOL\RU YH
RQVHNL]\DûÖQDNDGDUDQQHVLHYGHG|YO\RUNDUGHûOHULG|YO\RUNHQGLVLG|YO\RU
2NXOD JLGL\RU RNXOGD GD G|YO\RU 0DKDOOHGH GH G|YO\RU úLPGL EX oRFXøXQ
]LKQLQGH D\DNWD NDODELOPHN LoLQ WHU|U HVWLUPHNWHQ EDûND ELU DUDo YH JHUHFLQ |Q SODQGD
RODELOPHVL PPNQ P" 0PNQ GHøLO 'ROD\ÖVÖ\OD LoLQGH \HWLûWLøLPL] RUWDP YH\D
oRFXøD oRFXN ROGXøX DQGDQ LWLEDUHQ \NOHGLøLPL] GHøHUOHUOH EL] R LQVDQÖQ YH D\QÖ
]DPDQGDGDWRSOXPXQJHOHFHøLQLûHNLOOHQGLUL\RUX]
.LûLQLQ\HWLûPHVLQGHYHNLûLOLøLQROXûPDVÖQGDEXGHQOL\DûDPVDO|QHPLRODQHøLWLPH
PDDOHVHI 7UNL\H·GH NDPX ND\QDNODUÖQGD *60+·QÖQ ·VLQL D\ÖUPDN VXUHWL\OH
GQ\DQÖQ |QGH JHOHQ NÖUN HNRQRPLVL LoLQGH RWX] GRNX]XQFX VÖUDGD\Ö] %|\OH ROXQFD
GD DOWPÖû LOD \] NLûLOLN VÖQÖIODUGD GHUV YHUPHN GXUXPXQGD RODQ |øUHWPHQOHUH
WRSOXPXQ HQ GûN FUHWLQL YHULUVHQL] |øUHWPHQ PHVOHøLQL VHoHQOHULQ NDOLWHVL YH
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NHQGLOHULQL \DûDP ER\X HøLWPHNWH NDUûÖODûWÖNODUÖ VÖNÖQWÖODU GD HøLWLPLQ NDOLWHVLQL YH
UQQ HWNLOHU %XQXQ \DQÖQGD RNXPDGDQ VRøXWDFDN WDU]GD ELU HøLWLP SROLWLNDVÖ
ROGXøXVUHFHEHOLUOLNXUXPODUÖGDELWLUVHOHUELOHJHQoOHUVRQXoWDELULûHJLUHPL\RUODUVD
VRUXQ FLGGL ELU ELoLPGH EDûOÖ\RU (øLWLPVL] NDOPÖû YH\D L\L HøLWLP DOPDPÖû ELU NLûL Lû
SL\DVDVÖQDJLUGLøLYDNLWNHQGLVLQHLûYHULOPL\RUVDYH\DYHULOHPL\RUVD\DVDGÖûÖ\ROODUGDQ
NDUQÖQÖ GR\XUPDN YH KD\DWÖQÖ LGDPH HWWLUHELOPHN NDUûÖVÖQGD ELU VHoHQHN RODUDN
EHOLUHFHNWLU $\UÖFD Lû RUWDPÖQGD GD HQ PDVXP NDGHPHVL ND\ÖW GÖûÖ RODUDN oDOÖûDQ
DOWHUQDWLI ELU LVWLKGDP DODQÖ YDUVD LûVL] NDODQ NLûLQLQ EX DODQODUD ND\PD RODVÖOÖøÖ
D]ÖPVDQPD\DFDN ER\XWWD RODFDNWÖU ùûWH GQ\DQÖQ KHU WDUDIÖQGD \DVD GÖûÖ oDOÖûDQODU
WHU|UHNXUEDQRODUDNVHoLOHQLQVDQODU\D\JÖQELUûHNLOGHEXLûVL]YHHøLWLPNDOLWHVLGûN
oHYUHOHUGHQ VDøODQPD\D oDOÖûÖOPDNWDGÖU $\UÖFD PRUDO GHøHUL GûN RODUDN \HWLûPLû
LQVDQODU GD EX SL\DVDQÖQ GLøHU ELU ND\QDøÖGÖU $øDo \Dû LNHQ HøLOLU PDQWÖøÖQGDQ
KDUHNHWOH GûQOGøQGH LQVDQODUD JHQoNHQ \DQOÖû GHøHUOHU \NOHPHQLQ RQODUGDQ
\HWLûNLQ ROGXNODUÖQGD GRøUX GHøHUOHUOH JGOHQHQ GDYUDQÖûODUGD EXOXQPDODUÖQÖ YH\D
WRSOXP LoLQGH GRøUX UROOHU DOPDODUÖQÖ EHNOHPHQLQ DûÖUÖ ELU L\LPVHUOLN RODFDøÖ VRQXFXQD
YDUDELOLUL]
úLPGL EHQ QLoLQ DøÖUOÖNOD HøLWLPLQ ]HULQGH GXUX\RUXP RQXQ QHGHQLQL GH
V|\OH\H\LP .RQJUHQLQ SURJUDP OLVWHVLQH EDNWÖøÖPÖ] ]DPDQ DLOH RNXO HøLWLP YH HWLN
GHøHUOHU ]HULQGH D\UÖ ELU RWXUXPD \HU YHULOPHGLøLQL J|]OHPOHGLP %X \DNODûÖPÖ GD
û|\OH DOJÖODGÖP +HU RWXUXPGD RWXUXP NRQXVX LûOHQLUNHQ GRøDO RODUDN NRQXQXQ
HøLWLPLQER\XWXQDGD\HUYHULOHFHNYHLûOHQHFHNWLU%XDQOD\ÖûÖGRøUXODPDNLoLQGHEHQ
NHQGL VUHPLQ EHOLUOL ELU E|OP HøLWLPH D\ÖUGÖP %LUD] |QFH GLOH JHWLUGLøLP DQOD\ÖûÖ
\DQL JHQoOLøLQGHQ LWLEDUHQ LQVDQODUD QH GHøHUOHU YHUL\RUVDN NHQGL \DûDPODUÖQÖ YH
WRSOXPX HWNLOH\Lû ER\XWODUÖQÖ ûHNLOOHQGLULUL] J|UûQ EHQGHQ oRN |QFH PLODWWDQ |QFH
G|UGQF \]\ÖOGD (IODWXQ V|\OHPLûWLU ´(øLWLPLQ EDûODGÖøÖ \|Q LQVDQÖQ JHOHFHN \DûÖQÖ
EHOLUOHUµ'RøUXHøLWLPOHEDûODUVDQÖ]L\LLQVDQ\HWLûWLULU\DQOÖûHøLWLPOHEDûODUVDQÖ]\DQOÖû
LQVDQ\HWLûWLULUYHVRQXoODUÖQDNDWODQÖUVÖQÖ]DUDVÖQGD\DûDPÖûùVYHoOLSHGDJRJ
-RKDQQ3HVWDOR]]Lû|\OHGL\RU´$KODNUXKYHJ|UHYELOLQFL\|QQGHQo|NPûRODQELU
GQ\D DQFDN YH DQFDN HøLWLPOH LQVDQ \HWLûWLUPHNOH LQVDQODUD HUGHPL |øUHWPHNOH
PPNQGUµ %XQD EHQ]HU ELUoRN |]GH\Lû \D]ÖOÖ WDULKLQ EDûODGÖøÖ 6PHUOHU·GH GH
EXOXQXU (øHU LoLPL]GH IÖUVDW EXOXS 7DULK 6PHUOH %DûODU NLWDEÖQD V|\OH ELU J|] DWDQ
YDUVD HWLN GHøHUOHULQ LON RQODUÖQ WDEOHWOHULQGH \HU DOGÖøÖQÖ GD DQÖPVDU ù\L YH N|W
PFDGHOH VUHFL PLODWWDQ |QFH LNL ELQ o ELQ \ÖO |QFHVLQH NDGDU JLGHU 2 JQGHQ EX
JQH ]DWHQ LQVDQOÖN HWLN GHøHUOHUL WDUWÖûDJHOPHNWHGLU 9H EX DUDGD WDELDWÖ\OD HøLWLP
LQVDQODUÖ HYGH ûX YH\D EX \|QWHPOH WHUEL\H HWPHN RNXO VÖUDODUÖQGD ûXQX YH\D EXQX
RNXWPDNWDQ LEDUHW GHøLOGLU (øLWLPLQ LoHULøL GH VRQ GHUHFH |QHPOL 8QXWPD\DOÖP NL
EL]LP WRSOXPXPX]GD KHUKDOGH ELULOHULQH ]DUDUOÖ J|UQGø LoLQ \ÖOODUGÖU IHOVHIH
VRV\RORML SVLNRORML PDQWÖN GHUVOHUL ]RUXQOX RODUDN RNXWXOPD] \ÖOÖQGD IHOVHIH
WHNUDU]RUXQOXGHUVOHUDUDVÖQDNRQXOGXDPDDUDGDNL\ÖOODU\LWLULOGL
%LU GH HøLWLP WHN EDûÖQD \HWPL\RU ùQVDQÖQ |] GHQHWLPL WRSOXPVDO \DUDUOÖOÖN
DoÖVÖQGDQWDûÖGÖøÖGHøHUOHU|QHPOLùVWHUVHVL\DVHWOHXøUDûVÖQLVWHUVHDNDGHPLV\HQROVXQ
LVWHUVH Lû DGDPÖ ROVXQ \DQL WRSOXPGD KDQJL URO VWOHQPLû ROXUVD ROVXQ KHU H\OHPLQL
PRUDOGHøHUOHUWDUWÖVÖQGDWDUWPÖ\RUVDRWRSOXPGDVÖNÖQWÖODUYDUGHPHNWLU%XEDøODPGD
QO ELUGûQUQ ELU LONHVLQL VL]OHUOH SD\ODûPDN LVWL\RUXP dLQOL GûQU .RQIo\V
PLODWWDQ
|QFH
DUDVÖQGD
\DûDPÖû
NHQGLVLQH
X\JXODGÖøÖ
YH
EL]LP
GH
]DQQHGL\RUXPEXJQGDKLX\JXODPDPÖ]JHUHNHQoLONH\LV|\O\RU´+HUJQNHQGLPL
o NRQXGD VRUJXODUÖP EDûNDODUÖ DGÖQD \DSWÖNODUÖPGD HOLPGHQ JHOHQLQ HQ L\LVLQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DSDELOGLP PL"µ %X FPOH NDPX ND\QDNODUÖQÖ NXOODQDQ NDPX\D \|Q YHUHQ LQVDQODU
LoLQ
GDKD
L\L
LIDGH
HGLOHPH]GL
´'RVWODUÖPOD
LOLûNLOHULPGH
V|\OHGLøLP
V|]OHUOH
JYHQOHULQL \LWLUWHFHN ELU ûH\ GLOH JHWLUGLP PL"µ 7RSOXPVDO LOLûNLOHUL G]HQOH\HFHN
GUVWON LONHVL LoLQ NHQGLQL VRUJXODPDN EXQGDQ GDKD L\L LIDGH HGLOHELOLU PL" +HU JQ
NHQGLVLQH VRUGXøX oQF VXDO LVH ´.HQGLPH X\JXODPDGÖøÖP ELU ûH\L GLøHU LQVDQODUD
\DSWÖP PÖ"µ .DoÖPÖ] EX VXDOOHUL KHU JQ NHQGLPL]H VRUX\RUX]" (øHU NHQGL
|]HOHûWLULPL]L
\DSPÖ\RUVDN
NHQGLPL]GHNL
YH
oHYUHPL]GHNL
NoN
KDWDODUD
J|]
\XPX\RUVDN GDKD E\N \HWNL YH LPNDQODU HOLPL]H JHoWLøL YDNLW GDKD E\N KDWDODUÖ
\DSPD\DFDøÖPÖ]ÖQJDUDQWLVLQHUHGH"
%XJQ DOWÖQÖ oL]PHN LVWHGLøLP ELU GLøHU KXVXV GD WRSOXPVDO GHøHUOHULQ GDKD GD
N|W\H JLWPHVLQGH EL] EHOLUOL \HWNLOHUL YH DUDoODUÖ \DQOÖû NXOODQÖ\RUVDN KHP oRFXNODU
KHP GH \HWLûNLQOHU LoLQ FLGGL WHKOLNHOHU \DUDWÖ\RUX] <XUW GÖûÖQGD oHûLWOL ONHOHUGH
WHOHYL]\RQODUÖQ
ED]Ö
SURJUDPODUÖQGD
´NÖUPÖ]Ö
QRNWDµ
NRQXU
*D]HWHOHUGHNL
79
SURJUDPODUÖQÖQDOWÖQGDGDEXNÖUPÖ]ÖQRNWDLoLQHøHUNDWROLNONHVL\VHNRGNDWROLNGL\H
\D]DU <DQL RQX RQ VHNL] \DûÖQGDQ NoN oRFXNODUÖQ VH\UHWPHPHVL YH\D RNXPDPDVÖ
JHUHNLU %HQLP oRFXNODUÖP \XUW GÖûÖQGD EXOXQGXøXPX] G|QHPGH EXQX J|UGNOHULQGH
RGDODUÖQD JLGHUOHUGL $PD LON |øUHWLP oDøÖQGD EXUD\D G|QGNOHULQGH ´'DOODVµ GL]LVLQL
DUNDGDûODUÖQGDQGLQOHGLNOHULLoLQ´6HQEL]HQHGHQVH\UHWWLUPL\RUVXQ"µGL\HLV\DQHWWLOHU
%L]LP NHQGL ONHPL]GH KHU WUO SURJUDP KHU VDDWWH oRFXNODUD YH HULûNLQOHUH DoÖN
%XJQEXUDGD NHQGL NHQGLPL]L \ÖSUDWWÖøÖPÖ] DUDo YH JHUHoOHUL GH oRN L\LVRUJXODPDPÖ]
JHUHNLU ùûWH 57h. YV JLEL NXUXPODUÖQ ROXûWXUXOPDVÖQÖQ DUNDVÖQGD EX LKWL\DoODU
\DWÖ\RU2OD\ODUÖVLYLOWRSOXP|UJWOHULDUDFÖOÖøÖ\ODGHQHWOHPHN
%XJQ WRSOXP RODUDN WLFDUL DOÖûYHULûOHUGHNL KLOHGHQ N|W PDOGDQ ûXQGDQ EXQGDQ
ûLND\HW HGL\RUX] (PLQ ROXQ G|UW ELQ EHû \] \ÖO |QFH GH LQVDQODU EXQGDQ ûLND\HW
HGL\RUODUGÖ6PHU·GH,,,8UKDQHGDQÖQÖNXUDQ8U1DPPXPLODWWDQ|QFHLNLELQG|UW
\] \ÖOÖQGD oÖNDUGÖøÖ YH HWLN EDûDUÖODUÖQÖ VÖUDODGÖøÖ \DVD\D LOLûNLQ PHWLQGH ûXQODUÖ
YXUJXOX\RU
´.|N
VDOPÖû
EURNUDWLN
\ROVX]OXNODUD
VRQ
YHUGLP
SD]DU
\HULQGH
GUVWOø VDøODPDN LoLQ DøÖUOÖN YH |OoOHUH G]HQOHPH JHWLUGLP GXO \HWLP YH
\RNVXODUÖ N|W GDYUDQÖûODUGDQ NRUXGXPµ $GHWD EXJQ \D]ÖOPÖû $UDGDQ G|UW ELQ EHû
\] VHQH JHoPLû G|UW ELQ EHû \] \ÖOGD QH NDGDU GHYOHW NXUXOGX\VD KHU ELULQLQ
\DVDODUÖQGDEXQODUYDU$PDûXQXXQXWPD\DOÖPELUD]|QFH'HøHUOL+RFDPÖQGDLIDGH
HWWLøL JLEL LQVDQÖQ PD\DVÖQGD L\LOLNOH N|WON \DQ \DQD ù\LOLNOH N|WOøQ PFDGHOHVL
LQVDQOÖNWDULKLDGDOHWOLROPDNODDGDOHWVL]ROPDQÖQPFDGHOHVLEXWDULKD\QÖ]DPDQGD9H
EX PFDGHOHGH ]DPDQ ]DPDQ N|WONOHU DGDOHWVL]OLNOHU YH\D HUGHPVL]OLNOHU |Q SODQD
oÖNDELOGLøL LoLQ WRSOXPODU \ÖNÖOÖ\RU 8U1DPPX·QXQ GD KDQHGDQÖ \ÖNÖOGÖ GHYOHWL WDULKH
NDUÖûWÖRQGDQVRQUDELUVUWRSOXP\DûDPODUÖQÖVUGUGYHWDULKHNDUÖûWÖODUùûWHL\L\OH
N|WQQ
PFDGHOHVLQL
EX
EDûDUÖ
YH
EDûDUÖVÖ]OÖNODU
ûHNLOOHQGLUL\RU
6|]OHULPL
WDPDPODPDGDQ |QFH EX E|OPGH ELU ûH\LQ GDKD DOWÖQÖ oL]PHN LVWHULP 'HøHUOL
DUNDGDûÖP EHQGHQ |QFH V|\OHGL QRUPODUÖ NRGODUÖ oRN L\L NR\PDPÖ] OD]ÖP <HWHUOL
GHøLO oQN QRUPODUÖ YH NRGODUÖ NR\GXøXQX] DQGD RQODUÖQ GÖûÖQGD \DûDPDN LVWH\HQOHU
VL] RQODUÖ \D]GÖøÖQÖ] GDNLNDGDQ LWLEDUHQ RNX\XS RQODUÖQ ERûOXNODUÖQÖ EXOXS EX
ERûOXNODUGDQ LVWLIDGH HWPHQLQ \ROODUÖQÖ DUÖ\RU 6L] EXQX IDUN HGHQH GHøLQ GH EHOOL ELU
]DPDQ JHoL\RU 2 ]DPDQ ERûOXøXQGD GD LVWHQHQ VRQXoODU HOGH HGLOL\RU 2 QHGHQOH
3XEOLOLXV 6\UXV ûXQX GL\RU EX DQOD\ÖûÖ PRUDO GHøHUOHULPL]LQ LoLQH DOPDPÖ] JHUHNWLøLQH
LQDQÖ\RUXP´.DQXQODUROPDGÖøÖQGDELOHYLFGDQYDUGÖUµùûWH.RQIo\V·Q\DSWÖøÖGD
KHU JQ NHQGL YLFGDQ PDKNHPHVLQH oÖNÖS VRUJXODPD\D YHUGLøL \DQÖWODUOD PRUDO
GHøHUOHULQL NRUXPDVÖ YH \NVHN WXWPDVÖGÖU úLPGL EL]LP GH LQVDQODUÖPÖ]D DLOHGHQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
EDûOD\DQ HøLWLP VLVWHPLPL]OH NR\GXøXPX] NDQXQODU YHUGLøLPL] NRGODU YV YDU (YHW
DPDEXQODU\RNNHQGDKLYLFGDQGRøUX\X\DQOÖûWDQD\ÖUWHGHELOPH\HWHUOLOLøLQHVDKLSPL"
%X \DUJÖ\Ö YHUHELOHFHN GRQDQÖPODUOD GROX ROGXøXPX] YDNLW ]DQQHGL\RUXP HUGHP
ID]LOHW DGDOHW L\LOLN PFDGHOHVLQGH KHU ELULPL]LQ NLûLVHO YH\D NXUXPVDO NDWNÖODUÖ GDKD
JoO YH NDOÖFÖ RODFDNWÖU %X NDWNÖODUÖ \|QHOWWLøLPL] NXUXPODU LWLEDUL\OH D\DNWD
WXWWXøXPX] VUHFH GDKD L\L YH GDKD J]HO ELU \DUÖQÖ oRFXNODUÖPÖ]D EÖUDNDELOPHN LoLQ
J|UHYLPL]L\DSPÖûROPDRQXUXQXWDûÖ\DFDøÖ]7HûHNNUOHU
$NÖQ(UJGHQ
7HûHNNU HGHUL] 6D\ÖQ 8OXøED\ 6ÖUDGDNL NRQXûPDFÖPÖ] 'RøX (UJLO %X\XUXQX]
6D\ÖQ(UJLO
'RøX(UJLO
%HQ ELUD] IDUNOÖ ELU ER\XWX GLOH JHWLUPHN LVWL\RUXP 7HU|UL]P WDULK LoLQGH oHûLWOL
DûDPDODUGDQ JHoWL ·GHQ %LULQFL 'Q\D 6DYDûÖ·QD NDGDU JHoHQ G|QHPGH DQDUûLVW
KDUHNHWOHULQ GH LoLQGH EXOXQGXøX ELU WUO JHUoHNOHûPH\HQ UHIRUPX ]RUODPDN DGÖQD
ûLGGHW H\OHPOHULQL LoHUHQ ELU GDOJD\Ö J|UGN 2QGDQ VRQUD %LULQFL 'Q\D 6DYDûÖ LOH
ùNLQFL 'Q\D 6DYDûÖ·QGDQ ELU RQ \ÖO VRQUD\D NDGDU GHYDP HGHQ LNLQFL ELU G|QHP YDU
·ODUD NDGDU GL\HOLP %X GDKD oRN EDøÖPVÖ]OÖN |]JUON |]HUNOLN PFDGHOHOHULQL
LoHUHQ ELU WDU]GÖ ·WDQ VRQUD PHY]LL ROPDNWDQ oÖNÖS JLGHUHN XOXVODUDUDVÖODûDQ ELU WU
WHU|UL]P WLSLQH JHOL\RUX] %XQXQ HQ oDUSÖFÖ |UQHøL )LOLVWLQOL JHULOODODUÖQ 0QLK·WHNL
ROLPSL\DWNDPSÖQÖEDVPDVÖùVUDLOOLVSRUFXODUÖUHKLQDOPDVÖYHoRNNDQOÖELWHQRH\OHPGH
EWQGQ\DQÖQ|QQGHVHUJLOHQHQ WHDWUDO ELUROD\GÖ 2JQGHQ LWLEDUHQ ·OHUGH L\LFH
EHOLUJLQOHûPLû RODQ GDYDODUÖQ JLGHUHN NXWVDOODûWÖUÖOGÖøÖ YH EX NXWVDOOÖøÖQ E\N |OoGH
GLQ LOH WHPHOOHQGLULOGLøL VDGHFH R ]DPDQD NDGDU ELOGLøLPL] WHU|UL]P PDQWÖøÖQD X\JXQ
GHøLOIDNDWD\QÖ]DPDQGDNHQGLVLQLGH\RNHGHQQLKLOLVWELUWDU]RUWD\DoÖNWÖ
7HU|UL]PLQNODVLNPDQWÖøÖQÖQKHGHIRODUDNEHOLUOHQHQJUXEXNLWOH\LGHYOHWLDQOD\ÖûÖ
\DGDPDGGLKHGHIOHULPPNQROGXøXNDGDUD]ND\ÖSYHUHUHNPPNQROGXøXNDGDU
D] ]DUDU J|UHUHN WDKULS HWPHN YH EX WDKULELQ D\QÖ ]DPDQGD PHG\DWLN ELU ROD\D
G|QûWUOPHVLQL VDøODPDN ROGXøXQX ELOL\RUX] $] ]DUDUOD oRN ]DUDU YHUPHN YH EXQX
PPNQ ROGXøX NDGDU JHQLû oDSOÖ ELU HWNLOHPH ROD\ÖQD G|QûWUPHN EX DQODPGD
EWQ WHU|UL]P ROD\ODUÖ ELU VDKQH G]HQOHPHVLGLU GHQHELOLU 7DQÖPODQDFDN ROXUVD
WHU|UL]P |OGUOHQ VDOGÖUÖODQ YH\D WDKULS HGLOHQ LQVDQ YH PDGGL KHGHIOHULQ |WHVLQGH
oRN GDKD JHQLû NLWOHOHUL HWNLOH\HUHN VWUDWHMLN IDNDW \DVD GÖûÖ \ROODUOD ND]DQoODU HOGH
HWPHNWLU%XUDGDDOWÖoL]LOPHVLJHUHNHQûH\VDOGÖUÖODQYH\D\RNHGLOHQLQVDQLYH\DPDGGL
KHGHIOHUGHøLORQODUÖELUDUDoRODUDNNXOODQDUDNoRNGDKDJHQLûNLWOHOHULHWNLOHPHNWLU2
DQODPGD ´WHDWUDOGLUµ GHPHN LVWL\RUXP %X QH NDGDU GHKûHW LoHULUVH NL WHU|U GHKûHW
GHPHNWLUELOL\RUVXQX]RNDGDUHWNLOLROXU
7HU|UL]POH PFDGHOH EXJQH NDGDU KHS GDKD E\N JoOH RQX NDUûÖODPDN YH
EDVWÖUPDN ELoLPLQGH ROPXûWXU JHQHO DQODPGD )DNDW WHU|UL]P GH NHQGLVLQL EXQD
X\GXUGXYHVDGHFH\RNHWPH\HYHNDUûÖGDNLQL\RNHGHUHNNHQGLVLQLND]DQoOÖoÖNDUDPD\D
\|QHOLN ELU ûLGGHW ROJXVX ROPDQÖQ |WHVLQGH ND]DQÖPODUÖQÖ KLoH VD\DQ ELU \RN HWPH
ELoLPLQHG|QûW%XUDGLNDOELUQLKLOLVWWDYÖUGÖU<DQLND]DQGÖøÖQÖJ|UPHGHQNHQGLVLQL
GH IHGD HGHQ \HQL ELU DNÖP \HQL ELU WDU] WHU|UL]P %X WHNQRORMLQLQ PDVXP UQOHULQL
ELOH VLODKD G|QûWUHQ oQN GQ\D\Ö ELU VDYDû DODQÖ RODUDN DOJÖOD\DQ ELU PFDGHOH
WDU]Ö $UWÖN FHSKH VDYDûÖ DQOD\ÖûÖ VRQD HUGL %WQ GQ\D ELU PFDGHOHQLQ VDKQHVL
%\N GHYOHWOHULQ QNOHHU JoOHULQH NDUûÖ ELU |OP VLODKÖ JHOLûWLULOGL .HQGLVLQL GH \RN
HGHQELUPDQWÖøÖSR]LWLYLVWELUEDNÖûDoÖVÖQÖQDQODPDVÖPPNQGHøLOdQNNRQWURO
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PPNQGHøLOE|\OHELUPDQWÖøÖQúLPGL\HNDGDUHJHPHQOLNQDPOXXFXQGDQJ|UOHUHN
VDøODQGÖøÖ LoLQ GQ\D\Ö ELU NHUH GHøLO GQ\D ELU NHUH \RN HGLOVH EWQ \DûDP GXUXU
ELUNDo NHUH \RN HGHFHN NDGDU QNOHHU YH EDûND VLODKODU YDU GQ\DGD %X QLoLQ \DSÖOGÖ"
ùVWLNUDU DGÖQD \DSÖOGÖ ùVWLNUDU HûLWWLU EDUÖû R GD HûLWWLU GHKûHW GHQJHVLGLU 1H NDGDU
oDUSÖNELUDQOD\ÖûGHøLOPL"
=DWHQ WHU|UL]PLQ WHPHOLQGH RODQ ROJX WHU|U \DQL GHKûHWWLU 7HU|UL]P ELU H\OHPGLU
GHKûHW \DUDWPDN YH R GHKûHW \ROX\OD LQVDQODUÖ SDUDOL]H HGLS NRUNXWXS VLQGLUHUHN YH\D
GHYOHWOHUL \D GD VL\DVDO UHMLPOHUL JHULOHWHUHN WDYL]OHU NRSDUWPDNWÖU %LU WU ûDQWDM
\|QWHPLGLU$PDGHKûHWGHQJHVL³J|U\RUVXQX]³EHNOHQHQVRQXFXDoÖVÖQGDQoDUSÖN
ELU PDQWÖN %X PDQWÖN GHKûHWL \D\PD\D QHGHQ ROGX YH \HQL WU WHU|UL]P GDOJDVÖQÖQ GD
KHUKDOGH HEHOLøLQL \DSWÖ 5HIDK GHQJHOL JHOLûPH YH HûLWOLN DUD\ÖûÖ NUHVHOOHûHFHøLQH
GHKûHWLQ \DQLWHU|UQ NUHVHOOHûWLøLQL J|U\RUX] =HQJLQ PUHIIHK LOHULONHOHUH NDUûÖ
\RNVXO YH RWRULWHU WRSOXPODU YDU GQ\DGD DPD ONH LoLQGH ]HQJLQ YH GQ\DOÖ VÖQÖIODUD
NDUûÖ JHFHNRQGXODU HûLWVL] ELU LOLûNL\L LIDGH HGL\RUODU %X QLWURJOLVHULQ GROX ELU DUDEDQÖQ
WDULKLoLQGHKDUHNHWHWPHVLJLEL6RQGHUHFHWHKOLNHOLYHSDWODPD\DKD]ÖU
%|\OH HûLWVL] ELU LOLûNL \DQ \DQD \DûD\DQ ELUOLNWH \DûD\DQ LOLûNL HWLN PL" (JHPHQOLN
ELU WHN WDUDIOÖ \DûDP WDQÖPÖQÖQ |UQHN J|VWHULOPHVL LQVDQODUÖQ E|\OH \DûDPD\D
oDøUÖOPDVÖ\DQLDPDoODUÖQEHOLUWLOPHVLDPDDUDoODUÖQVXQXOPDPDVÖRODUDNODQVHHGLOLS³
NL VRV\RORMLGH EXQD DQRPL GL\RUX] NXUDOVÖ]OÖN³ GQ\DGD WRSOXPODU DUDVÖQGDNL LOLûNL
E|\OH \DûDQÖUNHQ EX \]GHQ ELUWDNÖP LQVDQODU WHU|ULVW VDOGÖUÖ VÖUDVÖQGD |OGUOGNWHQ
VRQUD PLO\RQODUFD LQVDQ VHYLQL\RUVD EX oDUSÖN JD\UL DKODNL ELU LOLûNL 3HNL DKODNL RODQ
QH" $KODNL RODQÖ DUDUNHQ ³KHUKDOGH³ \DûDP YH G]HQ LOLûNLVLQLQ VRUJXODQPDVÖ OD]ÖP
%XQGDQ +LNPHW %H\ EDKVHWWL $KPHW %H\ EDKVHWWL *o HøHU KXNXN YH DGDOHW
NDYUDPODUÖ\OD EHVOHQPL\RUVD RQODU ]HULQH RWXUPX\RUVD RQODUGDQ VR\XWODQPÖû RODUDN
NXUXOXS X\JXODQÖ\RUVD EX LOLûNL VDøOÖNOÖ GHøLO (WLN KLo GHøLO $PD EXQX |UWEDV HWPHN
LoLQ EDNÖQ XOXVODUDUDVÖ PHG\D\D ³.|UIH] 6DYDûÖ·QGD GD ROGX EXUDGD GD ROGX³ EX
NDGDU E\N KDOÖ ERPEDUGÖPDQÖ \DSÖOÖUNHQ ELU WHN |OQQ UHVPLQL J|UPHGLQL]
J|UG\VHQL]ELOHDUÖ]LGLUEX
3HNLEXWUNHQGLQLGH\RNHGHQWHU|ULVWWLSLQDVÖORUWD\DoÖNWÖ"9HQHV|\O\RUEL]H"
dQN RQXQ QH V|\OHGLøLQL DQODPDGDQ RQXQOD PFDGHOH HWPH\L YH GQ\D\Ö GD RQXQ
WHU|UQ |QOH\HFHN ELoLPH G|QûWUPH\L EDûDUDPD\Ö] 2QXQ LoLQ RQXQ GQ\DVÖ LKODO
HGLOPLûWL %HONL ÖU]ÖQD JHoLOPLûWL 2 \]GHQ GH GLNNDW HGHUVHQL] ùNL] .XOHOHULQ YH
3HQWDJRQ·XQ YXUXOPDVÖ GD ELU ÖU]D JHoLû LûOHYL JLEL NDUûÖOÖøÖQÖ J|UG 2QODU PRGHUQ
NOWUOH JHOHQHNVHO NOWUQ PHOH]L ELU NOWUQ oRFXNODUÖ 2 PHOH] NOWUQ HWLN
NDYUDPODUÖ GDKD ROXûPDGÖ $PD \DûDGÖNODUÖ NRûXOODUGD WHGLUJLQOLN YDU *HoPLûWHQ
NRSPD JHOHFHøLQ ELU SDUoDVÖ RODPDPD YDU (QGLûH YH PDUMLQDOOHûPH GX\JXODUÖ YDU
.DUûÖWOÖNYHERûOXN|INHOLELULV\DQDQHGHQROX\RUDPDGHYULPHGHøLOdQNGHYULPLQ
ELU JHOHFHN SURMHVL YDUGÖU LV\DQÖQ GHøLO 2 \]GHQ WDKULS HWWLøL LQVDQL YH\D PDGGL
KHGHIOHU JLEL NHQGLVLQL GH \RN HGHELOL\RU 2QXQ LoLQ \RN HWPHN DUWÖN DPDo %X QLKLOLVW
ELUWDYÖU
2 \]GHQ WHU|UL]POHVDYDûVDGHFH WHU|ULVWOHUL \DNDODPDNOD \D GD \RN HWPHNOH VÖQÖUOÖ
ROPDPDOÖ g]JUON DoÖNOÖN LQVDQ PHUNH]OL JHOLûPH YH DGDOHW LONHVLQH GD\DOÖ ELU
\|QHWLP ³LVWHUVHQL] \|QHWLûLP³ XOXVODUDUDVÖ HûLWOLN WHPHOLQGH \HQLGHQ ELU \DSÖODQPD
HWLN ELU \DSÖODQPD ROPDOÖ <D ROPD]VD QH ROXU" %LU VU %LQ /DGHQ RUWD\D oÖNDU LV\DQÖ
WHPVLO HGHQ 'LULVL |QHPVL] |OV NDKUDPDQ ELU VU LQVDQ VWHOLN JHQo LQVDQ RUWD\D
oÖNDU ´gOPH\H KHYHVOL H\OHPFLµ 1H GHPLûWL 7DOLEDQ·ÖQ WHPVLOFLVL" ´6L] \DûDPD\D QH
NDGDU KHYHVOL LVHQL] EL] GH |OPH\Hµ %XQX DQODPDN oRN Jo 1DVÖO ELU VRV\DOL]DV\RQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
VUHFLQGHQ JHoL\RU EX LQVDQODU NL |OPHN RQXQ LoLQ \DûDPDNWDQ GDKD GRøDO KDWWD
LVWHQHELOLUROX\RU"úXQXGHPHNLVWHPL\RUXP\DQOÖûDQODûÖOPDVÖQ%XDGDPODUoRNN|W
NRûXOODUGD\DûÖ\RUODUR\]GHQ|O\RUODU|OGU\RUODU+D\ÖUEXKD]ÖUOD\ÖFÖELURUWDP
$PD GRøUXGDQ GRøUX\D EX N|W NRûXOODU HûLWWLU ûLGGHW GHøLO %LU LNLQFL VRV\DOL]DV\RQ
VUHFL YDU 2QX L\L DQODPDPÖ] OD]ÖP %XQODUÖQ NDWÖ YH NHVLQ GHøHU \DUJÖODUÖ YDU 'LQVHO
RODELOLU GQ\HYL RODELOLU .HQGLOHUL YH PLV\RQODUÖ KDNNÖQGD DEDUWÖOÖ YH VRUXPOXOXøX
NHQGLOHULQHGHøLOKHGHILQH\DQVÖWDQJ|UûOHULYDU0HVHOD/DGLQ%XJQEDVÖQD\DQVÖ\DQ
ELU V|\OHPL YDU oRN LOJLQo ho |øHVLQL WHVSLW HWWLP VL]LQOH SD\ODûPDN LVWHGLøLP 'L\RU
NL ´(øHU KDONÖPÖ]ÖQ LQWLNDPÖQÖ DOPDN WHU|UL]P LVH EL] WHU|ULVWL]µ YH LNLQFL RODUDN
´0DVXP LQVDQODUÖ |OGU\RUX] GL\RUODU 'RøUX .XWVDO VDYDûWD |]JUON VDYDûÖQGD
PDVXP LQVDQODU |OGUOU 'LQLPL] GH EXQD FHYD] YHUL\RUµ GL\RU gOHQ LQVDQODU D\QÖ
WHU|UL]P PDQWÖøÖQGD ROGXøX JLEL WDUDIVÖ] GHøLOGLU =DWHQ WHU|UL]P YH\D WHU|ULVW
WDUDIVÖ]OÖøÖ NDEXO HWPH] ´<D EHQGHQVLQ \D GD GûPDQÖPVÖQ 7DUDIÖQÖVHoµ GHU 2 RUWD
DODQÖ X]ODûÖODELOHFHN J|UûOHELOHFHN DODQÖ \RN HGHU WHU|ULVW 7HN WDUDIOÖ ELU LUDGH
EH\DQÖGÖU EX %LU LUDGH\L ]RUODPD ELoLPLGLU (Q GUDPDWLN YH HQ HWNLOL |OP LoHUHQ
ELoLPLGLU
´gOHQOHU
$%'
VLVWHPL
LoLQ
oDOÖûÖ\RUGX
2
\]GHQ
RQODUÖ
PDVXP
DGGHGHPH\L]µ GL\RU 9H WDEL HQ |QHPOLVL ´%L]H GDYUDQGÖNODUÖ JLEL EL] RQODUD
GDYUDQGÖNµ GL\RU %X WDEL LOJLQo %X NÖVDVD NÖVDV DKODNÖ 'Q\D\Ö \DûDPÖ VRUXQODUÖ
DQODPDoDEDVÖQGDELUQHGHQVHOOLøLGÖûOD\DQVRUXQXGHøLOVRUXQOX\XRUWDGDQNDOGÖUPD\D
oDOÖûDQ YH DKODNÖ NDUûÖOÖNOÖ NDEXOH GD\DQDQ LONHOHUH GHøLO ûLGGHWH GD\DQGÖUÖOGÖøÖ LoLQ ELU
GHKûHWGHQJHVLPDQWÖøÖQDRWXUDQELUDQOD\Öû
$PD EX GHKûHW GHQJHVL VDGHFH WHU|ULVWLQ LIDGHVL YH\D GQ\D J|Uû GHøLO NL
'Q\DGDNL LVWLNUDU LoLQ EL]H EHOOHWLOHQ DQOD\Öû GD EX\GX 'Q\D EDUÖûÖ YH LVWLNUDUÖ
QNOHHU VLODKODUÖQ |]HOOLNOH VDøODGÖøÖ ELU GHKûHW GHQJHVL ]HULQH NXUXOPXûWX %L]H E|\OH
|øUHWWLOHU ùûWH EX |øUHWLQLQ oRFXNODUÖ WHU|ULVWOHUGLU $\QÖ PDQWÖøÖ ûLPGL EL]H NDUûÖ
NXOODQÖ\RUODU 3HNL LQVDQ QDVÖO EX KDOH JHOLU E|\OH GûQU GDYUDQÖU" ùûWH EX LNLQFL
VRV\DOL]DV\RQ GHGLøLP VUHo oRN |QHPOL 'RøGXNWDQ VRQUD DLOHGH EDûOD\ÖS RNXOGD
GHYDPHGHQYHWRSOXPGDVUHQVRV\DOL]DV\RQXQ|WHVLQGHEXKÖQoOÖEXPHOH]NOWUQ
ERûOXNWD EÖUDNWÖøÖ LQVDQODUÖQ JLUGLøL |UJWOHU ³ODLN RODELOLU EX³ \D GD FHPDDWOHU ³
GLQVHO RODELOLU³ RUDGD ELU LNLQFL VRV\DOL]DV\RQ VUHFLQL oDOÖûWÖUÖ\RU 2UDGD NHQGLOHULQLQ
GÖûÖQGDNLOHULQ N|W ROGXøX GROD\ÖVÖ\OD \RN HGLOPHVL JHUHNWLøL NHQGLOHULQLQ VHoLOPLû YH
E\N ELU GDYDQÖQ HUL ROGXNODUÖQD LQDQGÖUÖOGÖNODUÖ LNLQFL ELU VRV\DOL]DV\RQ VUHFL %XQX
DQODPDGÖNoD EX VRV\DOL]DV\RQ VUHFLQLQ KDQJL NRûXOODUGD RUWD\D oÖNWÖøÖQÖ ELOPHGLNoH
RQXQOD PFDGHOH HWPHPL] PPNQ GHøLO dQN EL]LP PDQWÖøÖPÖ] KDWWD NODVLN
WHU|UL]P PDQWÖøÖ EXQX DQODPDPÖ]D L]LQ YHUPL\RU %|\OH ELU DQOD\ÖûÖQ RUWDN E|OHQL
DQOD\ÖûGHøLOWROHUDQVGHøLOELUOLNWHOLNGHøLOQHIUHW$PDEXDQOD\ÖûODPFDGHOHHWPHQLQ
GH WHPHOL QHIUHW ROPDPDOÖ 8\JDUOÖNODU oDWÖûPDVÖ ROPDPDOÖ NDUûÖWOÖN ROPDPDOÖ 9H
J|U\RUVXQX] ûLGGHWH NDUûÖ ûLGGHW FHSKHVLQLQ GÖûÖQGD ELU GH EX ûLGGHWL PHûUXODûWÖUDQ
LNLQFL ELU FHSKH YDU %XQD JHUHNoHOHU PFDGHOHVL YH\D WHU|UL]P GL\HELOLUL] 0HG\D
EXQXQ KHP DODQÖ KHP GH DUDFÖ 2 \]GHQ PHG\DQÖQ EXUDGDNL URO IHYNDODGH |QHPOL
(øHU EX FHSKHGH |]JUONOHU NÖVÖODFDNVD WRSOXPODU OLEHUDO GHøHUOHU ]HULQGH GHøLO
JYHQOLN DQOD\ÖûÖ ]HULQGH NXûNX NRUNX YH JYHQOLN DQOD\ÖûÖ ]HULQH RWXUWXODFDNVD R
]DPDQ WHU|UL]P ]DWHQ DPDFÖQD YDUPÖûWÖU 7HU|UL]P ]DWHQ EX NXûNX YH NRUNX RUWDPÖQÖ
\DUDWPDN YH EXQXQ VRQXFXQGD NHQGL LVWHGLNOHULQL HOGH HWPHN LoLQ \DSÖODQ ELU ûLGGHW
H\OHPLGLU (WLN ROPD\DQ ELU PFDGHOH ELoLPLGLU 2QXQOD \DSÖODQ PFDGHOHQLQ GH HWLN
ROPDPDVÖKHUûH\LQDKODNGÖûÖQDGûPHVLQLKHUûH\LQPXEDKROPDVÖQÖYHKHUûH\LQJo
YHLNWLGDULoLQ\DSÖOGÖøÖQÖEL]HDQODWÖU%XUDGDWXWXQDFDNKLoELU\HUNDOPÖ\RU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$NÖQ(UJGHQ
6D\ÖQ(UJLO·HWHûHNNUHGHUL]6D\ÖQ8OXo*UNDQEX\XUXQX]V|]VL]LQ
8OXo*UNDQ
gQFHOLNOH QDVÖO ELU 7UNL\H·GH \DûÖ\RUX]" %XQXQ WDULIL VRQ GHUHFH JHUHNOL GL\H
GûQ\RUXP %HONL EHQ \DûWDNLOHU JHoPLûH G|QN QRVWDOMLNWLUOHU YH J]HO JQOHUL
DQÖPVD\DELOLUOHU $PD VDORQXQ E\N oRøXQOXøXQX ROXûWXUDQ \LUPLOL \DûODUÖQ EHONL ELU
LNL\DûDOWÖQGDEHONLELULNL\DûVWQGHNLJHQoOHUGRøGXNODUÖJQGHQEHULHQIODV\RQXQ
GROX GL]JLQ LûVL]OLøLQ GL] ER\X JHOLU GDøÖOÖPÖQÖQ ER]XN E|OJHOHU DUDVÖQGDNL JHOLûPLûOLN
IDUNÖQÖQ HûLWVL] ROGXøX ELU 7UNL\H·GH \DûÖ\RU $KPHW ùQDP·ÖQ VRUXVXQX ELU NH] GDKD
DQÖPVD\DFDN ROXUVDN ´%X RUWDPGD EX NRûXOODUGD KDQJL GHøHUOHUOH \DûDQDELOLU"µ g\OH
J|UQ\RU NL 7UNL\H·GH EXJQ YDU RODQ QRNWDGD ROXPOX KLoELU GHøHUOH DûDøÖGDQ
\XNDUÖ\D \XNDUÖGDQ DûDøÖ\D \DûDQDPÖ\RU ùQVDQODUÖQ ]DWHQ E|\OHVL ELU RUWDPGD X]XQ
VUHGUVWYHQDPXVOXNDOPDODUÖGDoRNNROD\ROPX\RU
%DNÖQ UHVPL DKODNÖPÖ]OD ³HWLøLQ ELU ER\XWX RODUDN HOH DOÖQÖUVD³ JD\UL UHVPL
DKODNÖPÖ]DUDVÖQGDGDE\NELUIDUNOÖODûPDYDU+HUKDQJLELUJQIHOVHIHE|OPGHøLO
GH LGDUL ELOLPOHU IDNOWHVL PDOL\H E|OPQGH .DPX )LQDQVPDQÖ (WLøL GL\H ELU SDQHO
G]HQOHQVH KHUKDOGH NRQXûPDFÖODU EL] GH GDKLO ´%H\WOPDOH HO VUOPH] NDPX PDOÖ
NXWVDOGÖU \HWLPLQ KDNNÖ UHVPL DKODN YHUJL |GHPHN NXWVDOGÖUµ WDU]ÖQGD UHVPL DKODN
GHøHUOHULQL NRQXûXUX] $PD JD\UL UHVPL DKODNÖPÖ] QH" ´'HYOHWLQ PDOÖ GHQL] \HPH\HQ
GRPX]µ ´9HUJL |GHPHN HQD\LOLNWLUµ %X RUWDPGD UHVPL YH JD\UL UHVPL DKODN GD VRQ
GHUHFHDoÖOPÖûGXUXPGD5HVPLDKODNODJD\ULUHVPLDKODNÖQDoÖOGÖøÖQRNWDEL]LWLSLNELU
QRNWD\D GD J|WU\RU +LNPHW 8OXøED\·ÖQ EDKVHWWLøL R LNWLGDU PFDGHOHVLQGH EX
PFDGHOH
WP\OH
GHYOHWLQ
\DøPDVÖQD
NDPX
ND\QDNODUÖQÖQ
WDODQÖQD
G|QûPû
GXUXPGD *HUoHNWHQ ûX DQ 7UNL\H·GH WDULIOHUH VÖøPD\DFDN YH HWLN WDUWÖûPDODUÖQ
PXWODND
YH
PXWODND
RGDøÖQD
RWXUWPDPÖ]
JHUHNHQ
ELU
GHYOHW
\DøPDVÖ
NDPX
ND\QDNODUÖQÖQ WDODQÖ VRUXQX YDU %XQX KHP EL] SROLWLNDFÖODU \XNDUÖGDQ DûDøÖ\D GRøUX
J|WU\RUX] KHP GH WRSOXP DûDøÖGDQ \XNDUÖ\D GRøUX %X \DøPD WDODQ G]HQL
JHUoHNWHQ N|N VDOPÖû YD]L\HWWH YH oRNoD HOHûWLULOHQ KDNOÖ RODUDN HOHûWLULOHQ ELU NRQX
<DQL \DSÖODQ KHU WUO UH]LOOLN VRQ GHUHFH GRøDO ELU ROJX\PXû JLEL J|UQ\RU
7UNL\H·GH
HNRQRPLQLQ
\DUÖGDQ
ID]ODVÖQÖQ
ND\ÖWOÖ
ROPDGÖøÖQÖ
ND\ÖWVÖ] ROGXøXQX
NRQXûX\RUX]
0HG\D VDEDK NRQXûWXøXPX] 0HG\D EWQ GHøHUOHULQL ³HVNL PHG\D PHQVXEX
RODUDN EHQLP \DûDGÖøÖP \ÖOODUGD YDU RODELOHQOHU GH GDKLO³ \LWLUPLû GXUXPGD 7P\OH
ELUWLFDUHWNDYJDVÖ<DQLKDEHUGL\HLNLJUXEXQWLFDULoÖNDUODUÖVH\UHGLOPH\H]RUODQÖ\RUYH
R WLFDUL oÖNDUODUÖQ JYHQFHVL RODUDN oHûLWOL \DVDODUGD ELU HQJHO YDUVD ³|UQHøLQ 5DG\R
7HOHYL]\RQ hVW .XUXOX <DVDVÖQGD ED]Ö HQJHOOHU YDU³ ED]Ö JUXSODUÖQ HQHUML LKDOHOHULQH
JLUPHVLQH HQJHO ROX\RU LNWLGDUÖ\OD PXKDOHIHWL\OH EWQ VL\DVL SDUWLOHU ELUNDo NLûLQLQ
GLUHQPHVL\OH NDUûÖODûÖS R PHG\D JUXSODUÖQÖQ R WLFDUL oÖNDUODUÖQÖ QDVÖO JYHQFH\H DOÖUÖ]
GL\H\DVDNDYJDODUÖ\DSÖ\RU
%XQODUÖ ELU VL\DVHWoL RODUDN VRUXPOXOXNWDQ NDoPDN \D GD VRUXPOXOXøX SD\ODûWÖUPDN
LoLQ V|\OHPL\RUXP %LU WHVSLW ELU VDSWDPD EXOXQGXøXPX] QRNWD\Ö GRøUX DOJÖODPD
DQODPÖQGD V|\O\RUXP 9H JHUoHNWHQ 7UNL\H JHQoOHULPL]OH \DûÖW ³EXUDGD EXOXQDQ
JHQoOHULPL]OH QLYHUVLWH JHQoOLøLPL]OH \DûÖW³ \LUPL \ÖOÖQÖ KDU YXUXS KDUPDQ VDYXUGX
<DøPD WDODQ HNRQRPLVLQL \DUDWWÖ YH EXQXQ UQ RODUDN GD ûLPGL oRNoD \DNÖQÖODQ
WRSOXPGDKLoELUGHøHUL ROPD\DQ GHPDJRJ SRSOLVW NLUOLSROLWLNDODUÖQ YHSROLWLNDFÖODUÖQ
UHWLPLQH ELU DQODPGD \RO DoWÖ úLPGL KHS ELUOLNWH RQXQ NHIDUHWLQL |G\RUX] %X VRQ
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
GHUHFH DøÖU ELU NHIDUHW 7DKPLQOHULQ |WHVLQGH ELU NHIDUHW g\OHVLQH ELU NHIDUHW NL
\ROVX]OXNODU XVXOV]ONOHU YH \DøPD GHYOHWLQ HQ WHSH QRNWDODUÖQD XODûPÖû GXUXPGD
7UNL\H JLEL ELU ONHQLQ ûLPGL ELU LNL |UQHøLQL YHUHFHøLP HWLN ERûOXøX \DûDPDPDVÖ
JHUHNLU'Q\DQÖQKLoELU\HULQGHE|\OHELUûH\\DûDQPD]
'RNX]XQFX
&XPKXUEDûNDQÖPÖ]
SDUODPHQWRGD\GÖP³
QH
]DPDQ
6OH\PDQ
'HPLUHO·L
FXPKXUEDûNDQÖ
³R
VHoWLN"
G|QHPGH
0HFOLV
EHQ
NUVVQH
GH
³
KDWÖUOD\DELOPHN LoLQ KDIÖ]DODUÖPÖ]Ö ELUD] ]RUOD\DOÖP³ oÖNWÖ ELU ùONVDQ \ROVX]OXøX
WDUWÖûÖOÖ\RUGX ´9HUPLûVHP EHQ YHUGLP 1H ROPXû"µ GHGL .DUûÖOÖøÖQGD EL] RQX
FXPKXUEDûNDQÖ VHoWLN (WLøL WDUWÖûPDN oRN ]RU EX RUWDPGD 6RQUD ELU DLOH IRWRøUDIÖ
oHNWLUGL2DLOHIRWRøUDIÖQGDWRUXQODUKDULoKHUNHVKDSLVWH´%XEHQLPDLOHIRWRøUDIÖPµ
GHGL *|UHY VUHVLQL QDVÖO X]DWÖUÖ] GL\H DQD\DVD\Ö GHøLûWLUPH\H NDONWÖN 9H KDNLNDWHQ
LoLQGH oDOÖûWÖøÖPÖ] 7UNL\H %\N 0LOOHW 0HFOLVLQGH *HQHO .XUXO 6DORQX ELUD] VRQUD
UDNDPODUÖ\OD KDQJL ER\XWODUOD ELU \ROVX]OXøXQ NRQXVXGXU YXUJXODPD\D oDOÖûDFDøÖP
.HQGLQL VR\DQ ELU PHFOLV .HQGL NHQGLQL VR\GX 2QXQ LoLQGH oDOÖûÖ\RUX] 9H
VRUXPOXODUÖQD oÖNWÖN PHFOLVWH \DOYDUGÖN ´<DSPD\ÖQ DI \DVDVÖQÖµ $IIHWWLOHU <DUJÖ\D
JHWLUPHNLoLQNLPLLQVDQODUÖQJHUoHNWHQJ|EHøLoDWODPÖûWÖ<DUJÖX]DWWÖ6UDWOLo|]PHGL
DIoÖNDFDNGL\H9HDIoÖNWÖKHPHQELUFHOVHGHELWLUGLOHU
7UNL\H·QLQ EX RUWDPÖQGD ³\DûDGÖøÖPÖ] NUL] GL\RUX] EX RUWDPD³ EX HûLWVL]OLNOHU
WHU|U GH EHVOHU HWLN GHøHUOHULQ ER]XOPDVÖQÖ GD oUPH\L GH $PD EDNÖQ EX QDVÖO ELU
QRNWDGDQ ND\QDNODQÖ\RU 7UNL\H·QLQ |]HOOLNOH VRQ \LUPL \ÖOÖQGD \DQL EXUDGD EXOXQDQ
³WHNUDU YXUJXOX\RUXP³ JHQoOHULPL]LQ QLYHUVLWH |øUHQFLOHULPL]LQ \DûODUÖ\OD HûLW
G|QHPGH 7UNL\H JHUoHNOHûWLUGLøL NDPX \DWÖUÖPODUÖQÖQ \DUÖGDQ ID]ODVÖQÖ ³EX NRQXGD
HQ XIDN ELU GLO VUoPHP DEDUWPDP YDUVD VHYJLOL +LNPHW 8OXøED\ KHPHQ EHQL
G]HOWVLQ³ONV\HUVL]JHUHNVL]RODUDN\DSWÖ,VSDUWD·\DKDYDDODQÖ.DVWDPRQX·\DKDYD
DODQÖ 6LQRS·D KDYDDODQÖ úLPGL 0HQGHUHV +DYD $ODQÖ·QD NÖUN NLORPHWUH PHVDIHGH
$\GÖQ·D KDYDDODQÖQÖ WDUWÖûÖ\RUX] %|OQPû \ROODU GXUXUNHQ 7UNL\H $QNDUDùVWDQEXO
GÖûÖQGDNL EXQFD RWR\ROX ³ûLPGL .DUDGHQL]·GHNL³ QLoLQ \DSÖ\RU" hVWQGH ³
$QNDUD·QÖQoHYUHVLQGHNLRWR\ROODUÖGûQQ³NDoDUDED\DNDoVDQL\HGHNDoGDNLNDGD
XODûÖ\RUVXQX] G|UW ûHULWOL \ROGD" %HQ \LUPL NLORPHWUHGH LNL DUDED JHoWLøLPL ]RU
KDWÖUOÖ\RUXPYH\DEHQLoDUDEDQÖQJHoWLøLQL.DPXELQDODUÖûX$QNDUD·GDNL'Q\DGD
NDo ONHGH dHYUH %DNDQOÖøÖ YDU ELOPL\RUXP dRN D] ONHGH YDU *HQHOOLNOH EDNDQOÖN
RODUDN DOJÖODQPÖ\RU 9H ûX DQGD EL]LP dHYUH %DNDQOÖøÖPÖ] o ELQ PHWUHNDUH\H VÖøÖ\RU
<HQL GXUGXUXOGX NÖUN o ELQ PHWUHNDUHOLN NDPX ELQDVÖ SURMHVL YDUGÖ %X |UQHNOHUL
oRøDOWPDN PPNQ $PD DVÖO V|\OHPHN LVWHGLøLP EX ONV EX LVUDI GHøLO )D]OD LGGLDOÖ
RODFDN DPD GRøUX ROGXøXQGDQ KLo NXûNXP \RN HøHU EX NDPX \DWÖUÖPODUÖQÖ GQ\D
IL\DWODUÖ\OD \DSVD\GÖN 7UNL\H·QLQ ûX DQGD Lo YH GÖû ERUoODUÖQGD \|QHWLOHPHPH
NRQWUROGHQoÖNPDJLELELUVRUXQROPD\DFDNWÖ
ùNL |UQHN YHUHFHøLP ELUL GHPLQ GHøLQGLøLP 0HFOLV *HQHO .XUXO 6DORQX %HQ
LQûDDWoÖ GHøLOLP ùQûDDW LûLQL ELOPL\RUXP $PD EDQD V|\OHQGLøL NDGDUÖ\OD GQ\DGD ûX
DQDNDGDUELOLQHELOHQHQONVLQûDDWÖQPHWUHNDUHIL\DWÖoELQEHû\]GRODUDPDOROPXû
7UNL\H
%\N
0LOOHW
0HFOLVL
*HQHO
.XUXOX
6DORQXQXQ
HOHNWURQLN
DNVDPÖQÖ
NDWPÖ\RUXP6DGHFH\LUPLELUPLO\RQGRODUDPDOHGLOHQLQûDDWJLGHULQLV|\O\RUXPùNL
ELQPHWUHNDUHROGXøXQDJ|UHLQûDDWDODQÖRQELQGRODU
úX $\Dû 7QHOL \ÖOÖQGD EDûOD\DQ 6HNL] EXoXN NLORPHWUH RODUDN EDûOD\ÖS RQ
EXoXNNLORPHWUH\HoÖNDQYHELWLULOHPH\HQho\]HOOLG|UW\]PLO\RQGRODUILLOHQSDUD
KDUFDQDQ %X GHPHNWLU NL PHWUHVL RWX] EHûNÖUN ELQ GRODUD JHOL\RU $PHULND·QÖQ
9LUJLQLD GL\H ELU WQHOL RWX] DOWÖ NLORPHWUHOLN EHû ELQ G|UW \] GRODUD 1RUYHo·LQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
/D·HUGDOGL\HELUWQHOL\LUPLDOWÖNLORPHWUH³ELUNDo\ÖOLoLQGHELWLUGLKHULNLVLGH³EHû
ELQGRODUDELWLUGLOHU
%X
\DøPD
KLoELU
GHøHUOH
DoÖNODQDPD\DFDN
KLoELU
HWLN
WDQÖPÖQÖQ
LoLQH
VÖøGÖUÖODPD\DFDN EX \DøPD D\QÖ ûHNOL\OH GH VU\RU úX DQ NDPXQXQ GHYDP HGHQ
\DWÖUÖPODUÖQÖQ SRUWUHVL VHNVHQ G|UW PLO\DU GRODU 9H EL] EXQX D\ÖNODPD WHûHEEVQGH
ELOHEXOXQDPÖ\RUX]=DPDQ]DPDQV|]QHGL\RUX]EX\DWÖUÖPODUÖGXUGXUDOÖPELWHFHN
JLEL RODQÖQD |QFHOLN YHUHOLP %X |GHQHNOHUOH EXQODU ELWPL\RU ELWPH\HFHN dQN
\DøPDVUHFHN7HU|ULoLQ'RøX(UJLO·LQV|\OHGLNOHULKDNLNDWHQoRNGRøUX%XWHU|UQ
UHPHVL EHVOHQPHVL LoLQ oRN X\JXQ ELU RUWDP %X RUWDPGD WHU|U ûX JHUHNoH\OH EX
JHUHNoH\OH LGHRORMLVLQL KHU DQ EXOXU 'LQFL RODUDN GD EXOXU E|OF RODUDN GD EXOXU
%XQXWHU|UPHûUXODûWÖUPDN\DGDKRûJ|VWHUPHNLoLQV|\OHPL\RUXP$PDG]HOWLOPHVL
JHUHNHQ WHU|U EHVOH\HQ ELU EDWDNOÖNVLYULVLQHN |\NV 9H EX EDWDNOÖN EL] EWQ
EXQODUÖ NRQXûXUNHQ GDKD GD GHULQOHûL\RU .|W \|QHWLP EURNUDVLQLQ NDUDUVÖ]OÖøÖ
VL\DVHWoLQLQ EHQFLOOLøL WHWLNOHPH PHNDQL]PDVÖQÖ KDQJL IDNW|UOH DoÖNODUVDQÖ] DoÖNOD\ÖQ
DPD.DVÖPYHúXEDW·GH\DûDGÖøÖPÖ]NUL]OHUEXNDUDWDEOR\X³KLoELUGHøHUOH
DoÖNODQDPD\DFDNEXWDEOR\X³GDKDGDN|WOHûWLUGL
%DNÖQGQ\DGD\RNVXOOXNVÖQÖUÖJQGHLNLGRODUOD\DûDPDNRODUDN|OoOG*QGHLNL
GRODUÖQ DOWÖQGD ELU JHOLUOH \DûDPD PHFEXUL\HWLQGH NDODQODU \RNVXOOXN VÖQÖUÖQGD <DQL LNL
GRODUOD EHVOHQHFHN EDUÖQDFDN JL\LQHFHN %X LQVDQODU \RNVXOOXN VÖQÖUÖQGD %LU GRODU
DoOÖN VÖQÖUÖ 7UNL\H·GH \RNVXOOXN YH DoOÖN VÖQÖUÖ LNL\H NDWODQGÖ ûX JHoWLøLPL] G|QHPGH
$ûDøÖ \XNDUÖ \LUPL PLO\RQ GROD\ÖQGD LQVDQ \RNVXOOXN VÖQÖUÖQÖQ DOWÖQGD o PLO\RQ
GROD\ÖQGD LQVDQ GD ³VRQ WDQÖPODPDODUD YH KHVDSODPDODUD J|UH³ DoOÖN VÖQÖUÖQGD
\DûÖ\RU%XHWLNRODUDNGDNDEXOHGLOHELOHFHNELUONHPDQ]DUDVÖGHøLO
3HNL QH \DSPDOÖ" %X VRUX\D \DQÖW YHUPH\H oDOÖûÖUVDN %XQD E|\OH JHOPLû E|\OH
JLGHFHN \DNODûÖPÖ\OD VH\LUFL NDOPD\D KLoELULPL]LQ KDNNÖ \RN %LU WRSOXPVDO VHIHUEHUOLN
JHUHNL\RU $PD WRSOXPVDO VHIHUEHUOLN KLo NXûNXVX] NHQGL NHQGLQH ROPD] ùûH PXWODND
VLYLO WRSOXP NXUXOXûODUÖQLYHUVLWHOHUVL\DVHW o D\DøÖQÖ LWLFL Jo RODUDN ROXûWXUDELOPH
ILNUL]HULQGHQJLULûLOPHOLYHEXNRQXGDVL\DVHWHREXQGDQNDoVDGD|QFONPLV\RQX
]RUOD \NOHQPHOL JHUHNLUVH VL\DVHWoLOHUL VL\DVHW VDKQHVLQGHNL ILJUOHUL GHøLûWLUHUHN %X
ELULQFLVL 7UNL\H·QLQ |QQGH oRN KRû ELU WDNYLP YDU FXPKXUL\HWLQ \]QF \ÖO
G|QPQH G|QN ELU 7UNL\H KHGHIL NR\PDN %X KHGHIOHUL GRøUX WDULI HGLS LQDQÖOÖU
JYHQLOLU ELU ELoLPGH NXFDNODPD\D HOGH HWPH\H oDOÖûPDN dRN EDVLW 5XV\D·GD ELU
VL\DVHWoLQLQ oÖNÖS ´6L]L ùVYLoUH JLEL \DûDWDFDøÖPµ GHPHVL ELOH WRSOXPODUD KH\HFDQ
YHUHELOL\RU 7UNL\H EXQXQ oRN GDKD FLGGLVLQL oRN GDKD DQODPOÖVÖQÖ \DSDELOLU %X
KHGHIOHUL
KH\HFDQOD
³XQXWWXøXPX]
EL]H
XQXWWXUXODQ³
EWQOHûWLUHELOLU
8QXWWXøXPX] XQXWWXUXODQ GL\RUXP +DNLNDWHQ EDûÖPÖ] VÖNÖûWÖNoD FXPKXUL\HWLQ
ND]DQÖPODUÖQÖ
\LWLUPH
WHKOLNHVL\OH
NDUûÖ
NDUûÖ\D
NDOGÖNoD
2QXQFX
<ÖO
0DUûÖ·QÖ
V|\O\RUX]1L\H(OOLQFL<ÖO0DUûÖ\RN"1L\H<HWPLû%HûLQFL<ÖO0DUûÖ\RN"
ùNLQFLVL VL\DVHWL |]JUOHûWLUPHN 6L\DVL 3DUWLOHU YH 6HoLP \DVDODUÖQGD ³EHONL LNLQFL
WXUGD EXQX GDKD GD ER\XWODQGÖUDELOLUL]³ VL\DVHWL |]JUOHûWLUPHN hoQFV VL\DVHWL
NLUOHQHQ VL\DVHWL WHPL]OH\HFHN PLOOHWYHNLOOHULQLQ \DSDPD\DFDøÖ LûOHU 0DO EH\DQODUÖ
KHGL\H NDEXO YH GRNXQXOPD]OÖNODUÖQ VDGHFH \DVDPD HWNLQOLøL\OH VÖQÖUODQGÖUÖOPDVÖ
NRQXVXQGD GD VL\DVHWL WRSOXPD |QF RODFDN HWLN ER\XWXQD NDYXûWXUPDN 7HûHNNU
HGL\RUXP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
$NÖQ(UJGHQ
6D\ÖQ 8OXo *UNDQ·D WHûHNNU HGHUL] %X DUDGD EHQ ELU SDUDQWH] DoDUDN ELUûH\
HNOH\H\LP 6D\ÖQ 'HPLUHO·GHQ EDKVHGLOGL %L]LP 7DULK %|OP %DûNDQÖPÖ] 6D\ÖQ 6HoLO
$NJQ ELU DUûLY \DNÖQ oDø DUûLYL ROXûWXUX\RU 2QGDQ GX\GXøXPD J|UH HWLN NDYUDPÖ DKODNRODUDNGHøLOHWLNRODUDN\DQL\DEDQFÖGLOGHNLHWKLFVRODUDNNDPXVDODODQGDLONGHID
'HPLUHO WDUDIÖQGDQ \HGL VHQH |QFH NXOODQÖOPÖû %XQX 6HoLO·GHQ |øUHQGLøLP ]DPDQ oRN
ûDûÖUPÖûWÖPgQHPOLRODQEXHWLNNDYUDPÖQÖQNLPLQWDUDIÖQGDQNXOODQÖOGÖøÖKDWWDGRøUX
PX\DQOÖûPÖNXOODQÖOGÖøÖGHøLODPDEXNDYUDPÖQNXOODQÖOPDVÖHWLNJUDPHULQLQROXûXPX
DoÖVÖQGDQ EX NDYUDPÖQ WRSOXPVDO JUDPHULQ LoLQH ELU ûHNLOGH JLUPHVL DoÖVÖQGDQ oRN
|QHPOL <DQL EXQX VDøOD\DELOPHN |QHPOL 7DELL EX GD LQVDQÖ DKODNOÖ \DSÖ\RU PX
\DSPÖ\RU PX R GD ELU EDûND VRUXQ DPD ELU WRSOXPVDO JUDPHU YDU %LUWRSOXP JUDPHUL
YDU ELU VL\DVHWPHG\D HWLøL JUDPHUL YDU EXQXQ ROXûPDVÖ oRN |QHPOL ùVWHU 'HPLUHO
NXOODQVÖQ LVWHU ELU EDûNDVÖ NXOODQVÖQ HWLN NDYUDPÖQÖQ NDPXVDO DODQGD NXOODQÖOPDVÖ oRN
|QHPOL ELU ROD\ (WLN NDYUDPÖ \DQOÖû GD NXOODQÖOÖ\RU WDELL NL $\QÖ NRQXûPDGD 6HoLO
$NJQ DNWDUGÖ 3DUWWLPH ELU |øUHWLP \HVL DOÖQDFDNPÖû <|QHWLP .XUXOX GD EXQX
UHGGHWPLû 5HG JHUHNoHVL ûX ´(WLN JHUHNoHOHUOH UHGGHGLOGLµ 6HoLO $NJQ EX ROD\
]HULQH WHODûODQÖ\RU VDøÖ VROX DUÖ\RU ´EXQXQ DQODPÖ QHGLU"µ GL\H $OGÖøÖ \DQÖW ûX
ûHNLOGH (IHQGLP EX SDUW WLPH |øUHWLP \HVL LONRNXO |øUHWPHQOLøL GH \DSPÖû DPD ELU
VU NLWDEÖ ROGXøX LoLQ E|OP RQX IDODQFD GHUVH LVWHPLû <DQL ´LONRNXO |øUHWPHQL ELU
QLYHUVLWH KRFDVÖ RODPD]µ EX GD HWLøLQ NXOODQÖP ELoLPOHULQGHQ ELULVL 7DELL EXQODU
\DYDû\DYDûG]HOHFHN']HOGLNoHNDYUDPODU\HULQHRWXUDFDN\HUOHûHFHNYHELUJUDPHU
ROXûDFDN%XJUDPHUROXûPDGDQELUPLOOHWYHNLOLELUSDUODPHQWRELOHNHQGLNROWXøXQXQ
\ROVX]OXøXQX G]HOWHPH\HFHN %X JUDPHU RWXUPDGDQ KLo ELU ûH\ \DSÖODPD] oDUH
EXOXQDPD]
PDDOHVHI
ùûWH
R
]DPDQ
E|\OH
JHOLUL]
NHQGL
SDUODPHQWRPX]XQ
\ROVX]OXøXQGDQ EDKVHWPHN ]RUXQGD NDOÖUÖ] %X oRN DFÖ ELU ûH\ (YHW 6D\ÖQ 2UKDQ
%LUJLWRQGDNLNDOXWIHQ
2UKDQ%LUJLW
'HøHUOL.RQXNODUVD\GDPOÖøÖKHUDODQGDJHUoHNOHûWLUHPHPLûELUONHGHVHYJLOL8OXo
*UNDQ·ÖQ DQODWWÖNODUÖ HOEHWWH GRøUXGXU DPD VDQÖUÖP \HWHUOL GHøLOGLU 1LWHNLP R GD
]DPDQ VUHFLQL NHQGLVL LoLQ oRN L\L GHøHUOHQGLUGL YH NXOODQGÖ DUWDQODUÖ LNLQFL WXUD
VDNOD\DFDøÖQÖV|\OHGL
%XUDGD EXOXQPD QHGHQLPL GRøUXVX EX QD]LN oDøUÖ\Ö DOGÖøÖP JQGHQ EHUL NHQGL
NHQGLPH VRUJXOX\RUXP %HQ LûDGDPÖ GHøLOLP \DûDPÖP ER\XQFD KLo Lû GQ\DVÖ\OD
X]DNWDQ \DNÖQGDQ LOLûNLP ROPDGÖ úX DQGD HPHNOL ELU VL\DVHWoL\LP WHU|U X]PDQÖ YH\D
DNDGHPLV\HQYVGHGHøLOLP%HQLHNVLNROPDVÖQODU%DVÖQ.XUXOX<NVHN.XUXOh\HVL
RODUDNHYVDKLSOHULQL]EXUD\DoDøÖUGÖ$PD\ÖOÖDûNÖQELUJD]HWHFLOLNYHRQXQODDWEDûÖ
JLGHQ ELU VL\DVHW ELULNLPLQLQ EHQGH EÖUDNWÖNODUÖQGDQ ED]Ö NHVLWOHUL 8OXo *UNDQ·ÖQ
QRNWDODGÖøÖ\HUGHQDODUDNNHQGLHY|GHYLPLWDPDPODPD\DoDOÖûDFDøÖP
%L]LP VL\DVHW \DSWÖøÖPÖ] G|QHPOHUGH SDUWLOHU GHYOHW \DUGÖPÖ DOPD]GÖ $PD
7UNL\H·GH KHQ] 6DEDQFÖ $LOHVLQLQ EDEDVÖQÖQ VÖUWÖQGDNL oÖUoÖU oXYDOODUÖQÖ EÖUDNDUDN
$GDQD·GDQ ùVWDQEXO·D J|oPHGLøL 5DKPHWOL 9HKEL .Ro·XQ $QNDUD·GDQ ùVWDQEXO·D
JLWPHGLøL 7DûKDQ LOH 8OXV DODQÖQÖQ NDUÖûWÖøÖ \HUGHNL *|UHFHOL ùû 0HUNH]L·QGH NDOGÖøÖ R
G|QHPGHVD\ÖOÖELUNDoEDQNDGHYOHWLQHOLQGH\GL3DUWLOHULQGH|\OHoRNE\NPDVUDIODUÖ
ROPD]GÖ%XQODUÖHVQDIODWLFDUHWDUDVÖQGDNLELUWDNÖPNoNER\XWOXLûDGDPODUÖ\ODELUOLNWH
EDVED\DøÖKHUD\YHKHULVWHQGLøLQGH|GHQWLOHULQLRFDNODUDEXFDNODUD|GH\HQVDGH\HOHU
\DSDUGÖ
3DUWL
PHUNH]OHULQGH
J|UHY
DODQODUÖQ
DOWÖQGD
J|UNHPOL
DUDEDODU
\RNWX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WHOHNRPQLNDV\RQD JHUHNVLQPH \RNWX |\OH ELU ROD\ROJX \RNWX %DVÖQOD LOLûNLOHUGH GH
\LQHLûGQ\DVÖ\ODROGXøXJLELDOGÖODUYHUGLOHUJLELELUûH\\RNWX
0D\ÖV·Ö oRN L\L ELU ûHNLOGH VL\DVL SDUWLOHUH GHYOHW \DUGÖPÖQÖ JHWLUGL $PD
NLPLQ QH\L QH NDGDU KDUFDGÖøÖQÖ VL\DVL SDUWLOHU \DVDVÖ\OD NRQWURO HGHFHøLQL YDUVD\VD GD
NHQGL JHWLUGLøL \DUGÖPÖQ GÖûÖQGD KDQJL SDUWLOHUH QDVÖO ND\QDNODUÖQ DNWDUÖODFDøÖQÖ NRQWURO
HGHPHGL |QOHPH\L GûQHPHGL %HONL GH ELU |OoGH 7UNL\H·GH VRV\DO GHPRNUDWODUÖQ
\DKXW VRV\DOLVW SDUWLOHULQ \DQÖ VÖUD JHUoHNWHQ Lû GQ\DVÖQÖ WHPVLO HGHELOHFHN SDUWLOHULQ
|QQ DoPDN LVWHGL 2 QHGHQOH 7UNL\H·GH SD]DU HNRQRPLVL LOH ELUOLNWH SDUWLOHU GH
E|ON GHøLûWLUGL %HQLP ·H NDGDU J|UHY \DSWÖøÖP &+3 0HUNH] <UWPH
.XUXOX·QGDNHQGLFHELPL]GHQDUWÖUDELOGLøLPL]SDUDODUOD$QNDUD·GDQEL]HYHULOHQ\HUOHUH
JLGHUGLN 2UDGD \D ELU SDUWLOL DUNDGDûÖQ HYLQGH PLVDILU ROXUGXN \DKXW NHQGL
|OoWOHULPL]OH
EHOLUOL
RWHOOHUGH
NDODELOLUGLN
$PD
GRøUX\X
V|\OHPHN
JHUHNLUVH
WHOHNRPQLNDV\RQXQ IDNVODUÖQ WHOHNVOHULQ YV EX NDGDU JHOLûWLøL YH VL\DVL SDUWLOHULQ
ELOJLVD\DU DøODUÖ\OD GRQDQPDODUÖQÖQ NDoÖQÖOPD] KDOH JHOGLøL ELU G|QHPGH HOEHWWH GHYOHW
\DUGÖPODUÖ QH NDGDU E\UVH E\VQ SHN ID]OD \HWHUOL ROPDGÖ 6L\DVL SDUWLOHULQ
NRQJUHOHULQGH³oRøXQOXNODGHøLO³JHOHQGHOHJHOHULQDøÖUODQPDODUÖV|]NRQXVXROPD\D
EDûODGÖ %Hû \ÖOGÖ]OÖ RWHOOHUGH NDUDUJDKODU SD]DUODU NXUXOGX %XQODU LVWHU LVWHPH]
LûDGDPODUÖQÖQ
GHOHJHOHUL
WRSOD\ÖS
JHQHO
PHUNH]H
\|QOHQGLUPHOHULQH
YH
EXQXQ
NDUûÖOÖøÖQGD ELU WDNÖP DUWÖ GHøHUOHUL NHQGL Lû GQ\DODUÖQD \DQVÖWPDODUÖQD GD \RO DoWÖ %LU
WDNÖP VRV\DO GHPRNUDW SDUWLOHUGH R WUO LûDGDPODUÖ GD |YJ\H GHøHU |GHYOHU
RPX]ODQGÖ 8OXo *UNDQ EXQODUD oRN WDQÖNOÖN HWPLûWLU ELOLU GHPH\H\LP R LûOHUH
NDWÖOPDGDQJ|]OHPOHPLûWLU
$PD EDûND ED]Ö ûH\OHU GXUGX 1DVÖO GXUGX" (VNLGHQ VL\DVL SDUWL JUXSODUÖQGD ED\DøÖ
GLûH GLû WDUWÖûPDODU \DSÖOÖUGÖ 7UNL\H·GH WHN SDUWL G|QHPLQLQ JUXS WXWDQDNODUÖQÖ HGLQLU
YH L]OHUVHQL] 7%00·QLQ WHN SDUWLVLQLQ JUXSODUÖQGD EXJQN SDUODPHQWRQXQ oRN
]HULQGHoRNL\L|]JUONWDUWÖûPDODUÖ\DSÖOGÖøÖQÖ\DVDODUÖQLUGHOHQGLøLQLNRPLV\RQODUÖQ
KDOODo SDPXøX JLEL ELUWDNÖP VRUXQODUÖ DWWÖøÖQÖ VDSWDUVÖQÖ] 2QXQOD GD \HWLQLOPHPLûWLU
oRN SDUWLOL \DûDPD JHoLOLUNHQ 7%00·GH ùVPHW ùQ|Q G|QHPLQGH YH $OL 5DQD
7DUKDQ·ÖQ EDûNDQOÖøÖQGD GHQJH\L VDøODPDVÖ YH \DYDû \DYDû GD ROVD J|UHFHOL GH ROVD
SDUODPHQWRWDUWÖûPDODUÖQÖ\UWPHVLYHKNPHWLQGHQHWOHQPHVLLoLQPVWDNLOELUJUXS
NXUXOPXûWXU
6RQUD 'HPRNUDW 3DUWL G|QHPL JHOPLûWLU $oÖN \UHNOH V|\OH\H\LP |]JUONOHUL
VRQXQDNDGDUNÖVÖWODQPÖûEDVÖQUHVPLLODQODDERQH\OH|UWO|GHQHNYHULOHUHNGHYOHWLQ
DYXFXQD EDNDU ELU KDOH JHWLULOPH\H oDOÖûÖOPÖûWÖ oQN EDVÖQ VHUPD\H JUXSODUÖQD
GD\DQPÖ\RUGX
GHYOHW
JGPQGH
ROPDN
]RUXQOXOXøXQGD\GÖ
$PD
NHQGL
SDUWL
JUXEXQGD 5DKPHWOL $GQDQ 0HQGHUHV ´VL] LVWHUVHQL] KLODIHWL ELOH JHWLUHELOLUVLQL]µ
ELoLPLQGHNL V|\OHPL\OH DVOÖQGD JUXS \HOHULQLQ JFQ \DQVÖWPÖûWÖU <DQL ´NDGÖQÖ
HUNHN HUNHøL NDGÖQ \DSDELOLUµ GHQLOHQ ùQJLOWHUH .UDOLoHVL·QLQ JFQH DWIHGLOHQ ELU
EHQ]HWPH\LNHQGLWHRORMLN\DSÖVÖLoLQGHJ|VWHUPLûWLU
VRQUDVÖQGD ·WHQ ·H NDGDU &+3 JUXEXQXQ DNWLI HWNLQ YH ED]HQ GH
\|QHWLPLQGH EXOXQDQ \HOHULQGHQ ELULVL\LP %L]LP JUXEXPX] GD GLQJLQGL $3 PHFOLV
JUXEX GD gWHNL E\NO NoNO SDUWLOHULQ JUXEXQGD KDUHNHW YDUGÖ *UXS VDGHFH ELU
NRQXûPD LoLQ JHOLS WDWLOH JLUPH]GL 'DKDVÖ JUXSODUGD PLOOHWYHNLOOHULQLQ GÖûÖQGD
|UJWOHUGHQ JHOHQ ûX YH\D EX GHOHJHOHU EDVNÖ JUXSODUÖ VHoPHQ \DQGDûODU RWXUDPD]GÖ
dQN RUDODU 7%00·QLQ NoN ELUHU RUJDQÖ\GÖ YH KDOHQ GH |\OHGLU $PD VRQUD QH
ROGX\VDROGXJUXSODUELoLPGHøLûWLUGL7XUJXW%H\LOH6OH\PDQ%H\LOHGHøLûWLUGL7DQVX
+DQÖP LOH GHøLûWLUGL YH VRO SDUWLOHUH GH \DQVÖGÖ *UXSODU ûLPGL VDGHFH VD\ÖQ JHQHO
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
EDûNDQODUÖQ KDIWDOÖN V|\OHPLQGHQ LEDUHW NDOÖ\RU 3HNL EXQGD KHU SDUWL\H PHQVXS VD\ÖQ
PLOOHWYHNLOOHULQLQ EDûND DODQODUD DNWDUDFDNODUÖ ûLND\HWOHUL RUDGD NHQGL DLOH RGDODUÖ
LoHULVLQGHGLOHJHWLUPHOHULQLHQJHOOH\HQKDQJLKNPYDU"+LoELUKNP\RN
7HNSDUWLG|QHPLQHG|QHUVHQL]|UJWVHOED]GDDûDøÖGDQ\XNDUÖ\DGRøUXEHQ
\ÖOODUÖQGD ´RFDNµWDQ EDûOD\DUDN JHOGLP 2FDNODUGDQ EXFDNODUD LOoHOHULQ WPQGH
EDûNDQOÖNWDEXOXQGXPùVWDQEXO·GDLOVHNUHWHUOLøL\DSWÖP2QXQDUNDVÖQGDQPLOOHWYHNLOL
VHoLOLUVHoLOPH]EXUDGDJUXS\|QHWLPNXUXOXQDJLUGLP*UXSV|]FOø\DSWÖP0HUNH]
<UWPH .XUXOXQGD oHûLWOL LûOHU J|UHYOHU \DSWÖP +HSVLQGH DûDøÖGDQ \XNDUÖ\D GRøUX
|UJWQ \DKXW KDONÖQ VHVL \DQVÖWÖOÖU WDUWÖûÖOÖUGÖ úLPGL SDUWL PHFOLVOHULQLQ 0<.·QÖQ
*<.·QÖQ KHU QH GHUVHQL] GH\LQ ³KHU SDUWLQLQ NHQGL V|\OHPLQH J|UH oHûLWOL LVLPOHUL
YDU³ LoHULVLQGHQ E|\OH GLûH GRNXQXU JD]HWHFLOHULQ VÖ]GÖUDELOHFHøL KDEHUOHUL \RN
0HVHOD 7UNL\H·QLQ \|QHWVHO \DSÖODQPDVÖ LoLQ \ÖOÖQGD 6D\ÖQ 6OH\PDQ 'HPLUHO·LQ
'HYOHW 3ODQODPD 7HûNLODWÖ·QGD \HGHN VXED\ RODUDN J|UHY \DSWÖøÖ 6D\ÖQ 0PWD]
6R\VDO·ÖQ6L\DVDO%LOJLOHU)DNOWHVLQGHDVLVWDQRODUDNEXOXQGXøXELUG|QHPGH´0HKWDS
3URMHVLµ\OH 7UNL\H·QLQ LGDUL \DSÖODQPDVÖQGD ELU GHøLûLP WDUWÖûÖODUDN HOH DOÖQGÖ %LU GH
EDNWÖN $1$3 ELU JHUHNVLQPH GX\PXû LNL GHøHUOL 0<. \HVL ELUL *HQHO %DûNDQ
<DUGÖPFÖVÖ (UNDQ 0XPFX |WHNL HNRQRPLN LûOHUGHQ VRUXPOX 1HVULQ 1D] ELU RGD\D
NDSDQPÖû ELU WDNÖP \HUOHUGHQ YDKL\ DOPÖûODU ´7UNL\H·QLQ <DSÖVDO 'HøLûLPLµ GL\H ELU
SURMH\OH JHOGLOHU úLPGL (UNDQ %H\·H NLPVH VRUPX\RU 7XUL]P %DNDQÖ LNHQ EXQGDQ D\ |QFH\H NDGDU EDûÖQGD EXOXQGXøX EDNDQOÖøÖQ ODøYÖQÖ LVWL\RUGX ûLPGL R EDNDQOÖøÖ
.OWU %DNDQOÖøÖ YH dHYUH %DNDQOÖøÖ LOH GDKD GD E\WPH\H \|QHOL\RU %XQODU QH
PHFOLVWH J|UûO\RU QH GH JUXSODUGD +HUNHV DNOÖQD JHOHQ ELU ûH\L \DSÖ\RU YH
SDUODPHQWR LûWH E|\OH VL]LQ WDUDIÖQÖ]GDQ JQDK NHoLVL JLEL J|UO\RU NL EHQFH KDNVÖ]
%HQFHVL]VLYLOWRSOXP|UJWOHULVL]EURNUDWODUVL]DNDGHPLV\HQOHUVL]|øUHQFLOHUoRN
KDNOÖ RODUDN ONHQLQ XOXVXQ WRSOXPXQ JHOLU GDøÖOÖPÖQGDNL DGDOHWVL]OLN DoÖVÖQGDQ
SDUODPHQWHUOHULQ
ELUGHQELUH
PDDûODUÖQÖ
DUWWÖUPD\D
\|QHOPHVLQH
EDûNDOGÖUÖGD
EXOXQX\RUVXQX] 3DUODPHQWR LoLQGH ELUoRN DUNDGDûÖPÖ] GD VL]OHUOH KDUHNHW HGL\RU EX
EDûNDOGÖUÖ KDUHNHWLQGH $PD WHSHOHUGHQ GDøODUÖ J|UHPL\RUVXQX] NXVXUD EDNPD\ÖQ
6D\ÖQ &XPKXUEDûNDQÖ D\QÖ DQD\DVD SDNHWL LoLQGH GRNXQXOPD]OÖN NXUXPXQD LOLûNLQ
PDGGH\H GRNXQPX\RU RQX RQD\OÖ\RU DPD |EUQ UHIHUDQGXPD J|WUPH\H NDONÖûWÖøÖ
VÖUDGD NHQGLVLQL oRN VD\JÖGHøHU ELoLPGH DONÖûOÖ\RUX] %HONL GRøDVW ELU ûHNLOGH
NDKUDPDQ
LODQ
GRNXQXOPD]OÖøÖQGD
HWPH\H
NDONÖûÖ\RUX]
\DWÖ\RU
%HQFH
3DUODPHQWHULQ
DVÖO
VRUXQ
SDUODPHQWHUOLNOH
SDUODPHQWHUOHULQ
EDøGDûPD\DQ
LûOHU
\DSPDVÖQGD \DWÖ\RU %DNDQODUÖQ VL\DVDO NXUDOODUOD LûOHGLNOHUL YDUVD\ÖODQ VXoODUÖQ VL\DVDO
NXUDOODUOD DNODQPDVÖQGD YH LûWH VRQ ED\ÖQGÖUOÖN HVNL EDNDQÖQÖQ GXUXPXQGD ROGXøX JLEL
ELUGHQELUHELULOHULQLQNDIDVÖQGDLDGHLLWLEDUHWPHVLQGH\DWÖ\RU
7UNL\H·QLQ VRUXQODUÖQÖ ELUELULQGHQ D\UÖûWÖUDPD]VDN EURNUDWODUÖQ DVNHU VLYLO YH\D
DNDGHPLV\HQ DOGÖNODUÖ PDDûODUÖQ VD\GDPOÖøÖQD GLNNDW HWPH]VHN ELU NÖVPÖPÖ] JL]OL
NDUDUQDPHOHUOH
QLoLQ
PDDû
YHULOL\RU
EXQX
VRUJXOD\DPD]VDN
\DQL
QLIRUPDOÖ
QLIRUPDVÖ]LQVDQODUDUDVÖQGDD\UÖP\DSPD]VDNONHGHELUWDNÖPLûOHUWHUVJLWWLøL]DPDQ
DQFDN EXJQN +UUL\HW·LQ PDQûHWLQGH ROGXøX JLEL VHQH |QFH G|QHPLQ +DYD
.XYYHWOHUL
.RPXWDQÖ·QÖQ
´)·ODU
PÖ
)·OHU
PL
DOÖQVÖQ"µ
GL\H
$PHULNDQ
.RQJUHVL·QGHQ 'Öû ùûOHUL .RPLWHVL·QH \DQVÖ\DQ VRQUD GD G|QHPLQ GHYOHW EDûNDQÖQFD
KDVÖUDOWÖHGLOHQ\ROVX]OXøXQ]HULQGHEDûND\ROVX]OXNODUELULNLU
6HQGLNDODUÖPÖ]ÖQ KDQJL LûOHUOH XøUDûWÖøÖQÖ ELOHPL\RUXP 7UNL\H·GH |]HO VHNW|U
JLGHUHN E\\RU g]HO VHNW|U LoHULVLQGH QH 'LVN QH +DNLû QH 7UNLû ELU WHN
VHQGLNDQÖQ WRSOX V|]OHûPH JF NDOPDPÖû +HSVL YDU JF\OH PHUNH] \|QHWLPOHULQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\UWPHN LoLQ NDPX J|UHYOLOHULQLQ HOLQH NROXQD FHNHWLQH \DSÖûÖ\RUODU YH EDûEDNDQOÖN
PHUGLYHQOHULQGH VL\DVDO HUNOH SD]DUOÖN HGHUHN D\DNWD NDOPD\D oDOÖûÖ\RUODU 'Q\DQÖQ
QHUHVLQGHE|\OHVHQGLNDFÖOÖNNDOGÖDUNDGDûODU"2QGDQVRQUDEL]NLEHQKkOkoDOÖûÖ\RUXP
JLWWLøLPL] \HUGH WRSOX V|]OHûPHGHQ \RNVXQX] 7RSOX V|]OHûPHPL] ROVD R WRSOX
V|]OHûPH\H R EDVÖQ PHVOHN LONHOHULQL DOGÖUPD RODQDøÖQD EHONL NDYXûDFDøÖ] $PD
JLUGLøLP Lû\HULQGH KHU VDEDK LûH JLUHUNHQ EDVWÖøÖP NDUWOD JLUHELOL\RUXP WXUQLNHOHUGHQ
%D]HQ \DQÖPGDNL DUNDGDûÖQ NDUWÖ oDOÖûPÖ\RU ´$FDED PDQ\HWLN DODQÖ GHøHULQL PL
\LWLUGL"µ GL\H EDNÖ\RUX] \XNDUGDQ JHOHQ HPLUOH NDSÖ\Ö DoDPD] KDOH JHWLULOPLû YH\D
JLUPLûVHELUHPDLOJHOL\RULûLQHVRQYHULOPLû%LOJLVD\DUÖQÖNDSDWÖ\RULûWHQoÖNÖ\RU
GHQHQ ELU ûH\ NDOPDPÖû WRSOX V|]OHûPH GHQHQ ELU ûH\ NDOPDPÖû KLoELU ûH\ DOPDGDQ
EHOOLELUSD]DUOÖNODQHNRSDUDELOLUVHLûLQGHQD\UÖOÖSJLGL\RU
7UNL\H·QLQ E|\OH JLWPH\HFHøLQL ELOL\RUX] 7UNL\H·QLQ E|\OH JLWPHPHVL LoLQ
JHUoHNOHUL\HQLGHQNRQXûPDG|QHPLEDûODWÖQDUWÖN%HQGHQJHoWLEHQVL]HDONÖûWXWD\ÖP
EHQVL]HGXDHGH\LP\HQLG|QHPLoLQ+HSLQL]HWHûHNNUHGL\RUXP
$NÖQ(UJGHQ
6D\ÖQ 2UKDQ %LUJLW·H WHûHNNU HGL\RUX] $QOD\DPDGÖøÖQÖ V|\OHPLûWL QHGHQ EX
SDQHOGHROGXøXQX+HUKDOGHEXNRQXûPDJ|VWHUGLRQDEXQXQQHGHQOHULQL
2UKDQ%LUJLW
%XQHLûH\DUÖ\RUVD\ÖQ%DûNDQ
$NÖQ(UJGHQ
úLPGLûLPGLJHOL\RU%X\XUXQ6D\ÖQ.D\D*YHQo
2UKDQ%LUJLW
.D\D*YHQoûLPGLLûDGDPÖPÖROX\RU"
*OûPHOHU
.D\D*YHQo
'HøHUOLDUNDGDûODUÖPVD\ÖQNDWÖOÖPFÖODUVD\ÖQEDûNDQWHûHNNUHGL\RUXP2VRUX\X
EHQGHNHQGLNHQGLPHVRUDELOLULPEHQQL\HEXUDGD\ÖP"úLPGLWDELLEXQRNWDGDELUoRN
ûH\ EXODELOLUVLQL] %L] PKHQGLVOHUPLPDUODU oRN GRøXUJDQ ELU PHVOHøLQ LoLQGH\L]
$UDPÖ]GD ELOL\RUVXQX] LNL EDûEDNDQ VRQUDGDQ FXPKXUEDûNDQÖ ROPXû EDûEDNDQ YDU
<DQL oRN VD\ÖGD VL\DVHWoL YDU ûX DQ VDQÖUÖP WDQH PLOOHWYHNLOL YDU PKHQGLV YH
PLPDU VÖIDWÖQÖ WDûÖ\DQ ùNL FXPKXUEDûNDQÖ YDU oRN VD\ÖGD LûDGDPÖ YDU VD\ÖQ $KPHW
ùQDPJLELoRNGHøHUOLIHOVHIHFLOHULPL]YDUEDûNDPHVOHNOHUGHQDUNDGDûODUÖPÖ]YDU
6DEDKNLRWXUXPGD6D\ÖQ.XoXUDGL·QLQ\DSPÖûROGXøXGHøHUOHULOHLOJLOLWDQÖPDELUD]
GHøLQLS RQGDQ VRQUD EX oHUoHYHGHQ VL\DVHW GQ\DVÖQD YH Lû GQ\DVÖQD ELU EDNPDN
LVWL\RUXP 6RQUD EXQODUÖQ LOLûNLOHULQH YH WHU|UOH RODQ VRQ GHøLQPHOHULQH JHoPHN
LVWL\RUXP
úLPGL EDûYXUGXøXPX] GHøHUOHU ´(YUHQVHO GHøHU YDU PÖGÖU"µ VRUXVXQX \DQÖWODPD\Ö
JHUHNWLUL\RU (YUHQVHO GHøHUOHU EHONL EHOOL ELU ]DPDQ NHVLWLQGH EHOOL ELU WRSOXOXNWD YH
EHONLGHELUDQODPGDUHWLPVUHFLQLQRUHWLPLOLûNLOHULQLQQHUHVLQGH\HUDOGÖøÖQDEDøOÖ
RODUDNEHOOLELUJHQHOOLNWHGHøHUOHURODELOLU$PDVDGHFHYHVDGHFHEXNDGDU'ROD\ÖVÖ\OD
EXJQJHoHUOLRODQGHøHUOHUOHEXQGDQ\ÖO|QFHJHoHUOLRODQGHøHUOHU\DGDELUWHNHOFL
VHUPD\HVDKLEL\OHELUDW|O\HVDKLELQLQGHøHUOHULEXQODUGDQYHELUELUOHULQGHQIDUNOÖGÖU
.ÖVDFD|QFHOLNOHLûGQ\DVÖQDEDNDOÖP6D\ÖQùQDP·ÖQ´EHQµWDQÖPÖQÖDOD\ÖPRUDGDQ
EDûOD\DOÖP 'L\RU NL ùQDP ´<DûDPD G]HQLQLQ oDUNODUÖQÖ G|QGUHQ NHQGL LoLQGH
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NXUDOODUÖ RODQ NkU HWPH JHQLûOHPH J|]HWHQ ELU GQ\Dµ úLPGL EX GQ\DQÖQ NXUDOODUÖ
YDUPÖ"9DU$oÖNYHQHW%XQXXOXVODUDUDVÖELUWDNÖPEHOJHOHUOHGH]DWHQLIDGHHGL\RUODU
%X WRSODQWÖGDQ |QFH PHVOHøLP YH X]PDQOÖN DODQODUÖP ROPDPDVÖ QHGHQL\OH
ùQWHUQHWWH ´$FDED Lû GQ\DVÖQGD ELU XOXVODUDUDVÖ EHOJH YDU PÖGÖU"µ GL\H û|\OH ELU
JH]LQGLP ùNL WDQH EHOJH GLNNDWLPL oHNWL %LULVL 0LQQHVRWD LONHOHUL GLøHUL GH .DQDGD
N|NHQOL ´&RRNVµ GL\H DGODQGÖUÖODELOHFHN ED]Ö WHPHO LONHOHU NL EXUDODUGD DVOÖQGD
NHQGLOHULQH|]JGHøHUOHULQLQQHROGXøXV|\OHQL\RU%D]ÖWHPHOGDYUDQÖûLONHOHULNRGODUÖ
GL\H DGODQGÖUÖOPÖûODU %XQXQ WHPHOLQGH NkU YDU ùû GQ\DVÖQÖQ KHP YDUOÖN QHGHQL KHP
GH
WHPHO
GHøHUL
NkU
%XUDGD
ELU
SDUDQWH]
DoPDN
]RUXQGD\ÖP
<DSDFDøÖPÖ]
WDUWÖûPDODUGD JHQHOOLNOH KHS VLVWHP LoL NRQXODUD GHøLQL\RUX] 2\VD |UQHøLQ Lû GQ\DVÖ
\D GD VHUPD\H\H EDNÖû 0DUNVLVW EDNÖû DoÖVÖ\OD oRN GDKD IDUNOÖ GHøHUOHQGLULOPHN
GXUXPXQGDGÖU 0DU[·ÖQ GHøHU WHRULVL DUWÖ GHøHU NDYUDPÖ GL\RU NL ´$UWÖ GHøHU NDUûÖOÖøÖ
|GHQPH\HQ HPHNWLU FUHWWLUµ .DUûÖOÖøÖ |GHQPH\HQLQ ELU EDûND oHYLULVL DVOÖQGD
KÖUVÖ]OÖNWÖU <DQL KÖUVÖ]OÖN EHGHOLQL |GHPHGHQ ELU EDûNDVÖQD DLW RODQ KHUKDQJL ELU ûH\H
VDKLSOHQPH ROD\ÖGÖU 9H EXQXQ NDQXQODUGDNL \HUL EXGXU 'ROD\ÖVÖ\OD 0DUNVLVW DoÖGDQ
EDNWÖøÖQÖ]GD VHUPD\H G]HQL \DQL NDSLWDOLVW VLVWHP ]DWHQ DKODNL ROPD\DQ ELU VLVWHPGLU
%X SDUDQWH]L QHGHQ DoWÖP" %XQX V|\OHPH]VHN HNVLN ROXU %L] WDUWÖûPDPÖ]Ö JHQH
PHYFXW VLVWHP ]HULQGHQ VUGUHFHøL] dQN VLVWHP WDUWÖûPDVÖ \DSPD\DFDøÖ] $PD
PHYFXW
VLVWHP
]HULQH
NDSLWDOLVW
VLVWHPLQ
NHQGL
GHøHUOHUL
YH
NHQGL
WHPHO
GHøHUOHQGLUPHOHUL NXUDOODUÖ ]HULQGHQ WDUWÖûPDPÖ]Ö VUGUHFHøL] .DSDWÖ\RUXP EX
SDUDQWH]L
7HPHO HWNHQL .kU úLPGL ELUoRN |UQHøL YHULOHELOLU ELUD] |QFH EDKVHWWLøLP EX
XOXVODUDUDVÖ EHOJHOHULQ $PD WHPHOLQGH Lû GQ\DVÖ KHS GL\RU NL ´(IHQGLP EL] HQ L\L\L
YHUHFHøL] EL] WRSOXPD PXWODND ELU ID\GD VDøOD\DFDøÖ] LVWLKGDP \DUDWDFDøÖ] ³JHQHO
KDWODUÖ LWLEDUL\OH V|\O\RUXP³ \DEDQFÖ VHUPD\H RODUDN JLWWLøLPL] ONHOHULQ KDONÖQÖQ
UHIDK G]H\LQLQ \NVHOWLOPHVLQH NDWNÖGD EXOXQDFDøÖ]µ 3HNL QH ROX\RU" 6|\OHQHQOHULQ
KHSVLQLQ WHUVL ROX\RU %LU |UQHN YHUHFHøLP *HQHUDO (OHFWULFV GQ\DQÖQ HQ E\N
ILUPDODUÖ DUDVÖQGD ELU QXPDUDGD RODQ PHûKXU oRN XOXVOX ûLUNHWOHUGHQ ELULVL <|QHWLP
NXUXOXEDûNDQÖQGDQELUDQHNGRWELUD]HVSUL\DSDUJLELNRQXûPDVÖDPDEHOJHOHUHJHoPLû
RODQ ELU ûH\ ´%HQ UHWLP WHVLVOHULQL JHPLOHUH PRQWH HGHFHøLP 'Q\DQÖQ QHUHVLQGH
XFX] LûJF YDUVD GQ\DQÖQ QHUHVLQGH oHYUH VRUXQODUÖ LOH LOJLOL ELU NÖVÖWODPD \RNVD
JLGHFHøLPUHWLPLRUDGD\DSDFDøÖPYHGQ\DQÖQJHULNDODQÖQDVDWDFDøÖPµùûWHNkUYH
DKODNÖ \DQ \DQD NR\GXøXPX] ]DPDQ NDSLWDOLVW VLVWHPLQ EXJQN GQ\D VLVWHPLQLQ
DKODNNXUDOÖEDNÖûÖ\DGDNHQGLQHJ|UHGHøHULEX
6HYJLOL $UNDGDûODUÖP oRN L\L DQÖPVDUVÖQÖ] 7UNL\H·GH FLGGL ELU WHKOLNH \DûDGÖN
VRQUD QH ROGX\VD JHUL oHNLOGL .DWNÖVÖ RODQ EWQ DUNDGDûODUD WHûHNNU HGL\RUXP ³
EXUDGD RWXUDQ DUNDGDûODUÖPÖQ ROGXøXQX GD ELOL\RUXP R NRQXGD³ ´(QGVWUL <DVD
7DVDUÖVÖµ JHOGL 6L] VDGHFH YH VDGHFH PLO\RQ GRODU SDUD\Ö JHWLULQ QH LVWL\RUVDQÖ]
EHQGHQ $UVD PÖ LVWL\RUVXQX]" %HQGHQ $OW\DSÖ PÖ LVWL\RUVXQX]" %HQGHQ %DûND QH
LVWL\RUVXQX]" <D EX oHYUH NDQXQX 7UNL\H·GH EHQL HQJHOOL\RU" 7DPDP PXDIVÖQ ùPDU
NDQXQX" 7DPDP RQGDQ GD PXDIVÖQ %HOHGL\HOHULQ ELOPHP QH NDQXQX" 2QGDQ GD
PXDIVÖQ<DQL|\OHVLQHELUûH\JHOL\RUGXNL\HWHUNLPLO\RQGRODUJHWLULQ1H\VHJLWWL
.LPGLUEXQXQDUNDVÖQGDRODQVHUPD\HJUXSODUÖ"7UNL\H·\H\DWÖUÖP\DSPDNLVWH\HQED]Ö
\DEDQFÖ VHUPD\H JUXSODUÖQÖQ 7UNL\H·GH \UUONWH ROPDVÖQÖ LVWHGLøL ELU NDQXQ
WHNOLIL\GL ´%DûEDNDQOÖN WDUDIÖQGDQ WDVDUÖ KDOLQH JHWLULOL\RUµ V|\OHQWLOHUL LOH NÖ\DPHWOHU
NRSWX JHUL oHNLOGL úLPGLNL JHOHQ DUWÖN QH\VH KLo ROPD]VD EX DNVDNOÖNODUÖ WDûÖPÖ\RU
ùWLUD]HWWLøLPL]QRNWDODUROPDNODELUOLNWH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
1H \DSÖOÖ\RU EDûND" %LUD] |QFH *HQHUDO (OHFWULFV·WHQ YHUPLû ROGXøXP |UQHøL
DVOÖQGD EWQ GQ\D\D X\JXOD\DELOLUVLQL] <DSÖODQ ûH\ ûXGXU .kU RUDQODUÖ WHNQRORMLN
DODQODUGD DUDûWÖUPD\D JHOLûWLUPH\H WDVDUÖPODPD\D GD\DQDQ QRNWDODUGD oRN GDKD
\NVHNROGXøXQGDQPHWURSROONHOHUEXDODQODUÖEXoDOÖûPDODUÖNHQGLOHULQHD\ÖUÖ\RUODU
<DQL ELOLPVHO WHNQLN WHNQRORMLN DUDûWÖUPD JHOLûWLUPH IDDOL\HWOHUL PHWURSRO ONHOHUGH
NDOÖ\RU %L]H QH Gû\RU SD\ RODUDN" %L]H oHYUH NLUOHWHQ JHUL WHNQRORMLOL GûN NDWPD
GHøHUOL HQGVWULOHU NDOÖ\RU ( KDQL EXQODU GQ\DGD HûLWOLN JQGHPH JHWLUHFHNOHUGL"
.UHVHOOHûPHQLQ E\N LGHRORMLVL EX\GX" dQN Lû GQ\DVÖQÖQ WHPHO GHøHUL NkU
ROD\ÖGÖU %XQX LVWHUVHQL] oRN ID]OD X]DWPD\DOÖP 1H ROPXûWXU" g]HOOLNOH VRQ \ÖO
LoLQGH RODQ ûXGXU 'Q\DQÖQ JHUL NDOPÖû ONHOHUL LOH JHOLûPLû ONHOHUL DUDVÖQGDNL JHOLU
XoXUXPX ELU WDUDIWDQ GHULQOHûPLûWLU GLøHU WDUDIWDQ GD ONHOHULQ NHQGL LoLQGHNL DOWVW
JUXSODU DUDVÖQGDNL JHOLU XoXUXPX GHULQOHûPLûWLU .DSLWDOL]P YH EWQ R \NVHN GHøHU
\DUJÖODUÖQÖQ VRQXFXQGD JHOGLøLPL] QRNWD EXGXU 6D\ÖQ *UNDQ·ÖQ oL]GLøL WDEOR\D
HNOH\HFHN ID]OD ELU ûH\ \RN dRN GDKD JHQLûOHWLOHELOLU LVWHQLUVH DPD 7UNL\H·QLQ QH
GXUXPGDROGXøXQXJ|U\RUVXQX]
úLPGL JHOHOLP VL\DVHW GQ\DVÖQD 6D\ÖQ ùQDP·ÖQ VL\DVHW GQ\DVÖQD LOLûNLQ R WDQÖPÖ\OD
EDûOD\DOÖP WHNUDU 'L\RU NL ´hUHWLPLQ UHIDKÖQ SD\ODûÖOPDVÖQGD V|] VDKLEL RODQ ELU
GQ\Dµ <DQL Lû GQ\DVÖQÖQ \DUDWWÖøÖ R GHøHUOHULQ SD\ODûÖOPDVÖ 7DPDP GRøUX %X
WRSOXOXøXQWHPHOGHøHULQHGLU"ùNWLGDUROD\ÖGÖU1DVÖOLNWLGDURODFDNVÖQ"<LQHVLVWHPGHQ
EDKVHGL\RUXP 3DUODPHQWHU GHPRNUDWLN G]HQGHQ EDKVHGL\RUXP 1HGLU EX VLVWHP
LoLQGH LNWLGDUD XODûPDQÖQ \|QWHPL" 6HoLPGLU 1H \DSDFDNVÖQÖ]" 6HoLPOHUH JLULS
VHoPHQLQL]H ELU SURJUDP VXQDFDNVÖQÖ] 9DDW NHOLPHVLQL NXOODQPDN LVWHPL\RUXP \DQOÖû
GHøHUOHQGLULOHELOL\RU ´=DWHQ EXQODU \DODQ V|\O\RUµ GL\H %HQ KLoELU SROLWLNDFÖQÖQ R
DQODPGD \DODQ V|\OHGLøL NDQÖVÖQGD GHøLOLP $VOÖQGD NHQGL J|UHYLQL \HULQH JHWLUL\RU
6HoLOPHN LoLQ QH JHUHNL\RUVD RQX \DSÖ\RU %XUDGD WDUWÖûÖOPDVÖ JHUHNHQ DKODNL QRNWD
ûXUDVÖ úLPGL EHQ VL]H JHOLS GL\RUXP NL ´6L] EDQD R\ YHUHFHNVLQL] EHQ GH VL]LQ LoLQ
2'7h $UDûWÖUPD*HOLûWLUPH )RQX·QD ûX NDGDU ND\QDN EXODFDøÖP FUHWOHULQL]GH GH
L\LOHûWLUPH \DSDFDøÖPµ 6L] GH GL\RUVXQX] NL ´$D QH NDGDU J]HOµ %LU WRSOXPVDO
V|]OHûPH ³\D]ÖOPDNVÖ]ÖQ³ \DSÖOÖ\RU *LGL\RUXP PHFOLVH XQXWX\RUXP VL]L %X NDGDU
EDVLW dQN R VÖUDGD Lû GQ\DVÖQÖQ |QFHOLNOHUL JQGHPH JHOL\RU %DûND NDQXQODU
JQGHPH JHOPH\H EDûOÖ\RU gUQHøLQ úHNHU .DQXQX 7WQ .DQXQX 0LOOHWOHUDUDVÖ
7DKNLP .DQXQX JLEL 6L]LQOH RODQ WRSOXPVDO V|]OHûPH\L EHQ WHN WDUDIOÖ XQXWX\RUXP
%HQFH VL\DVHW GQ\DVÖQÖQ WHPHO ROPDVÖ JHUHNHQ GHøHUL EXUDGD \DWPDNWDGÖU 7RSOXPVDO
V|]OHûPH\H X\PD QRNWDVÖQGD ELU WHUHGGGP]Q ROPDPDVÖ JHUHNLU 2\VD |\OH GHøLO
gUQHNOHULGDKDGDoRøDOWDELOLUL]
%HQ EX NUL]GHQ EHUL YH ,0)·QLQ HPUHWWLøL R RQ EHû \DVDGDQ EHUL KHS V|\O\RUXP
SDUODPHQWHU DUNDGDûODUÖPD YH EDûND \HUOHUGH GH LIDGH HGL\RUXP VL] ûHNHUSDQFDUÖ
UHWLFLVLQH VHoLPOHUGHQ |QFH JLWWLøLQL]GH GHVH\GLQL] NL ´$UNDGDû EHQ ûHNHU NDQXQXQX
|\OH ELU QRNWD\D JHWLUHFHøLP NL VHQL GH PDKYHGHFHøLP 7UNL\H·GHNL ûHNHU ROD\ÖQÖ GD
PDKYHGHFHøLPµ %X EHQFH VRQ GHUHFH DoÖN J]HO ELU GDYUDQÖû ROXUGX dQN GDKD
VRQUD \DSDFDøÖQÖ]Ö V|\OHPLû ROXUGXQX] $PD RQX V|\OHPL\RUVXQX] GL\RUVXQX] NL
´+Lo PHUDN HWPH\LQ EHQ ûHNHUSDQFDUÖQÖQ IL\DWODUÖQÖ D\DUOD\DFDøÖP VL]L HQIODV\RQD
H]GLUPH\HFHøLPµ %XQX \DSPDGÖQÖ] SHNL NDEXO R ]DPDQ NUL] \RNWX &XPKXUEDûNDQÖ
LOH %DûEDNDQ DUDVÖQGD NLWDS IÖUODWPD ROD\Ö KHQ] JHUoHNOHûPHPLûWL ,0) GH KHQ]
\RNWX HPUHWPHPLûWL 3HNL úHNHU .DQXQX JHOGL 2 ]DPDQ JLGHFHNVLQL] %HQLP
DQOD\ÖûÖP ûX úHNHUSDQFDUÖ UHWLFLVLQLQ NDUûÖVÖQD JHoLS ûXQX V|\OH\HFHNVLQL] ´%HQ VL]H
DNVLQL V|\OHGLP DPD EXQX \DSDPÖ\RUXP úX QHGHQOH \DSDPÖ\RUXP YH EX ûHNHU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
NDQXQXQX GHøLûWLULS VL]L PDKYHGHFHøLPµ %XQD GD VD\JÖ GX\DUÖP EX GD GRøUX ELU
GDYUDQÖûWÖU <DSÖOPD\DQ QHGLU" <DSÖOPD\DQ EX WRSOXPVDO V|]OHûPH\H X\PDPDVÖQD
UDøPHQ NDUûÖ WDUDID EX NRQXGD KHUKDQJL ELU |]U ELOGLUPHPHN YH\D ELOJLOHQGLUPH
\DSPDPDNWÖU
3DUODPHQWHU VLVWHP LoLQGH KHU ELU VL\DVHWoL VL\DVHW \DSPD EHOJHVLQL \DQL PLOOHWYHNLOL
ROPDNLNWLGDUDX]DQPDNLoLQJHUHNHQEHOJH\LVHoPHQLQGHQDOÖ\RUYHEXQXQLoLQGHELU
WRSOXPVDO V|]OHûPH\H LP]D DWÖ\RUVD R ]DPDQ WHPHO RODQ QRNWD R WRSOXPVDO
V|]OHûPH\H X\PDNWÖU <DSDPD\DELOLUVLQL] NRûXOODU |\OH JHUHNLU NL YHUGLøLQL] V|]OHUL
WXWDPD\DELOLUVLQL] JHUoHNOHûWLUHPH\HELOLUVLQL] $PD oDED KDUFDPDN ]RUXQGDVÖQÖ]
\DSDPDGÖøÖQÖ]]DPDQGDJLGLSVHoPHQLQL]HV|\OHPHN]RUXQGDVÖQÖ]
%XUDGDNL DUNDGDûODUÖ WHQ]LK HGL\RUXP ROD\Ö NLûLOHUH LQGLUPHN NHVLQOLNOH \DQOÖûWÖU
2OD\ ELU VLVWHP VRUXQXGXU 1HGHQ ROPDGÖøÖQD JHOLQFH %DNÖQÖ] VL\DVHW GQ\DVÖ DUWÖN
NUHVHO GQ\DQÖQ |\OH ELU QRNWDVÖQD JHOGL NL DUWÖN XOXVODUDUDVÖ VHUPD\H G]HQL XOXV
GHYOHWLGROD\ÖVÖ\ODXOXVGHYOHWLQELURUJDQÖELUNXUXPXRODQSDUODPHQWR\XYHEXDODQGD
|]JUOø \DVDNOÖ\RU 8OXVODUDUDVÖ VHUPD\HQLQ WHPHO NXUDOÖ NXUDOVÖ]ODûWÖUPDGÖU <DQL
NHQGL NkU PDNVLPL]DV\RQX |QQGHNL KHU WUO HQJHOL \DVDO YH\D DKODNL ³YH\D KHU
QH\VH³ ELU ELoLPGH NDOGÖUPDNWÖU 'ROD\ÖVÖ\OD SDUODPHQWR\X DVOÖQGD LûOHYVL]OHûWLUHQ EX
NUHVHO GQ\DGÖU 6DGHFH SDUODPHQWR\X LûOHYVL]OHûWLUHQ GHøLO D\QÖ ]DPDQGD VL\DVHWoL\L
KDONÖQ J|]QGHQ GûUPH\H oDOÖûDQ GD WHPHOGH QH VROFXODU QH LûoLOHU QH NDPX
oDOÖûDQODUÖGÖU\LQHVHUPD\HGLU$PDWDELNLSDUODPHQWRQXQLWLEDUND\EHWPHVLQGHJHQHO
RODUDN LIDGH HWPHN JHUHNLUVH VD\ÖQ WHPVLOFLOHULPL]LQ GH ELU KD\OL oDED J|VWHUGLNOHULQL
PDDOHVHI NDEXO HWPHPL] JHUHNL\RU 9H EXQXQ |QQH JHoPHQLQ \ROX EHQFH UûYHW
DOPDPDN NDPX ND\QDNODUÖQÖ \DNÖQODUÖ LoLQ NXOODQPDPDN JLEL NDQXQL \DVDNODUÖQ
X\JXODQPDVÖ GHøLOGLU %XQGDQ GDKD GRøDO ELU WDOHS ]DWHQ RODPD] <DSÖOPDVÖ JHUHNHQ
NHQGL VHoPHQLQH RODQ ERUFXQX KL]PHW RODUDN |GH\HELOPHQLQ \ROODUÖQÖ EXOPDNWÖU ³
KDQJLVÖQÖIÖWHPVLOHGL\RUVDEXQDGDLWLUD]ÖPÖ]\RN
ùûoL\H YH YDWDQGDûD JLGLS GH ´6HQLQ KDNNÖQÖ NRUX\DFDøÖPµ GL\HQ VHUPD\H\H KL]PHW
HGHUVH EXUDGD DKODN VRUXQX YDUGÖU %HQ VRUJXODUÖP EXUDGD DKODN QHUHGHGLU GL\H $PD
ûD\HW JLGLS LûoL\H ´+D\ÖU EHQ VHQLQ KDNNÖQÖ NRUX\DFDøÖP KL]PHW HGHFHøLPµ GL\RUVD
EXQX DONÖûODUÖP %HQ R\XPX YHULULP YHUPHP R D\UÖ NRQX <DQL DKODN NXUDOODUÖQÖ EHONL
WHPHOGHRQRNWD\DJHWLUPHPL]JHUHNL\RU
6RQXo RODUDN û|\OH LIDGH HGH\LP *HUoHNWHQ GH oDUHVL]OLN LQVDQODUÖ LVWHU LVWHPH]
WHU|UH GRøUX VHYN HWPHNWHGLU 6D\ÖQ $\JQ oRN J]HO DQODWWÖ %DQD VRUDUVDQÖ] WHU|U
GHYOHW WHU|UQH NDUûÖ GD RODELOLU <DQL GHYOHW WHU|U GHGLøLPL] ³7UNL\H·\L GH
DQÖPVD\ÖQÖ]³ ELUoRN ûH\L DQÖPVD\DELOLUVLQL] 7HU|U EHVOH\HQ R ]HPLQL \HûHUWHQ
DVOÖQGD oDUHVL]OLNWLU +DQJLQL] ³EHQ GH GDKLO ROPDN ]HUH³ KDQJLPL] JQQ ELULQGH
KHUKDQJL ELU KDNVÖ]OÖN QHGHQL\OH |UQHøLQ QH ELOH\LP EDNNDOÖQ NDIDVÖQD ELU ûLûH
LQGLUPH\LGûQPHGLN"9H\DûXûRI|UHELU\XPUXNLQGLUH\LPGHVXUDWÖQÖGDøÖWD\ÖPGL\H
DNOÖPÖ]GDQ JHoPHGL PL" 6RQ GHUHFH QRUPDOGLU 1HGLU ROD\" +DN DUDPD ROD\ÖGÖU +DN
DUDPD
ROD\Ö
QHUHGH
GøPOHQL\RU"
.DUûÖQÖ]GD
ELU
VHUPD\HQLQ
LNWLGDUÖ
ROPDVÖ
QRNWDVÖQGD 'DKD |QFH GH V|\OHGLøLP JLEL VRUXQX LNWLGDU YH VLVWHP VRUXQXQD
LQGLUJHPL\RUXP 'HPRNUDVLQLQ WDQÖPÖ VRQ GHUHFH QHW ELU oÖNÖû QRNWDVÖ YHUL\RU
8\JXODQÖ\RU PX EX %DWÖ ONHOHULQGH" ·WH 9L\DQD %LOGLUJHVL·QGH DOÖQDQ LQVDQODUÖQ
NHQGL\DûDPODUÖQDNDWÖOPD|]JUOøQNDEXOHWPHNYVJLELDGODQGÖUÖODELOHFHNEWQ
EXQODUÖQKHSVLX\JXODQPDPDNODELUOLNWHoÖNÖûQRNWDVÖRUDVÖGÖU
g]HWOH ûXQX V|\OH\H\LP 6HUPD\H G]HQL NkU DPDoOÖ LQVDQÖ WDPDPHQ GÖûOD\DQ ELU
VLVWHP ROGXøX YH VL\DVHW GH WDQÖPÖ LWLEDUL\OH VHUPD\H G]HQLQLQ JHUHNOHULQL \HULQH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHWLUPHNLoLQ\DSÖOGÖøÖVUHFHLVWHULVWHPH]WHU|ULoLQ\HûLOELU]HPLQYHULPOLWRSUDNODU
KD]ÖUODQPÖûROX\RU
$NÖQ(UJGHQ
6D\ÖQ .D\D *YHQo·H WHûHNNU HGL\RUX] 6RQ RODUDN VD\ÖQ 3URI 'U &HQJL] *OHo
LNLOL ELU NLPOLNOH NRQXûDFDN %LU SVLNL\DWULVWDNDGHPLV\HQ YH ELU VL\DVHWoLPLOOHWYHNLOL
RODUDN%X\XUXQX]HIHQGLP
&HQJL]*OHo
6D\ÖQ %DûNDQ WHûHNNU HGHULP 7D]H VL\DVHWoL GL\H DoÖNODPDN JHUHNLU VDQÖUÖP
%XUDGD NÖGHPOL GRVWODUÖPÖ] DELOHULPL] YDUNHQ EL]LP VL\DVHWHQ ODI HWPHPL] ROPD]
'HUOHU NL $QDGROX·GD ELU ODI YDUGÖU ´XVWDQÖQ |QQGH SDUHQGH DWÖOPD]µ GL\H %XUDGD
WHFUEHOL VL\DVHWoLOHU ELU WDUDIWD IHOVHIHFLOHU |EU WDUDIWD KHOH KHOH ELU NLWOH |UJWQQ
PHVOHN |UJWQQ EDûNDQÖ RODUDN YH EHOOL NL VL\DVHWH oRN KD]ÖU GXUDQ ELU EDûND
NRQXûPDFÖYDUNHQELUGHHVNLYHNÖGHPOLVL\DVHWoLNHQGLQLHPHNOL\HD\ÖUPÖûELUDELPL]
EXUDGD\NHQQHV|\OH\HELOLULPGRøUXVX"
2UKDQ%LUJLW
%HQNHQGLPLHPHNOL\HD\ÖUPDGÖP
&HQJL]*OHo
3HNL ELULOHUL D\ÖUPÖû EHOOL NL *DOLED VL\DVHWWH YHID DUDPDN KHUKDOGH \DQOÖû ELU ûH\
6L\DVHWLQGÖûÖQGDGXUDQ\DGDGÖûÖQDLWLOPLûOHUGHQVL\DVHWHLOLûNLQELUH\VHOGX\JX\DûDQWÖ
YH J|]OHPOHULQL GLQOHPH\L oRN DU]X HGHUGLP DPD |\OH ROPX\RU PDDOHVHI EX
WRSODQWÖODUGD 1H\VH V|]H QDVÖO EDûOD\D\ÖP GL\H GûQGP EX oDøUÖ\Ö DOGÖøÖP ]DPDQ
(NVLN ROPDVÖQ $NÖQ EL]L E|\OH ELU ûH\H GDYHW HWWLøL ]DPDQ EHQ ]DQQHGL\RUGXP NL
VL\DVHWYHHWLN\DGDVL\DVHWWHHWLøLWDUWÖûDFDøÖ]6RQUDGDQGDKDGLNNDWOLRNX\XQFDEXGD
EHQLP LKPDOLP WHU|U VL\DVHW Lû GQ\DVÖ YH HWLN \DQL G|UW NDYUDP DUDVÖQGD ELU
HWNLOHûLP V|] NRQXVX\PXû <DQL EXQODU DUDVÖQGD ELU LOLûNL YDUPÖû EHVEHOOL EL]LP
ILOR]RIODUÖPÖ] E|\OH GûQGøQH J|UH %X GXUXPGD EX LOLûNL QH ELU NHUH RQX
NHûIHWPHOL\LP EX LOLûNL\H GDLU oRN |QHPOL GHøHUOL D\GÖQODWÖFÖ V|]OHU V|\OHPHOL\LP
GLQOH\LFLOHUL X\DUPDOÖ\ÖP GL\H GûQGP WDELL 6RQUD IDUNÖQD YDUGÖP NL EHQ EX LûL
\DSDPD\DFDøÖP EX EHQL DûDU hVWHOLN DFDED E|\OH ELU LOLûNL GH YDU PÖ" .D\D%H\ VDQNL
YDUPÖûJLELVXQGXGRøUXVXKD\UDQROGXP
%|\OH ELU LOLûNL\L EDøODPDN KHOH KHOH ELU GH WHU|UH EDøODPDN oRN IDNW|UO NDUPDûÖN
ELUVUHo6L\DVHWLQNHQGLVLDNÖODOPD]HYUHQYHGHU\DùûGQ\DVÖQDV|]P]\RNRoRN
DoÖNYHQHW+LoGHøLOVHNkUHGHFHøLPGL\RUYHNHQGLQLDSDoÖNWDQÖPOÖ\RU(WLNLVH]DWHQ
VR\XW NDYUDPODU EWQ DKODN PÖGÖU DKODN VW GHøHUOHU IHOVHIHVL PLGLU" (WLNoLOHU
VUHNOL WDUWÖûÖ\RU 'ROD\ÖVÖ\OD EHQ EX LOLûNL\L \DNDOD\DFDN JoWH YH \HWHQHNWH GHøLOLP
6DGHFH PWHYD]Ö RODUDN WD]H ELU VL\DVHWoL VÖUDGDQ ELU ELOLP DGDPÖ RODUDN ´1HOHU
\DSDELOLUVLQ"µ ´$FDED VL\DVHWOH HWLN DUDVÖQGDNL LOLûNLOHUH GDLU ELU ûH\OHU V|\OH\HELOLU
PLVLQ"µ GL\H VRUGXP NHQGLPH %|\OH G|UW EDûÖ PDPXU ELU V|\OHPL EHFHUHPL\RUXP 2
ND\JÖGDQ X]DNODûWÖP ELU DOÖûNDQOÖN YH WDU]ÖPÖQ LIDGHVL RODUDN V|\O\RUXP 6HYJLOL
$KPHW ùQDP EL]H QDVÖOVD ELU \RO KDULWDVÖ \ROODPÖû WDQH VRUX YDU EXQODUÖQ
]HULQGHNDID\RUGXP7PVRUXODUWHU|UOHEDûOD\ÖSWHU|UOHELWPLû
3ROLWLND\D
JHo
JLUPHQLQ
DYDQWDMODUÖ
YDU
%LU
GH
DNDGHPLV\HQ
LVHQL]
$NDGHPLV\HQOHUGHQ EDûDUÖOÖ SROLWLNDFÖ SHN oÖNPDPÖûWÖU %LU G|QHP SDUODPÖû DQFDN
SDUODNOÖøÖQÖ VUGUHELOHQH SHN UDVWODQPÖ\RU %X JHQHO ELU GXUXP +HUKDOGH EXQXQ
DUNDVÖQGD ELU QHGHQ ROPDOÖ RQX ELU EDûND NRQXûPD\D EÖUDNDOÖP $YDQWDMÖ ûX
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
3ROLWLNDQÖQLoLQGHoHNLUGHNWHQ\HWLûLUVHQL]YHSROLWLND\ÖELU\DûDPWDU]ÖDGHWDELUPHVOHN
JLEL EHQLPVHUVHQL] LoLQGH \DûDGÖøÖQÖ] NXUXPD GÖûDUÖGDQ HOHûWLUHO RODUDN EDNPDQÖ] SHN
PPNQ ROPD\DELOLU %L]LP JLEL oDøUÖ\OD JHOHQ ELUD] GÖûDUÖGDQ \D GD EWQH HøUHWL
GXUDQ ´|PUPQ VRQXQD NDGDU EHQ EXUDGD\ÖPµ GL\H ELU LGGLDVÖ EXOXQPD\DQ
LQVDQODUÖQELUD]DNDGHPLNWHUEL\HGHYDUVDSROLWLNDQÖQJL]OLNXOYDUODUÖQÖNHûIHWPHûDQVÖ
RODELOL\RU(OHûWLUHODoÖGDQNHQGLXøUDûDODQÖQDEDNDELOPHûDQVÖRODELOL\RU+HOHKHOHELU
GHDQDOLVWIDODQLVHQL]GDKDL\LEDNDELOPHQL]PPNQ%|\OHROXQFDLQVDQODUSROLWLND\D
YHSROLWLNDFÖODUDQDVÖOEDNÖ\RUODU"
*DOLED LNL WU EDNÖû PPNQ %LULQFLVL EL]LP JLELOHU \DQL DNWLI SROLWLNDQÖQ LoLQGH
RODQODUÖ ELU NHûLI ELU ´LQQRYDWLRQµ ELU LFDW JLEL ELU SURMH JLEL J|UHQOHU ùNLQFLVL
SROLWLND\DLOJLGX\PD\DQODULoLQJHQHONLWOHLoHULVLQGH\DGDHQWHOHNWHOoHYUHOHUGHGHEX
J|Uû KDNLP RODELOLU 3ROLWLND ROVD ROVD ELU NDGHUGLU <DQL SROLWLND ELU EHOLUOHQPHGLU
0HVHOD 0DUNVLVW DoÖGDQ EDNWÖøÖPÖ]GD WHPHO EHOLUOH\LFL LONH RODQ HNRQRPLN \DSÖGÖU
ùNLQFLORODUDNVWG]H\GHGHoRNNDEDFDV|\O\RUXPSROLWLND\HUDOÖU3ROLWLNDGDNLKHU
GH\Lû
GRøUXGDQ
GRøUX\D
HNRQRPL
WDUDIÖQGDQ
EHOLUOHQLU
'ROD\ÖVÖ\OD
SROLWLND
EHOLUOHQPLûOLN LOLûNLVL LoLQGH DQODûÖODELOLU 3ROLWLNDQÖQ LoLQGH NDODUDN VL] SROLWLNDGD HWNLOL
RODPD]VÖQÖ] R KDOGH SROLWLND\Ö EHOLUOH\HQ SDUDPHWUHOHUL GLQDPLNOHUL PDQLSXOH HGHUHN
SROLWLNDGD GD ELU ûH\OHU GHøLûWLUHFHNVLQL] %XUDGD ELU NDGHUFLOLN EHOLUOHQPLûOLN V|]
NRQXVX 'ROD\ÖVÖ\OD HNRQRPLN \DûDPDG]H\H GRøUXGDQ GRøUX\D PGDKDOH ûDQVÖP
SHN\RN3HNoRNoDøGDû0DUNVLVW´+D\ÖUEXE|\OHWHN\|QOPHNDQLNELUGHWHUPLQL]P
GHøLO SHNDOD VW G]H\ \DQL LGHRORML YH SROLWLND GD DOW \DSÖ\Ö EHOLUOHUµ GHVH GH VRQ
NHUWHGH EHOLUOH\LFL RODQ HNRQRPLGLU %X DQOD\ÖûÖ ´HNRQRPL]Pµ GL\HUHN oRN LOHUL
J|WUUVHQL]oDøGDû0DUNVLVWOHULQGHoRNNÖ]GÖøÖELUNDYUDPDYDUDELOLUVLQL]$PDJHQHO
NLWOH DoÖVÖQGDQ EDNÖOGÖøÖ ]DPDQ DûDøÖ \XNDUÖ KDNLP RODQ J|Uû EXGXU %X JHQHO
EHOLUOHQPLû DODQGD XIDN ELU ILJUDQ \D GD DNW|U ROPDN LVWHPL\RUVDQÖ] SROLWLND\Ö DNWLI
LQVDQ\DûDPÖQDELUSURMHVXQDELOHQ\DûDPÖû|\OH\DGDE|\OHHWNLOH\HQELUHWNLQOLNDODQÖ
RODUDN KDWWD |]HUN ELU HWNLQOLN DODQ RODUDN J|UHELOLUVLQL] NL EX GD LQVDQ QH ]DPDQGDQ
EHUL WRSOXFD \DûDPD\D EDûODGÖ\VD YDUGÖU %X PRGHUQ LQVDQÖQ \D GD EHOOL X\JDUOÖNODUÖQ
JHOLûWLUGLøL ELU DODQ GLVLSOLQ GHøLO LQVDQOÖøÖQ WD EDûÖQGDQ EHUL YDU RODQ ELU DODQGÖU
dQNELUWRSOXPXQJHQHOVRUXQODUÖSROLWLNVRUXQODUGÖU3ROLWLNVRUXQODUGDKHU]DPDQ
R WRSOXPX LOJLOHQGLUHQ JHQHO VRUXQODUGÖU 2 \]GHQ SROLWLND LQVDQOÖøÖQ JHQHOOLNOH
ELOHELOGLøLPL] WDULKLQGHQ EHUL KHS YDU RODJHOPLûWLU 'DKD |UJWO GDKD VLVWHPDWL]H
GDKDVRILVWLNHYH\DGHøLODPDHQLQGHVRQXQGDYDU
3ROLWLNDQÖQ LoLQGHNL HWLN VRUXQODUD GD JDOLED DQFDN SROLWLND\D WXWXOPD\DQ WP
\DûDPÖQÖ SROLWLND\OD |]GHûOHûWLUPH\HQ WP NLûLOLøLQL SROLWLN GHøHUOHUOH ELUHELU |]GHû
J|UPH\HQ ELUL HOHûWLUL \DSDELOLU ´3ROLWLNDGD HWLN VRUXQODUÖQ \HUL QHUHVLGLU"µ GL\H
VRUXODELOLU2QHGHQOHEHQEXNHûLIPHVHOHVLQL|QHPVL\RUXP+HUQHNDGDUEL]JHoPLû
JHOHQHNOHULPL] YH DWDODUÖPÖ] WDUDIÖQGDQ EL]H GHYUHGLOHQ NOWU PLUDVÖQD |QHPOL |OoGH
EDøÖPOÖLVHNGHRQGDQFLGGL|OoGHHWNLOHQL\RUYHEHVOHQL\RUX]YH'RøX%H\·LQ(UJLO
LIDGHHWWLøLSULPHUVRV\DOL]DV\RQVUHoOHUL\DQLDLOHLoLQGHNLHøLWLPDOÖûYHULûWHQWXWXQGD
|UJQ HøLWLPH NDGDU VRV\DOL]DV\RQX WRSOXPVDOODûPD VUHFLQL $PD EX VUHo NHQGL
EDûÖQD YH NHQGLQGHQ EDûOD\DQ ELU VUHo GHøLO GDKD |QFHNL NXûDNODUÖQ EL]H WDûÖGÖøÖ
NOWUHO VUHNOLOLøL RODQ ELU PLUDV WDUDIÖQGDQ EHOLUOHQL\RU 'ROD\ÖVÖ\OD EL] JHUoHNWHQ
SROLWLNDQÖQELUNDGHUROGXøXQDLQDQPDNGXUXPXQGD\Ö]%LUEHOLUOHQPLûOLNYDU$PDEX
PXWODNELUEHOLUOHQPLûOLNGHøLOLoHULVLQGH|]HUNELUDODQGDYDU
2 GD QHGLU" 7RSOXPD \HQL SURMHOHU VXQDELOPHN *DOLED SROLWLNDFÖQÖQ KDVÖ WRSOXPD
\HQL SURMHOHU VXQDELOHQ LQVDQGÖU %X SURMHOHUL VXQDUNHQ LQDQGÖUÖFÖ PÖ" 3ROLWLNDQÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDOLWHVLQL WHVW HGHUNHQ LQDQGÖUÖFÖOÖøD EDNDELOLUL] *]HO DKODNOÖ L\L DKODNOÖ L\L GHøHUOHUOH
GRQDQPÖû ROXS ROPDGÖøÖQD EDNDELOLUL] 2QODU ROVD ROVD SROLWLNDFÖQÖQ ELUH\VHO DODQÖ LOH
LOJLOLELUH\VHOGXUXûXLOHLOJLOLELUWDNÖPDKODNLVRUXODUGÖU$PDVL\DVHWELU\DSÖYHNXUXP
RODUDNDKODNYHHWLNOHQHNDGDU|UWûU"1HNDGDUoDNÖûÖU"
%HQLPNDIDPÖNXUFDOD\DQVRUXQODU
3ROLWLNDQÖQQHROGXøXQHOLøL
3ROLWLNDYHHWLNYH\DDKODNDUDVÖQGDNLLOLûNLOHU
3ROLWLNDFÖQÖQDKODNÖ
6L\DVHWWHDKODN
6L\DVHWDKODNÖJLELDOWE|OPOHUHD\UÖODELOLU
$KODN SUREOHPOHULQL VR\XW G]H\GH WDUWÖûÖUVDQÖ] GD HWLN ROX\RU 'L\HOLP NL ELUHELU
LQVDQ LOLûNLVL LoLQGH EDNWÖøÖPÖ] ]DPDQ VRPXW LQVDQ GXUXPODUÖQGD DKODNÖ WDUWÖûPDN JLEL
ELU DNÖP YDU *HQHO QRUPODU YH LONHOHU YH GHøHUOHUOH LOJLOL DODQODU ]HULQGH WDUWÖûÖUNHQ
IHOVHIHGH HWLNWH \HU DODELOLUL] $PD DKODN V|] NRQXVX ROGXøXQGD PHVHOD EHQ 6HYJLOL
$KPHW·H YHUGLøLP V|] WXWPDGÖøÖPGD DKODNVÖ] ELU DGDP RODELOLULP \D GD RQX
NDQGÖUGÖøÖPGD
\D
GD
GRODQGÖUGÖøÖPGD
NÖVDFDVÖ
GHøHU
\NO
GDYUDQPDGÖøÖPGD
DUNDGDûOÖøÖQ WDQÖPÖ LoLQGH EXOXQDQ PRUDO QRUPODUD WLWL] YH |]HQOL ELU ELoLPGH
X\PDGÖøÖPGD $KPHW EDQD ´DKODNVÖ] DUNDGDûÖPµ \DIWDVÖQÖ \DSÖûWÖUDELOLU %X G]H\GH
WDPDP EXQX DQOD\DELOLULP DPD SROLWLNDFÖ GHGLøLPL] LQVDQ SROLWLND LFUD HGHUNHQ
SROLWLNDQÖQLoLQGHYDUROXUNHQ\DGDELUHWNLQOLN\UWUNHQVUGUUNHQELUNHUHEHOOL
ELU NLûL\H NDUûÖ VRUXPOX GHøLO .HQGLOHULQGHQ RQODUÖ WHPVLO HWPH \|QQGH RQD\
DOGÖøÖPÖ] VHoPHQ NLWOH\H NDUûÖ GX\GXøXPX] VRUXPOXOXN LOH $KPHW·H NDUûÖ GX\XODQ
VRUXPOXOXN DUDVÖQGD IDUN YDU 3ROLWLN DKODN \D GD SROLWLNDFÖQÖQ DKODN VRUXQXQX
WDUWÖûÖUNHQ ELUH\OHU DUDVÖQGD JHoHUOL RODQ DKODN NDYUDPODUÖQÖ WUDQVIHU HGHPH\L] NROD\
NROD\ %X LNLVL EX NDGDU NROD\ |UWûPH] <DQL EHQ JLGHFHøLP LO ROPD\Ö \ÖOODUGÖU
EHNOH\HQLOoH\L'LYULøL\DGD6XûHKULGL\HOLPKHOHELUGHJHQHOEDûNDQVDPSDUWLPLQR\
DOPDûDQVÖQÖDUWWÖUPDNLoLQLO\DSPDV|]YHULSVRQUDGDRV|]\HULQHJHWLUPH\HFHøLP
2QGDQ VRQUD GD EXQD JFPQ \HWPHGLøLQL LOHUL VUS NRDOLV\RQ ROPD\Ö ELU PD]HUHW
RODUDN LOHUL VUHFHøLP %XQX \HULQH JHWLUPHGLøLP ]DPDQ EDQD EDûDUÖVÖ] PÖ GHQLOHELOLU
\RNVD DKODNVÖ] PÖ EXQX D\ÖUPDN OD]ÖP $PD JHQHO JQGHOLN DODQGD EL] EXQX KHPHQ
DKODNVÖ] NDWHJRULVLQH NR\X\RUX] 3ROLWLNDFÖQÖQ J|UHYL XPXW \DUDWPDNWÖU 7HPHOVL] ERû
XPXW RQX GD \DSDELOLU 8PXW WDFLUL GH RODELOLU YH EXQX \DSDUNHQ EXQX \DSÖ\RU GL\H
DKODNVÖ]OÖNOD VXoOD\DPD]VÖQÖ] 2 ELU EDûND G]OHPGLU 2QX \DUJÖOD\DFDNVDQÖ] EDûND
NDYUDPODUOD\DUJÖODPDNYHEX\DUJÖODPD\ÖEDûNDG]OHPGH\UWPHNOD]ÖP
úLPGL oQF RODUDN SROLWLN SVLNRORML\H GDLU ELU ûH\OHU V|\OH\HFHøLP 8VWD
SROLWLNDFÖODUÖQKD\DWÖQDEDNWÖøÖQÖ]]DPDQ|]HOOLNOH7UNL\H·GHVL\DVHWoLOHUOHLOJLOLVDøODP
JYHQOL EL\RJUDILN oDOÖûPDODU \RN JLELGLU 2ODQODU GDKD oRN JD]HWHFLOHULQ \DSWÖøÖ
NURQRORMLN
YH
R
SROLWLNDFÖODUÖQ
SDUODN
ROGXøX
G|QHPOHUH
LOLûNLQ
DQHNGRW
YH
J|]OHPOHUGLU %DWÖ·\D EDNWÖøÖQÖ]GD ELUoRN WRSOXPGD FLGGL ELU GHøLûLPLQ |QFV ROPXû
E|\OH ELU JF RODQGHYOHW DGDPODUÖQÖQ oRN FLGGLEL\RJUDILOHUL YDUGÖU úX DQGD QH \D]ÖN
NL \ÖOGÖU 7UNL\H·QLQ NDGHULQL HWNLOH\HQ LQVDQODU KDNNÖQGD G]JQ EL\RJUDILN
oDOÖûPDODU \RNWX %XQODU LoHULVLQGH UDVWODGÖøÖP HVNL SROLWLNDFÖODUÖQ |øG ûXGXU JHQo
SROLWLNDFÖ DGD\ODUÖQD ´$PDQ LNWLGDU NLUOHWLUµ %X oRN |QHPOL ELU WHVSLW $FDED KHU
GXUXPGD LNWLGDU NLUOHWLU PL" ùNWLGDUD WXWXOPDGDQ PXNWHGLU RODELOPHN NLUOHQPHGHQ
NDODELOPHNPPNQP"%XQXQ|UQHNOHULQHUDVWODPD\ÖoRNDU]XHGL\RUXPDPDHSH\FH
]RURODFDNgUQHøLQ7URoNL·QLQoRN\XPXûDNKX\OXELUWDUDIÖYDU%LUN|\O\HELULVLQLQ
H]L\HW HWWLøLQL J|UVH DøOD\DQ D\DøÖ ND\DQ EH\JLUL J|UQFH \UHøL SDUoDODQDQ ELU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
DGDPPÖû $PD ELU WDUDIWDQ GD GHYULP DGÖQD ELQOHUFH N|\O\ EXUMXYD\Ö NDWOHWPLû ELU
DGDP %X QDVÖO RODELOL\RU" %LUH\VHO \DûDPÖQGD DODELOGLøLQH GX\DUOÖOÖNODU WDûÖ\RUVXQX]
DPD JHQHO YH ELU SRSODV\RQX LOJLOHQGLUHQ NRQXODUGD GD NDVNDWÖ RODELOL\RUVXQX] 1DVÖO
PPNQRODELOL\RU"
3ROLWLN SVLNRORML\H \LQH ELU DWÖIWD EXOXQD\ÖP .LP SROLWLNDFÖ ROXU" 1HGHQ SROLWLNDFÖ
ROXU" 1DVÖO SROLWLNDFÖ ROXU" %X VRUXODUÖQ FHYDSODUÖ GD DKODN DODQÖ GÖûDUÖGD EÖUDNÖODUDN
FHYDSODQDPD\DFDNWÖU
$NÖQ(UJGHQ
6D\ÖQ *OHo·H YH WP NRQXûPDFÖODUÖPÖ]D WHûHNNU HGHUL] ùON WXUX WDPDPODGÖN YH
ûLPGL VDORQGDQ VRUXODUÖ DODELOLUL] 6RUXODUÖQ FHYDSODQPDVÖ LoLQ WP NRQXûPDFÖODUD ELU
WXUGDKDV|]KDNNÖYHUHFHøLP(YHWV|]DOPDNLVWH\HQOHUEX\XUXQ
'LQOH\LFL6RUXODUÖ
6DORQGDQ%LU'LQOH\LFL
$KPHW +RFDPÖ] ´$FÖ oHNHQ LQVDQODU NHQGLOHULQL |]HOOLNOH WHU|U NXOODQDUDN YDU
HGHUOHUµ GHGL 3HNL EDûND QDVÖO NHQGLVLQL GX\XUDELOLU YH E|\OH ELU RUWDPGD PHG\DQÖQ
GXUXûXQHRODELOLU"
6DORQGDQ%LU%DûND'LQOH\LFL
%LU VRUX YH EHONL ELU GH NDWNÖ RODELOLU 6D\ÖQ ùQDP·ÖQ JHOGLøL QRNWD EHONL GH NLûLQLQ
NHQGLVLQLVRUJXODPDVÖdQNWHU|UKHU\HUGHWHU|UGU/DGHQ´%LUùVODPL\HWYDUGÖUELU
GH+ÖULVWL\DQOÖNµGL\RUYH´<D$PHULND·GDQ\DQDVÖQÖ]\DGDGHøLOVLQL]µGHUNHQ%XVKGD
RQXQ \DSWÖøÖQÖ \DSÖ\RU 6D\ÖQ ùQDP oRN KDNOÖ $QFDN ´%HQ NLûL RODUDN QH \DSDUGÖP"µ
VRUXVXQD WHRULN RODUDN VW QRUPODUOD FHYDS YHULOHELOLU $QFDN ELU \DNÖQÖQÖ]D EXQODU
ROVD\GÖ \DQL ´%L] GH LûLQ LoLQGH ROGXøXPX]GD QH \DSDUGÖN"µ VRUXVXQD FHYDS DQFDN R
ROD\LoLQGHYHULOHELOLU'ROD\ÖVÖ\ODWHRULNRODUDNNRQXûPDNRODQDNVÖ]JHOL\RU
ùNLQFLVL 6D\ÖQ 0LOOHWYHNLOL ´0HFOLVWHNL RWXUXPODUÖ J|UGNoH LoLP LoLPH VÖøPÖ\RU
XWDQoGX\XODFDNELUPHFOLVµGHGL.HQGLOHULLoOHULQGHELUPLOOHWYHNLOLRODUDNQHGX\X\RU
QH\DûÖ\RUODU"
6DEDKDW%D\UDN3DPXNNDOHhQLYHUVLWHVLùNWLVDGLYHùGDUL%LOLPOHU)DNOWHVL
gøUHWLPh\HVL
<DQOÖû DQODûÖOPDNWDQ NRUNDUDN FPOH\H EDûODGÖøÖPÖ EHOLUWPHN LVWL\RUXP úLPGL EL]
DKODNÖ YH\D HWLøL GHGLøLQL] JLEL LNL DQODPGD NXOODQÖ\RUX] %LU WDQHVL Lo GHQHWLPH |]
GHQHWLPH GD\DOÖ YH HWLN DQODPGDNL NXOODQÖPÖ ELU GLøHUL LVH GÖû GHQHWLPH GD\DOÖ PRUDO
DQODPGDNLNXOODQÖPÖ
úLPGL EL]LP WRSOXPXPX]GD QRUPDWLI \DQÖQ PRUDO DQODPGDNL HWLøLQ oRN GDKD |Q
SODQGD ROGXøXQX J|U\RUX] %HQ VL]OHUGHQ oRN |]U GLOH\HUHN PHVHOD ]DPDQ
NXOODQÖPÖQD EDNÖ\RUXP KLoELU NRQXûPDFÖ NHQGL VDDWLQL NRQWURO HGHUHN ]DPDQÖ WDNLS
HWPHGLKHSEDûNDQGDQLND]LVWHGLOHU1RUPDWLIHWLNNRQXVXQGDNL\DWNÖQOÖøÖPÖ]PÖGL\H
VRUX VRUPDN LVWL\RUXP <DQL WRSOXPVDO RODUDN EL] GÖû GHQHWLPH EDûNDQÖPÖ]D PHVHOD
EDøOÖ NDOGÖN Lo GHQHWLPL NXOODQPDGÖN %X DKODN NRQXVXQGD JQGHPH JHOGLøLQGH oRN
GDKD ]RU GXUXPODUGD oRN GDKD ]RU NDUDUODUGD oRN GDKD EXODQÖN WDEORODUGD NDUûÖPÖ]D
JHOGLøLQGH EL] KHS GÖû GHQHWLPH LKWL\Do GX\X\RUX] 0HVHOD VL\DVHWoLOHULPL] JLWPL\RU
´9DWDQGDû JHOVLQ ]RUOD LQGLUVLQµ GL\RU 0LNURIRQX DODQ EÖUDNPÖ\RU ]RUOD VXVWXUXOVXQ
LVWL\RU<DQLQH]DPDQLoGHQHWLPLNXOODQDFDøÖ]GL\HEHQPHUDNHGL\RUXP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%LU GLøHU NRQX &HQJL] %H\ NRQXûPDVÖ LoHULVLQGH EDKVHWWLOHU ELUH\VHO YH NLWOHVHO
GXUXPODU <DQL ELUH\VHO RODUDN EX NDGDU J]HO GX\JXODUÖ RODQ LQVDQODU QDVÖO ROX\RU GD
NLWOHOHULQ EDûÖQD JHOGLNOHULQGH ELQOHUFH N|\O\ NDWOHGHELOL\RUODU" %HQ RQXQ GD \LQH
LoVHO ROGXøXQD LQDQÖ\RUXP <DQL RUDGDNL NLWOH SVLNRORMLVLQL WDEL NL EHQ NHQGLPFH
WDUWÖûPDN LVWHPL\RUXP DPD NLWOH SVLNRORMLVLQLQ JHWLUGLøL R NLWOH\H DLW ROPDQÖQ YH NLWOH
LoLQGH GDYUDQÖûÖQ JHWLUGLøL GûQPHGHQ KDUHNHW HWPHQLQ oRN DIIHGHUVLQL] VU
SVLNRORMLVLQLQ PDQWÖøÖQÖQ ROGXøXQD LQDQÖ\RUXP $PD RVUOHU LoHULVLQGH GH EHQ DUWÖN
oREDQ J|UPHN LVWHPL\RUXP %LQOHUFH LQVDQ ´%L] HVNLGHQ KHS NDKUDPDQ EHNOHGLN
EXJQH NDGDU GD KkOk EDNÖQÖ] $WDWUN· DQÖ\RUX] EL] PPNQVH RQXQ \HQLGHQ
FDQODQPDVÖQÖ GLOL\RUX]µ GHGL 3HNL EX NDGDU QHVLO EX NDGDU LQVDQ QH ]DPDQ NHQGL
VWQHGûHQL\DSDFDNYHNHQGLQLNDKUDPDQDGGHGHFHN"<DQLELULOHULQLKDUFDPDGDQQH
]DPDQNHQGLVWP]HGûHQVRUXPOXOXøXNDEXOHGHFHøL]"%L]NDKUDPDQODULVWL\RUX]
oQN NDKUDPDQODU ELOL\RUVXQX] NHQGLOHULQL IHGD HGHUHN WRSOXPD ELU ûH\ YHUL\RUODU
%L] NHQGL NHQGLPL]GHQ YD]JHoHPL\RUX] NHQGLQGHQ YD]JHoHFHN ELULOHULQL LVWL\RUX] 9H
EX EHQLP FDQÖPÖ \DNÖ\RU 2 QHGHQOH EHQ DUWÖN HQ VW NUVGHQ HQ VW VHVOHUGHQ
KHUNHVLQ NHQGLVLQL NDKUDPDQ ROPDVÖQD LQDQGÖUDFDøÖ ELU ]DPDQGD \DûDGÖøÖPÖ]Ö YH
KHUNHVLQ VRUXPOXOXN ELOLQFLQGH NHQGL Lo VHVLQH VHVOHQPHVL JHUHNWLøLQH LQDQÖ\RUXP
8]XQROGX|]UGLOL\RUXP
6DUDdHOLN0HUVLQhQLYHUVLWHVL)HOVHIH%|OPgøUHWLPh\HVL
gQFH GLøHU NRQXûPDFÖODUGDQ |]U GLOL\RUXP *HUoHNWHQ KHU ELULQLQ NRQXûPDVÖ\OD
LOJLOL ELU VRUX oÖNÖ\RU DVOÖQGD ]LKQLPL]GH ROXûX\RU $PD WDEL NL KHU ELU NRQXûPDFÖ\D
VRUX\|QHOWPHN]DWHQSUDWLNGHøLO%XJQELUD]DNWHOROPDVÖQHGHQL\OHWHU|UL]PGDKD
oRNLOJLPL]LoHNL\RU2QXQLoLQWHU|UL]PGDKDGRøUXVXWHU|UVRUJXODQPDOÖEXYHVLOH\OH
GL\RUXP 2 \]GHQ VRUXPXQ ELU \|Q 6D\ÖQ $KPHW ùQDP %H\ LOH EHONL .D\D %H\·H
RODELOLU %LU EDûND \|Q GH 'RøX %H\·H JLGL\RU gQFHOLNOH RQX EHOLUWH\LP *HUHN
$KPHWùQDP%H\JHUHN'RøX%H\NRQXûPDODUÖQGDWLFDUHWROD\ODUÖQÖQNkUDGD\DQGÖøÖQÖ
V|\OHGLOHU <D GD \|QHWLPGH GH EHOOL ELU \|QHWLP oDUNÖQGDQ GROD\Ö ELU oHûLW EDVNÖ
ROGXøXQX V|\OHGLOHU 9H EXQXQ NDUûÖVÖQGD GD WHU|U GRøDOPÖû JLEL ELU VRQXo oÖNWÖ
g]HOOLNOH $KPHW ùQDP %H\ WÖNDQPÖû KDNVÖ]OÖNODU \DSDQ ELU oDUNÖQ G]HQLQ LûOH\LûL
QHGHQL\OH WHU|UH EDûYXUXOGXøXQX YH EX QHGHQOH GH HWLøLQ GDKD oRN WHU|UH EDûYXUDQ
GHøLOGHEXWÖNDQPÖûOÖøÖJ|VWHUHQG]HQWHPVLOFLOHULWDUDIÖQGDQGûQOPHVLJHUHNWLøLQL
V|\OHGL %XQD NDWÖOÖ\RUXP )DNDW EXUDGD WHU|U WDQÖPÖQGD PÖ ELU ûH\ ELU EXODQÖNOÖN YDU
RQGDQ ûSKHOL\LP 6DQÖUÖP |\OH %HQ WHU|UGHQ ûXQX DQOÖ\RUXP ûDKVHQ EHOOL ELU DPDFD
XODûPDNLoLQEDVNÖNXUPD\ROXQXVHoLSLQVDQ\DûDPÖQD\|QHOLNWHKGLWROXûWXUPDNLQVDQ
|OGUPHN YH ELU GHKûHW RUWDPÖ \DUDWDUDN VRUXQX LOJLOL NLûLOHUH GX\XUPDN úLPGL E|\OH
ELU GXUXPXQ |]QGH ELU \DQOÖûOÖN YDU GL\RUXP <DQL WHU|U LQVDQ \DûDPÖQD \|QHOLN
ROXQFD |]HOOLNOH PDVXP LQVDQODUÖQ \DûDPÖQD \|QHOLN ROXQFD HWLNOH X]DNWDQ \DNÖQGDQ
LOJLVL ROPX\RU <DQL WHU|U ELU EDNÖPD NHQGL NHQGLQL \ÖNÖ\RU KDNOÖ oÖNDUÖODFDN ELU \|Q
YDU JLELPH JHOPL\RU %LU EDNÖPD KHU DODQÖQ GD HWLøL RODELOLU GûQFHVLQGHQ KDUHNHWOH
WHU|ULVW GH ELU HWLN PL \DUDWÖ\RU" 'RøX %H\ YXUJXODGÖODU EXJQ JHOLQHQ QRNWDGD
QLKLOL]P DQODûÖODPD\DQ ELU ûH\ oQN KHU LQVDQ \DûDPDN LVWHU <DQL R \]GHQ NHQGL
NHQGLQL KHGHI DODQ NHQGL \DûDPÖQD VRQ YHUHQ ELU WHU|ULVW PDQWÖøÖ oRN ûDûÖUWÖFÖ JHOL\RU
$FDED DVOÖQGD LQVDQ \DûDPÖQD \|QHOLN E|\OH ELU X\JXODPD \DSWÖNODUÖ LoLQ PDVXP
LQVDQODUÖ |OGUGNOHUL LoLQ ELU oHûLW |OPH PH\GDQ RNXPD |OPQ oRN |QHPOL
ROPDGÖøÖ LûWH EL] GH |O\RUX] JLEL ELU HWLN PL YXUJXOX\RUODU" .D\D %H\ \D GD $KPHW
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
ùQDP·D GD VRUXP \RNVD VL]LQ WHU|U DQOD\ÖûÖQÖ] IDUNOÖ PÖ ELU KDN DUDPD JLEL PL
J|U\RUVXQX]"
6LEHO2NWDU&RPPHUFLDO8QLRQ
7HûHNNUHGL\RUXP%HQoRNNÖVDFDLNLVRUXVRUPDNLVWL\RUXP%LULQFLVL6D\ÖQ.D\D
*YHQo·H úLUNHWOHULQ DQD DPDoODUÖ NkU GHGLQL] %HQ Lû HWLøL LOH NkU NDYUDPÖ WDPDPHQ
ELUELULQL GÖûOD\DQ NDYUDPODU PÖ RQX VRUPDN LVWL\RUXP ùNLQFL VRUXP 6D\ÖQ 8OXo
*UNDQ·DDoOÖNVHYL\HVLQGHQEDKVHWWLQL]LNLGRODUGHGLQL]$VJDULFUHW\DNODûÖNûX
DQGD JQON RODUDN %|\OH ELU RUWDPGD VL\DVHWoLOHULPL]LQ HWLN DoÖGDQ Lû HWLøLQGHNL
X\JXODPDODUGD DVJDUL FUHWL GH GLNNDWH DODUDN QH GûQGøQ PHUDN HGL\RUXP
7HûHNNUOHU
+DIL]Hg]WUN$NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVLgøUHWLPh\HVL
6RUXP 6D\ÖQ ùQDP·D .RGODUÖ ROPD\DQ ELU DKODNÖ VDYXQDELOHFHøLQL]L oÖNDUÖ\RUXP
NRQXûPDQÖ]GDQ +HU QH NDGDU NRGODUD LWLUD]ÖP \RN GHVHQL] GH NRGODUÖQ N|W\H
NXOODQÖPODUD GD DoÖN ROGXøXQX GD V|\OHGLQL] 9H LQVDQ GRøDVÖQÖ LQVDQÖQ |]Q
VRUJXODPDPÖ]
JHUHNL\RU
GHGLQL]
dRN
WDULKVHO
ELU
VRUX
EX
´ùQVDQ
LQVDQÖQ
NXUGXGXUµGDQ´ùQVDQPDVXPGXUµDNDGDUVSHNWUXPXoRNJHQLûRODQYHoRNWDUWÖûÖOPÖû
NDUDU GD YHULOHPHPLû ELU VRUX EX 9H QHUHGH\VH EX LQVDQ GRøDVÖ EDNÖPÖQGDQ DKODNHQ
EHOLUVL]GLU
GHGLUWHELOHFHN
ELU
QRNWD
%HQ
EXQXQ
oRN
GD
WHKOLNHOL
ROGXøXQX
GûQ\RUXP 6RQXoWD 6D\ÖQ 8OXøED\·ÖQ HWLN NRGODUGDQ oRN YLFGDQ V|\OHPL\OH
QHUHGH\VH \DQ \DQD GXUX\RU %LU VLVWHP RODUDN DKODN \D GD EXQXQ NXUDPVDO DoÖGDQ HOH
DOÖQPDVÖRODQHWLNYLFGDQODNLOLWOHQHELOLUPLGL\HGûQ\RUXP
0HKPHW7XUDQ0DGHQ7HWNLNYH$UDPD*HQHO0GUOø
ho NRQXûPDFÖ\D o NÖVD VRUX VRUDFDøÖP 6D\ÖQ 2UKDQ %LUJLW VDQNL VL\DVHWWHQ
oHNLOGLNWHQ VRQUD VL\DVHWLQ \R]ODûWÖøÖQÖ DQODWÖU JLEL ELU ûH\ oÖNWÖ EHQ |\OH DQODGÖP %X
*QHû 0RWHO ROD\ÖQÖ WHNUDU KDWÖUODWPD\D JHUHN \RN KHUKDOGH 6D\ÖQ 8OXo *UNDQ
LNWLGDUGD\NHQ PXKDOHIHW JLEL ûLND\HW HWPHN QDVÖO ROX\RU" 6D\ÖQ .D\D *YHQo UHWLP
DUDoODUÖ HøHU KDONÖQ GHøLO GHLûDGDPODUÖ \DQL SDWURQODUGD\VD EWQ Lû DGDPODUÖ DKODNVÖ]
PÖGHPHNLVWL\RUVXQX]"
*|NKDQ%XOXW$QNDUDhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP
gøUHQFLVL
%DûWD 6D\ÖQ 8OXo *UNDQ·D ELU VRUX VRUPDN LVWL\RUXP 5HVPL YH JD\UL UHVPL
DKODNWDQ EDKVHWWLQL] YH LNLVLQLQ DUDVÖQGDNL oHOLûNLOHULQ YDUOÖøÖQD GLNNDW oHNWLQL] 9H
|QP]H NR\PDPÖ] JHUHNHQ ELU KHGHIWHQ ·QF \ÖO NXWODPDODUÖ KHGHILQGHQ V|]
HWWLQL] 6DGHFH ELU VRUX GLUHNW YH OWIHQ \DQOÖû DQODPD\ÖQ EX SRSOLVW VRNDN VL\DVHWL
VRUXVX IDODQ GHøLO GRøUXGDQ HWLN VRUXVXGXU 6D\ÖQ (FHYLW VL]LQ GH EDøOÖ ROGXøXQX]
SDUWLQLQ JHQHO EDûNDQÖ ELU WDULNDWWDQ EDKVHGHUNHQ L\L WDULNDW YDUGÖU N|W WDULNDWWDQ
D\ÖUW HWPHN JHUHNLU WU ELU WDQÖPGD EXOXQPXûWX %X DQODPGD VL]LQ &XPKXUL\HWLQ
ND]DQÖPODUÖ KHGHILQL]OH EX V|]OHULQ QH NDGDU EDøGDûWÖøÖQÖ VRUPDN LVWL\RUXP %LU
GH 6D\ÖQ 'RøX +RFDP·D ELU VRUXP YDU 7HU|UOH PFDGHOH Jo VDYDûÖQD G|QG GHGL
KRFDP 7HU|UQ WDQÖPODUÖQÖQ NHVLQ ROGXøXQX \D EL]GHQVLQL] \D RQODUGDQVÖQÖ] JLEL ELU
WDQÖP \DSÖOGÖøÖQÖ V|\OHGLQL] 'HPLQ GH EDKVHGLOGL %XVK·XQ $PHULNDQ %DûNDQÖ
%XVK·XQ ´<D EL]GHQVLQL] \D RQODUGDQVÖQÖ] %X \HQL X\JDUOÖN G]HQLQGH NHQGL
\|QQ] WD\LQ HWPHOLVLQL]µ JLEL ELU V|] YDUGÖ %X DQODPGD GD WHU|UQ OHJDOOHûWLøL
PHûUXODûWÖøÖ YH XOXVODUDUDVÖ G]H\GH GH WDUDI EXOPD LVWHøLQLQ EXOXQGXøX DoÖN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
J|UOPHNWHGLU%XQRNWDGDQVRQUDEXVDYDûWDQVRQUD$PHULND·QÖQRODVÖJDOLEL\HWLQGH
WHU|U\HQLGHQWDQÖPODQDFDNPÖGÖUYHQDVÖOWDQÖPODQDFDNWÖU"
6DORQGDQ%LU'LQOH\LFL
'RøX %H\·LQ V|\OHGLNOHULQGHQ oÖNDUGÖøÖP ELU VRUX EX DPD KHUNHV \DQÖWOD\DELOLU
DVOÖQGD 7HU|UVDYDû NDYUDPODUÖQÖQ LNLOLøLQL EHQ ELUD] WDUWÖûPDN LVWHULP úXQODU YDU
NÖVDVD NÖVDV PDQWÖøÖ QLKLOLVW LUUDV\RQHO \DQ JHOHFHN SURMHVL \RN VRUXPOX GHøLO
VRUXQOX\X RUWDGDQ NDOGÖUDQ YH NDUûÖOÖNOÖ NDEXOH GD\DQPD\DQ ELU ûH\ úLPGL $IJDQLVWDQ
RSHUDV\RQXQD EDNWÖøÖQÖ]GD EXQODUÖQ KHSVL YDU DVOÖQGD <DQL X]DWPDN LVWHPHGLøLP LoLQ
V|\OHPL\RUXPWHDWUDO\DQODUÖPHG\DWLNWDUDIÖD]]DUDUODoRNND\ÖSPDQWÖøÖYHVDLUHJLEL
ûH\OHU YDU úLPGL EDQD LNLVL DUDVÖQGDNL IDUN ûX JLEL JHOL\RU úLGGHWL NLPLQ X\JXODGÖøÖ
<DQLXOXVODUDUDVÖKXNXNWDGHYOHWOHUHHJHPHQROPDYHVDYDûDoPD\HWNLVLYHULOL\RUIDNDW
\DSDQ NXUXP \D GD DNW|U ELU GHYOHW GHøLOVH EXQXQ DGÖ WHU|U ROX\RU +DOEXNL RUDGD
JYHQOLNWH ROPD\DQ ûH\ \LQH \DûDPDN YH GHøLûHQ ELU ûH\ROPX\RU 9H EHQ]HU ûH\OHU GH
EX VRQ RSHUDV\RQGD GD J|UO\RU \DQL YHUGLøLPL] WDQÖPODUÖQ oRN EHQ]HU WDUDIODUÖ YDU
%X DQODPGD DVOÖQGD VDYDûÖQ HWLN ROXS ROPDGÖøÖQÖ KLo WDUWÖûPDGÖN YH EXUDGDQ ûH\ JLEL
oÖNÖ\RU \DQL WHU|U HWLN GHøLO WDPDP DPD VDYDû HWLN PL" <DQL GHYOHW YHUGLøL ]DPDQ EX
NDUDUÖ YH HJHPHQ ELU Jo ROGXøX LoLQ XOXVODUDUDVÖ KXNXND X\GXøX LoLQ ³NL GHYOHWOHU
\DSÖ\RUEXQX³R]DPDQHWLNELUNDUDUPÖROX\RU"
*L]HP$UÖNDQ2'7h)HOVHIH%|OPgøUHQFLVL
gQFHOLNOH LON VRUXPX 'RøX (UJLO·H VRUPDN LVWL\RUXP %LUD] |QFH (\OO
ROD\ODUÖQGDQ EDKVHWWLN %X EDøODPGD HøLWLPGHQ PDKUXP NDOPÖû YH KLoELU ûHNLOGH
NDONÖQPDPÖûELUONHQLQ\LUPLEHû\ÖOGÖUEDUÖû\]J|UPH\HQKDONÖQÖQDFDEDQDVÖOHWLN
RODUDN GRøUX EXOGXøXPX] ELU ûHNLOGH WHSNL J|VWHUHELOHFHøLQL VRUX\RUXP 'DKD VRQUD
+LNPHW 8OXøED\·ÖQ JHoHQ .DVÖPGD 2'7h·GH \DSPÖû ROGXøX NRQXûPDGDQ IH\L]
DODUDN DFDED ODUGDQ LWLEDUHQ NHW YXUXOPXû RODQ 7UN HøLWLP VLVWHPLQLQ IHOVHIH\L
ELUD] GDKD HUNHQ \DûODUD LQGLUHUHN FLGGL ELU IHOVHIH HøLWLPL YHULS YHUPH\HFHøLQL
VRUX\RUXP 6RQ VRUXP GD 8OXo *UNDQ·D RODFDN ùoLQGH EXOXQGXøX PHFOLVLQ DOGÖøÖ
ED]Ö
NDUDUODUÖ
QDVÖO
RQD\ODPDGÖøÖQÖ
VHoWLøL
ED]Ö
FXPKXUEDûNDQODUÖQÖ
QDVÖO
GHøHUOHQGLUGLøLQL ELUD] |QFH GLQOHGLN $FDED NHQGL HWLN DQOD\ÖûÖ LoLQGH EX PHFOLVLQ ELU
SDUoDVÖ ROPD\ÖS LVWLID PHNDQL]PDVÖQÖ NHQGL KD\DWÖQD JHoLUPH\L KLo GûQG P EXQX
VRUPDNLVWL\RUXPWHûHNNUOHU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOLùNLQFL7XU.RQXûPDODU
$NÖQ(UJGHQ
'HøHUOL .RQXNODU SDQHOLPL]LQ LNLQFL WXU NRQXûPDODUÖQD JHoL\RUX] %X WXUGD
NRQXûPDFÖODU VRUXODU oHUoHYHVLQGH ROXûDQ QRNWDODUÖ GD J|] |QQGH EXOXQGXUDUDN
ELULQFL WXU NRQXûPDODUÖQGD YXUJXOD\DPDGÖNODUÖ NRQXODU ]HULQGH GXUXUODUVD L\L ROXU
.RQXûPDFÖODU NRQXûPD VÖUDVÖQD J|UH 8OXo *UNDQ 2UKDQ %LUJLW +LNPHW 8OXøED\
'RøX (UJLO .D\D *YHQo YH &HQJL] *OHo ùON NRQXûPDFÖ 6D\ÖQ 8OXo *UNDQ
%X\XUXQX]6D\ÖQ*UNDQ
8OXo*UNDQ
*HQHOGH 7UNL\H %\N 0LOOHW 0HFOLVLQGHQ |]HOGH PHQVXS ROGXøXP VL\DVL
SDUWLGHQ QLoLQ LVWLID HGH\LP" ùVWLID HøHU GRøUX DQGD DOÖQDQ ELU NDUDUVD KLo NXûNXVX]
HUGHPGLU $PD LVWLIDQÖQ ED]HQ GH ELU NDoÖû ELU YD]JHoLû ELU ER\XQ HøLû ROPD |]HOOLøL
YDUGÖU ùVWLID QH ]DPDQ HUGHPGLU" 6L] HøHU GQ\DGD |UQHNOHULQL J|U\RUX] ELU
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
\ROVX]OXøD ELU XVXOV]OøH EXODûPÖûVDQÖ] PXKDWDSVDQÖ] KHVDEÖQÖ YHUPHN LoLQ
VRUXPOXOXNODUÖQÖ]GDQ
NXUWXOPDN
LoLQ
LVWLID
HGHUVLQL]
9H\D
KHVDEÖQÖ]Ö
YHUHPL\RUVXQX]GXUD\UÖOÖUVÖQÖ]%XQODULVWLIDQÖQLûOHWLOPHVLJHUHNHQGXUXPODU<DKXWGD
.D\D *YHQo·LQ EDKVHWWLøL JLEL EHQLP DQOD\ÖûÖPD J|UH VHoPHQLQL]OH \DSWÖøÖQÖ] VRV\DO
PXNDYHOH\H WHUV Gû\RUVXQX]GXU ER\XQ HøGLULOL\RUVXQX]GXU \ÖOODUÖQÖ]Ö YHUGLøLQL]
PFDGHOHQL]LQ LQDQoODUÖ GÖûÖQGD LûOHU \DSÖ\RUVXQX]GXU LVWLID HGHUVLQL] EHQ EXQX
WDûÖPÖ\RUXP
6RUX ELUH\VHO RODUDN JHOGLøL LoLQ ELUH\VHO FHYDS YHUL\RUXP ùVWLID\Ö HUGHP RODUDN
NXOODQDFDN E|\OH ELU VÖNÖQWÖ\OD NDUûÖ NDUûÖ\D GHøLOLP 3DUWLPOH JHUHNLUVH WHUV GûPHN
SDKDVÖQD GRøUX ELOGLøLP ûHNLOGH VHoPHQLPOH o G|QHPGLU \DSWÖøÖP PXWDEDNDW
GRøUXOWXVXQGD GDYUDQDELOL\RUXP D\NÖUÖ R\ YHUHELOL\RUXP 2 ]DPDQ EX PFDGHOH\L R
PHFOLVWHEXGHøHUOHUGRøUXOWXVXQGDNHQGLLQDQFÖPGRøUXOWXVXQGDGHøLûWLUPHNLoLQYDU
ROPDP JHUHNLU ùVWLID HGHUVHP NDoDUÖP YD]JHoHULP ER\XQ HøHULP %XQD ID]OD ELU
PLV\RQ \NO\RUVXQX] GL\HELOLUVLQL] DPD E|\OH ELU HUGHP QRNWDVÖQD JHOPHGHQ JHoLFL
NÖVDVUHOLELUDONÖûLoLQLVWLIDHWPHN³KDNLNDWHQKDQÖPHIHQGLQLQGHGLøLJLELNDKUDPDQ
DGGHGLOHELOLU LVWLID HGHQOHU³ PFDGHOHGHQ GH YD]JHoPH\L JHUHNWLULU %LU VL\DVHWoLQLQ
HOHûWLUGLøLQ \DSÖGD QL\H \HU DOÖ\RUVXQ GL\H HOHûWLULOPHPHVL HOHûWLUGLøL \DSÖ\D ER\XQ HøLS
HøPHGLøL NRQXVXQGD \DUJÖODQPDVÖ JHUHNWLøLQH LQDQÖ\RUXP (øHU ]DWHQ D] VD\ÖGD
PFDGHOH HGHQ VL]LQ KD\DO HWWLøLQL] LGHDOL]H HWWLøLQL] GRøUXOWXGD PFDGHOH HGHQ
LQVDQODUÖ GD QL\H LVWLID HWPL\RUVXQX] GL\H EX PFDGHOHOHUL N|UHOWPHPHN OD]ÖP %X
EDøODPGDGDûXQXV|\OHPHNLVWHULPHOHûWLULoRNKRûELUûH\DPDHOHûWLUL\LNXWVDPDPDN
OD]ÖP HOHûWLUL\L WDSÖQDFDN ELU GHøHUH G|QûWUPHPHN OD]ÖP ù\L YH J]HO RODQ ELU ûH\
YDUVDRQXGDOWIHQIDUNHGLS|GOOHQGLUPH\LELUNHQGLPL]LNoOWPHDOoDOWPDYHVLOHVL
RODUDNJ|UPH\HOLP
ùNWLGDUGD\NHQ PXKDOHIHW JLEL GDYUDQPDN GL\HQ ELU DUNDGDûÖPÖ]ÖQ VRUXVXQD DVOÖQGD
ELULQFLVRUX\X\DQÖWODUNHQNÖVPHQFHYDSYHUGLP%HQLPVRUXQXPROPDVÖJHUHNHQHøHU
EHQ VHoPHQLQ NDUûÖVÖQGD NHQGL SDUWLPLQ VHoLP EH\DQQDPHVLQH X\JXQ GDYUDQÖ\RUVDP
RUDGDVRUJXODQPDVÖJHUHNHQLNWLGDUGD\NHQPXKDOHIHWJLELGDYUDQDQODUGHøLOWDPDNVLQH
LNWLGDUGDNLPLQQH\DSWÖøÖGÖU<DQLEXHOHûWLUL\LGHRDQODPGDoRNKDNOÖJ|UP\RUXP
<RNVXOOXN VÖQÖUÖ ùNL GRODU \RNVXOOXN VÖQÖUÖ DoOÖN VÖQÖUÖ ELU GRODU $ûDøÖ \XNDUÖ DVJDUL
FUHW EXJQN GHøHUL\OH GRODU KHU JQ GHøLûWLøL LoLQ LNL EXoXN GRODU FLYDUÖQGD ELU
QRNWD\D JHOL\RU DPD EDNÖQ EX G|UW NLûLOLN ELU DLOH ED]HQ DVJDUL FUHWOH JHoLQL\RU %X
NDEXO HGLOHELOLU ELU ROD\ GHøLO DPD 7UNL\H |\OH ELU NRQXPGD NL EDKVHWWLøLP WRSOXPVDO
VHIHUEHUOLN\DøPD\ÖGXUGXUDFDNVL\DVHWLQ|QFOø\OHEDûOD\DFDNWRSOXPVDOVHIHUEHUOLN
JHUoHNOHûPH]VHNLPVHQLQHOLQGHGHELU$ODDGGLQ·LQVLKLUOLODPEDVÖ\RNùoLQGHQoNDW
G|UWNDWDJLWPLûDVJDULFUHWOHUUHWHELOPHLPNDQÖ\RN7UNL\HDVJDULFUHWVRUXQXQXQ
|WHVLQGHDVÖORODUDNE\PHVLQLKÖ]ODQGÖUDFDN(NRQRPLNSURJUDPÖQÖVDGHFHYHVDGHFH
GÖû
YH
Lo
ERUoODUÖQÖ
JYHQOL
ELU
ûHNLOGH
|GH\HFHN
ELU
\DSÖ
NXUPDN
]HULQH
\RøXQODûWÖUPDN \HULQH EXJQN GQ\D NRûXOODUÖQGD NDONÖQPD \DUÖûÖQGD JHUL NDOÖûÖQÖ
DûDFDN KLoELU \ÖO \]GH GRNX]XQ DOWÖQD E\PH KÖ]ÖQÖ GûUPH\HFHN NDONÖQPD
VHIHUEHUOLøLQL EDûODWPDN ]RUXQGD <RNVD DVJDUL FUHWL ûX DQ oH NDWODUVÖQÖ] 7UN OLUDVÖ
RODUDN NDWODUVÖQÖ] GRODUÖ GD oH NDWODPÖû ROXUVXQX] <DQL R |Oo\ WXWWXUDPD]VÖQÖ]
7UNL\H·QLQ
EX
VRUXQX
EHUDEHULQGH
WHPL]
WRSOXPGDQ
NDONÖQPD
VHIHUEHUOLøLQH
G|QûWUHFHNELUE\NSURMH\OHJ|WUPHVLOD]ÖP
6RQ RODUDN GD ·H G|QN GHøHUOHUGH LûWH EX NDONÖQPD\Ö EX WHPL] WRSOXPX
KHGHIOH\HFHN RUDGD LQVDQÖ |]JU ELUL WDULI HGHFHN ELU SODQ KD\DO NR\PDN OD]ÖP +D\DO
GL\RUXPEXQDoQNEWQGLULOLûOHUKD\DOOHEDûOÖ\RU2UDGD|]JUELUH\LELUFHPDDWLQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NXOXQD LQGLUJH\HQ KLoELU WDULNDWÖQ FXPKXUL\HW GHøHUOHUL\OH ELU EDøODQWÖVÖ RODPD]
ROPDPDOÖGÖUWHûHNNUHGL\RUXP
2UKDQ%LUJLW
%LU |øUHQFL DUNDGDûÖP VDQÖ\RUXP GHGL NL VL\DVHWWHQ oHNLOGLNWHQ VRQUD PÖ VL\DVHWLQ
\R]ODûWÖøÖQÖ V|\O\RUVXQX] KD\ÖU %|\OH ELU ûH\ V|\OHPHGLP 6L\DVHWWH KHU ]DPDQ L\LOHU
YDUGÖU N|WOHU YDUGÖU 7ÖSNÖ WRSOXPXQ EWQ NHVLWOHULQGH ROGXøX JLEL úLPGL EXUDGD
ID]OD VL\DVHWoL YDU GL\H YH RQODUÖ JQDK NHoLVL \DSPDQÖ]D GD HVNL ELU VL\DVHWoL RODUDN
J|QOPHOYHUPL\RU+HUNHVOWIHQDNûDP\DWDøDJLWWLøLQGH\DVWÖøDEDûÖQÖNR\GXøXQGD
|øUHQFL RODUDN |øUHWLP \HVL RODUDN \|QHWLFL RODUDN ûX RODUDN EX RODUDN NHQGL Lo
PXKDVHEHVLQL \DSVÖQ EXJQ QH \DSWÖP GL\H GHPLQ ]DQQHGL\RUXP VD\ÖQ 8OXøED\·ÖQ
V|\OHGLøL ûHNLOGH 2 G|QHPGH HøHU PHFOLV L\L ROVD\GÖ 7UNL\H (\OO LYPHVLQH
JLUPH]GLGXUXSGXUXUNHQJLUPHGL$PDRG|QHPLQPHFOLV\DSÖVÖQÖGHøHUOLDUNDGDûÖPÖQ
PLOOL NWSKDQHGHQ PHFOLV NLWDSOÖøÖQGDNL JD]HWHOHUGHQ OWIHQ ELU J|]GHQ JHoLUPHVLQL
LVWL\RUXP 7UNL\H 0LOOHW 0HFOLVLQGH &XPKXUL\HW +DON 3DUWLVL HQ ID]OD R\X DODUDN
oÖNPÖûWÖVHoLPGHQ2QXQDUNDVÖQGDQ$GDOHW3DUWLVLJHOL\RUGXGDKDVRQUD0LOOL6HODPHW
3DUWLVL 0LOOL\HWoL +DUHNHW 3DUWLVL YH &XPKXUL\HWoL *YHQ 3DUWLVL YDUGÖ 6ÖUDODPDODUGD
DUND VÖUDODUGDNLOHUGH \DQOÖûOÖN \DSDELOLULP %LULQFL SDUWL G|UW \] HOOL NLûLOLN PLOOHWYHNLOL
LoHULVLQGHQKNPHWLNXUDFDNLNL\]\LUPLDOWÖVDQGDO\H\HVDKLSGHøLOGL7UNL\HRQGDQ
|QFH ELU %LULQFL 0LOOL\HWoL &HSKH |UQHøLQL JHoLUGL <DQL $GDOHW 3DUWLVL\OH 7UNHû·LQ
0LOOL\HWoL +DUHNHW 3DUWLVL YH DOWÖQÖ oL]HUHN V|\OHGLP 1HFPHWWLQ (UEDNDQ·ÖQ 0LOOL
6HODPHW3DUWLVLEHUDEHUKNPHWROGXODU%XKNPHWROXûXPXQGD|øUHWPHQOHUGHLûWH
EDûND NDGURODUGD QH JLEL GHøLûLNOLNOHU ROGX 3ROLV%LU·OHU 3RO'HU·OHU QDVÖO NXUXOGX ELU
WDNÖP GHUQHNOHU PKHQGLVOHU LûWH EWQ GRNWRUODU ûXQODU EXQODU PLOOL\HWoL RODQODU
ROPD\DQODU GL\H QDVÖO D\UÖûÖOGÖ R G|QHPL \DûDPD\DQODU ELOPL\RUODU WRSOXPXPX]XQ
EHOOHøLoRNoDEXNXQXWNDQOÖN\DSÖ\RUDPDJD]HWHOHURUWDGD6D\ÖQ3URIHV|U(UJLOSROLWLN
EL\RJUDILOHUGHQ EDKVHWWL ELU GH SROLWLN |]JHoPLûOHULQ EDûND \|QWHPOHUL YDU dRN
PLOOHWYHNLOL YH WRSOXPXQ oRN NDWPDQÖ WDUDIVÖ] \DQVÖ] &XPKXUL\HW +DON 3DUWLVLQLQ
*HQHO %DûNDQÖ·QD KNPHW ROPDQÖQ \|QWHPOHUL LoHULVLQGH EDûND SDUWLOHUGHQ D\UÖOPDN
LVWH\HQOHUHNDSÖDoPD\Ö|QHUGL%XQODUD*QHû2WHO·GHEHQRG|QHPGHSDUWL\|QHWLFLVL
GHøLOGLP EXQODUOD *QHû 2WHO·GH EXOXûWXUDQ DUNDGDûODUÖPGDQ PHVHOD HQ EDûWD $OL
7RSX] YDUGÖ GDKD VRQUD (FHYLW·LQ NDUûÖVÖQD JHoWL YH DPD R ]DPDQ oRN |]YHUL\OH EX
KDUHNHWL \DSWÖøÖQÖ KHUNHVH DQODWÖ\RUGX %XQODUD KHUKDQJL ELU EHGHO |GHQPHGL %XQXQ
DOWÖQÖoL]L\RUXP$PDEHQSDUWL\|QHWLFLVL\NHQED]ÖGRøXOXEDøÖPVÖ]PLOOHWYHNLOOHULQGHQ
JYHQ R\X DOPDN LoLQ ELU WDNÖP RWRPRELO JLEL LVWHNOHULQL NRWD\D WkEL L]OHGLNOHULQL oRN
DoÖN \UHNOLOLNOH LWLUDI HGL\RUXP <DQL EL]H IDODQFD DGDPD V|\OHUVHQL] R GD EL]H ELU
RWRPRELOLoLQNDP\RQLoLQNRWDYHUGLULUVH|]HOVHNW|UGHQEL]GHJHOLU$GDOHW3DUWLVL·QH
R\YHUPH\L]GL\RUGXN2EXUJDoLoHULVLQGHoÖUSÖQÖ\RUGXN$PDR*QHû2WHOROD\ÖQGD
NLPVH\H ELU EHGHO |GHQPHGL ùoOHULQGHQ LNL WDQHVL GDKD VRQUD EXJQ LoLQ oRN PDVXP
VD\ÖODELOHFHN EHGHOOHUOH LUWLûD\D JLUPLûOHUGLU %LU WDQHVL G|QHPLQ 6RV\DO *YHQOLN
%DNDQÖ |EUV G|QHPLQ 7HNHO %DNDQÖ ùUWLûDQÖQ E\ø Noø \RNWXU UûYHWLQ
$KODNVÖ]OÖøÖQGDE\øNoø\RNWXU$PDRROD\GDELUWUDQVIHUSDUDVÖ|GHQPHPLûWLU
KHUKDQJL ELU ûHNLOGH ]DWHQ EXQD GD NLPVHQLQ JF \HWPL\RUGX %XQXQ EHOJHOHUL
NDQÖWODUÖ G|QHPLQ JD]HWHOHULGLU 2 G|QHP VÖUDVÖQGD GD EWQ JD]HWHOHU YH R G|QHPNL
VLYLO WRSOXP |UJWOHUL DONÖû WXWPXûWXU 2 KNPHW \U\HELOVH\GL GHøHUOL DUNDGDûODUÖP
LNLQFL PLOOL\HWoL FHSKH NXUXODPD]GÖ %DKoHOLHYOHU NDWOLDPÖ ROPD]GÖ |UQHøLQ YH EDûND
WRSOX NDWOLDPODU ROPD]GÖ úLPGL EXQODUÖQ KHSVL WDULKWH NDOGÖ 2QODUGDQ GHUV DODFDøÖ]
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
N|WOHULQGHQ GHUV DODFDøÖ] L\LOHULQL |UQHN DOPD\D oDOÖûDFDøÖ] |QP]GHNL KHGHI
VL]OHULQ
KHGHILQL]GLU
JHQoOHULQ
KHGHILGLU
+LoELULVLQL
EHøHQPH\LQ
KLoELULPL]L
EHøHQPH\LQ 8OXo·XQ V|\OHGLøL 7UNL\H·VLQL VL] \DUDWDFDNVÖQÖ] +HSLQL]L VD\JÖ\OD
VHODPOÖ\RUXP
+LNPHW8OXøED\
'HøHUOL GLQOH\HQOHULPL]LQ VRUGXNODUÖ ED]Ö VRUXODUÖ \DQÖWODPDQÖQ \DQÖQGD ELU LNL
NRQXGD GD GHøHUOHQGLUPH VXQDFDøÖP %LU |QFHOLNOH ]DQQHGL\RUXP 6D\ÖQ *OHo·LQ
EH\DQÖ \DQOÖû GHøHUOHQGLULOGL oQN VXDO EL]OHUH GH \|QHOWLOGLøL LoLQ GHøLQPHN
GXUXPXQGD\ÖP %HQLP DOJÖODGÖøÖP V|]FNOHUOH 6D\ÖQ *OHo XWDQo GX\XODFDN 0HFOLV
GHPHGL0HFOLVLQLoLQGHXWDQoGX\XODELOHFHNGDYUDQÖûWDEXOXQDQODURODELOLUGHGLdQN
&HQJL] +RFDQÖQ E|\OH ELU PDQWÖN KDWDVÖQD GûPHVL PPNQ GHøLO 7UNL\H %\N
0LOOHW 0HFOLVL ELU NXUXP .XUXPODUÖQ QH VXo LûOHGLøL QH \DUJÖODQGÖøÖ J|UOU
.XUXPODUÖQ EQ\HVLQGHNL LQVDQODU \DQOÖû \DSDELOLU RQODU HOHûWLULOLU RQODU \DUJÖODQÖU YH
YHULOHQ NDUDUODUD NDWODQÖU %X QHGHQOH 7UNL\H·GH JHQHOGH NHQGL NRQXûPDODUÖPÖ]GD
ROGXøX NDGDU PHG\D RUWDPÖQGD GD \DSDJHOGLøLPL] WLSLN ELU KDWD EX %L] NXUXPODUÖ
\ÖSUDWÖ\RUX] 2QGDQ VRQUD GD R NXUXPODU \ÖSUDQÖQFD GD R NXUXPODUÖQ \HULQH QH\L
NR\DFDøÖPÖ]Ö ELOHPH] QRNWD\D JHOL\RUX] 2 QHGHQOH HOHûWLULOHUL \DSDUNHQ HQ DøÖUÖQD
GDKL NXUXPODUÖ \ÖSUDWPDNVÖ]ÖQ KDWD \DSDQODUÖ HOHûWLUHUHN YH \DUJÖOD\DUDN \DSPDPÖ]GD
VÖQÖUVÖ] ID\GDODU YDU dQN GRøUX LQVDQODUÖ NL ELUD] HYYHO \DSÖODQ GHøHUOHQGLUPH GH
EXQXQODLUWLEDWOÖDNVLWDNGLUGHRNXUXPODUÖQLoLQHVRNDELOPHNWHEDûDUÖOÖRODPD\Ö]úLPGL
R GHøHUOHQGLUPHQLQ DUNDVÖQGDQ VRUX ûX1HGHQ LoLQGHVLQL]" 'HøHUOL DUNDGDûODU EHQ HOOL
\HGL \DûÖQGD VL\DVHWH JLUGLP 2WX] \ÖO NDPX KL]PHWLQGH oDOÖûÖS HPHNOL ROXS EHû \ÖO
QLYHUVLWHGHGHUVYHULSKX]XULoLQGH\DûDUNHQEXKX]XUXEÖUDNÖSVL\DVHWLQLoLQHJLUGLP
1HGHQLJD\HWEDVLW(OLPLWDûÖQDOWÖQDNR\PDGDQHOHûWLUPHONVQHVDKLSRODPD\DFDøÖP
LQDQFÖ\OD JLUGLP YH VL\DVHWLQ HOHûWLULOHQ YH WDNGLU HGLOHQ ER\XWX\OD ELU PFDGHOHQLQ
LoLQGH\LP $VOÖQGD VRUPDPÖ] JHUHNHQ VRUX EHQ QL\H VL\DVHWLQ LoLQGH GHøLOLP YH X]DN
GXUX\RUXPgQFHOLNOHVRUXOPDVÖJHUHNHQVRUXEX9HVL\DVHWLOOD7UNL\H%\N0LOOHW
0HFOLVLQH JLUPHN GHøLOGLU 6L\DVL SDUWLOHULQ HQ DOW G]H\GHNL IDDOL\HWOHULQGHQ EDûODPDN
VXUHWL\OH
ILNLUOHULQL]OH
GDYUDQÖûODUÖQÖ]OD
VL\DVHWL
\|QOHQGLUHELOPHNWLU
%DWÖGD
EHøHQGLøLPL] ER\XWX\OD GHPRNUDVLGH HQ QLWHOLNOL LQVDQODU VL\DVL SDUWLOHULQ HQ DOW
NDGHPHVLQGHQ EDûOD\ÖS EDûEDNDQOÖøD NDGDU JHOHELOPLû LQVDQODUGÖU +HS NDKUDPDQODU
EHNOHGLN ùûWH EX R GDYUDQÖû 6L\DVHW NLUOL NLUOL GL\RUVDQÖ] NLUOL LQVDQODUGDQ WHPL] LûL
QDVÖO EHNOL\RUVXQX]" 7HPL] ELULVL JLUHFHN NL WHPL]OLN IDDOL\HWL EDûODVÖQ <HQL ELU HYL GH
NLUDODGÖøÖQÖ]YDNLWSLVRODELOLUYH|QFHHYLWHPL]OH\HUHNLûHEDûODUVÖQÖ]YHWHPL]OHUNHQGH
]HULQL]H SLVOLNOHU IDODQ EXODûWÖUÖODELOLU 2 EDNÖPGDQ VL\DVHWL ONH\H KL]PHW RODUDN
J|U\RUVDN X]DN GXUPD KDNNÖQD YH ONVQH VDKLS GHøLOL] %X EDøODPGD GD VL]OHUOH ELU
DQHNGRWX SD\ODûPDN LVWHULP DQODPOÖ EXOGXøXP LoLQ +DVDQ $OL <FHO ELU EURNUDWNHQ
$WDWUN·Q \XUW LoL JH]LOHULQH NDWÖOPÖûWÖU .DWÖOGÖøÖ JH]LGH ELU DNûDP $WDWUN \DSWÖøÖ
VRKEHWVÖUDVÖQGDEURNUDWODUDûXVRUX\XVRUDU´7UNL\HJHUoHNWHQQH]DPDQNXUWXOPXû
RODFDNWÖU"µ dHûLWOL EURNUDWODU oHûLWOL FHYDSODUÖ YHULU 2QODUÖ EXUDGD WHNUDUODPD\D JHUHN
\RN +DVDQ $OL·\H VÖUD JHOGLøLQGH V|\OHGLøL ûXGXU ´7UNL\H NXUWDUÖFÖ DUDPDNWDQ
NXUWXOGXøXQGDNXUWXOPXûRODFDNWÖUµ
'HøHUOL DUNDGDûODU 7UNL\H·QLQ NXUWDUÖFÖ DUDPDNWDQ NXUWXODELOPHVL KHSLPL]LQ
EXOXQGXøXPX] NRQXPGD HQ L\LVLQL YHUHELOPHPL]OH PPNQ%XQX GD NHQGLPL]H
PLV\RQ VHoPHPL] JHUHN 9H EXQD LVWLQDGHQ ELU |UQHN YHUH\LP .RQIo\V·Q $QDORJ
LVLPOLNLWDEÖQGDoRNLOJLQoWLUJHUHNVWOHUGHQJHOHQJHUHNVHWRSOXPXQLoLQGHQJHOHQELU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EDED\|QHWLFLDQOD\ÖûÖYDUGÖU.RQIo\VV|\O\RU%HQEXWDELULNHQGLPV|\OHPL\RUXP
.LWDEÖQGD ùQJLOL]FHVLQGH YDU EDED \|QHWLFL %DED \|QHWLFL\L .RQIo\V \ÖO HYYHO
DUDPÖû EL] KkOk DUDPD\D GHYDP HGL\RUX] ùûWH EX GD ELUH\LQ VRUXPOXOXøX ELUH\LQ
NHQGLQL VRUJXOD\ÖS PFDGHOHGH EHQ GH YDUÖP GL\HELOPHVL OD]ÖP 2 ]DPDQ DQFDN
NDWNÖODUÖPÖ]ROX\RU)HOVHIHHøLWLPLNRQXVXQXVRUDQGHøHUOL|øUHQFLDUNDGDûÖPÖ]<]GH
\]NDWÖOÖ\RUXP2ODELOGLøLQFHHUNHQIHOVHIH³VDGHFHIHOVHIHGHøLO³VRV\RORMLPDQWÖN
YH SVLNRORML GHUVOHULQL ELUH\VHO YH WRSOXPVDO SVLNRORML RODUDN YHUPHN JHUHNLU %HONL
LON|øUHWLPLQ VRQ \ÖOODUÖQGDQ EDûODPDN VXUHWL\OH RODELOGLøL NDGDU GD X]XQ \ÖOODU YHUPHN
JHUHN dQN LQVDQÖQ NDUDNWHULQL YH ]LKLQ ER\XWXQX ûHNLOOHQGLULU EX NRQXODU %X
QHGHQOH \]GH \] NDWÖOGÖøÖP ELU J|]OHP %HQ VDGHFH IHOVHIH\L ]RUXQOX GHUV KDOLQH
JHWLUHELOPHûDQVÖQÖHOGHHWWLP
'LøHU ELU NRQX HøHU WRSOXPGD ELUH\ RODUDN YH\D JUXSODU RODUDN VL\DVHWWHQ
ND\ÖUPDFÖOÖN LVWL\RUVDN YH D\UÖPFÖOÖN \DSÖOPDVÖQÖ LVWL\RUVDN WD\LQGH WHUILGH YE ELUWDNÖP
LûOHULQ YHULOPHVL JLEL RQGDQ VRQUD GD VL\DVHW D\UÖPFÖOÖN \DSÖ\RU GL\HUHN HOHûWLUPH
KDNNÖPÖ] \RN %HQ VL\DVHWLQ LoLQGH\NHQ EDQD JHOHQ EX WLS LVWHNOHUL JHUL oHYLUGLøLP LoLQ
³JHUHN VHoPHQ WDUDIÖQGDQ JHUHNVH GLøHU DUNDGDûODUÖP WDUDIÖQGDQ³ VHYLOHQ ELU NLûL
GHøLOLP 6L]H ELU DQHNGRW GDKD DQODWD\ÖP 0LOOL (øLWLP %DNDQÖ RODUDN QRUP NDGUR\X
JHWLULS \|QHWLFLOHULQ VÖQDYOD VHoLOHFHøLQL V|\OHGLøLP ]DPDQ HQ oRN HOHûWLULOGLøLP NHVLP
D\GÖQ RODQ \D GD D\GÖQ RODUDN WDQÖPODQDQ NHVLPGL 6HEHEL GH ûX (IHQGLP VÖQDY
NR\GXQX]DPDVÖQDYDJHULFLOHUoDOÖûÖ\RU%L]EXGXUXPGD\LQH\|QHWLFLRODPÖ\RUX]%HQ
GH EX LQVDQODUÖQ RGDPGDQ oÖNPDVÖQÖ LVWHGLP JLW RQODUGDQ ID]OD oDOÖû GHGLP 2
HOHûWLUGLNOHULQ NHQGL PFDGHOHVL LoLQ oDOÖûÖ\RU 6HQ RQGDQ JoO ROPDN GXUXPXQGDVÖQ
'ROD\ÖVÖ\OD oLIWH VWDQGDUGÖ NHQGL LoLPL]GH \DûÖ\RUVDN EX GD WRSOXPXQ VRUXQODUÖQÖQ
EDûÖQGDJHOL\RU%HQLPELULQVDQRODUDNYHDOWÖ\ÖOGÖUVL\DVHWLQLoLQGHRODQELUNLûLRODUDN
J|UûP ûX g]HO \DûDPÖPÖ]GD GD NHQGL ]LKLQVHO \DUJÖODUÖPÖ]GD GD D\UÖPFÖOÖN YH oLIWH
VWDQGDUW VRQ GHUHFH \D\JÖQ gQFH NHQGLPL]L ÖVODK HGHFHøL] 'LøHU ELU ûH\ GH SROLWLNDFÖ
³ELUD]|QFH*OHoKRFDPGDJD\HWJ]HOYXUJXODGÖ³YDDWHGHFHN%LUWDNÖPKL]PHWOHU
UHWPHNLoLQRUD\DJHOL\RU$QFDNQOELUGûQU6WHYHQ+DUYH\3HUORII·XQELUV|]
YDU ´3ROLWLNDFÖQÖQ FHQQHWLµ ´9HUJL NDQXQODUÖQÖ oÖNDUWPDGDQ KDUFDPD \HWNLVLQL ELU
SROLWLNDFÖ\DYHUL\RUVDQÖ]RQDFHQQHWLEDKûHGL\RUVXQX]µ1H\DSDU"%RUoODQÖUHQIODV\RQ
YHUJLVLQL DOÖU LVWHGLøL \HUGH GH KDUFDU úLPGL HYYHOD WRSOXPGD WRSOXP ELOLQFL
GHPRNUDVL ELOLQFL ´%HQ YHUJLPL YHUL\RUXP YH R SDUDQÖQ GD QDVÖO KDUFDQGÖøÖQÖQ
KHVDEÖQÖ
VRUX\RUXPµ
DQOD\ÖûÖQÖQ
\HUOHûPHVL
JHUHN
%X
ELOLQFH
VDKLS
ROPDGDQ
SROLWLNDFÖ\ÖHOHûWLUPHNOHVDGHFHNROD\FÖOÖN\DSÖ\RUX]
6RQ KXVXV RODUDN GHøHUOL DUNDGDûODU LQVDQD YHUGLøLPL] GHøHU EDûODQJÖoWDNL
V|]OHULPGH GH LIDGH HWWLøLP JLEL DLOH LoLQGH EDûOÖ\RU 7UNL\H·QLQ QIXVX \ÖOGD DUWPÖû GXUXPGD .HQWOHULQ QIXVX PLO\RQ DUWPÖû GXUXPGD 6XXGL $UDELVWDQ·ÖQ
QIXVX\ÖOGDDUWPÖûGXUXPGDSHWUROJHOLULDUWWÖ8VDPH%LQ/DGLQoRFXNOX
ELU
DLOHQLQ
oRFXøX
(OOL
G|UW
oRFXNOX
ELU
DLOHGHQ
oRFXN
HøLWLPLQGH
QH
EHNOH\HELOLUVLQL]"hONHPL]GHGHoRFXNOXDLOHOHUD]GHøLO'ROD\ÖVÖ\ODLQVDQDGHøHU
YHUPH LûL GDKD oRFXN VDKLEL ROPDPÖ]GD EDûOÖ\RU 8QXWPD\ÖQ NL KHSLPL] GQ\D\D ELU
oRFXNJHWLUGLøLPL]YDNLWELUERUoVHQHGLQLQDOWÖQDLP]DDWPÖûROX\RUX]2GDûX´6DQD
EHQLP\DûDGÖøÖPGDQoRNGDKDL\LYHJ]HOELUGQ\D\DûDWPDNLoLQEHQHOLPGHQJHOHQL
\DSDFDøÖPD V|] YHUL\RUXPµ %|\OH ELU VHQHW LP]DOD\DPÖ\RUVDQÖ] oRFXN GQ\D\D
JHWLUPHPHOLVLQL] *HWLUHQOHUL LVH X\DUÖS HøLWPHPL] JHUHNL\RU %HQLP V|\OH\HFHNOHULP
EXNDGDU%DQDEXQODUÖV|\OHPHIÖUVDWÖYHUGLøLQL]LoLQWHûHNNUHGL\RUXP
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
'RøX(UJLO
(IHQGLP VRUXODUD WHN WHN FHYDS YHUPHGHQ |QFH ELU LNL JHQHO ûH\ V|\OHPHN
LVWL\RUXP (øLWLPLQ |QHPLQGHQ EDKVHGLOGL 7DEL NL oRN |QHPOL %X KHP UHVPL HøLWLP
KHP GH WRSOXPGDQ HGLQGLøLPL] HøLWLP NL EXQD VRV\DOL]DV\RQ \D GD WRSOXPVDOODûPD
GL\RUX] +HP UHVPL IRUPHO HøLWLP KHP GH WRSOXPGD HGLQPLû ROGXøXPX] GHøHUOHU YH
GDYUDQÖû NRGODUÖ ³EXQODUÖQ KHSVLQH LVWHUVHQL] HøLWLP GHUVHN³ IHYNDODGH |QHPOL
%XQXQ QDVÖO ûHNLOOHQGLøL GH NULWLN VRUXQX JQGHPH JHWLUL\RU úLPGL EL] ELUH\ PL
\HWLûWLUL\RUX] \RNVD ELU NROHNWLYLWHQLQ SDUoDVÖ RODQ EDøÖPOÖ ELU NLûLOLN PL RUWD\D
oÖNDUÖ\RUX]" ùûWH (øLWLP %DNDQOÖøÖ GD \DSPÖû RODQ GHøHUOL ELU DUNDGDûÖPÖ] YDU EXUDGD
+HSLPL] ELOL\RUX] NL ³KHP NHQGL \HWLûPH WDU]ÖPÖ]GDQ KHP oRFXNODUÖPÖ]ÖQ RNXOGD
QDVÖO HøLWLOGLøLQGHQ³ NROHNWLI ELU YDUOÖøÖQ SDUoDVÖ RODUDN \HWLûL\RU %LU ELUH\ RODUDN
\HWLûPL\RU <DQL |]JU NDUDU YHUHELOHQ YH EX NDUDUÖQ VRUXPOXOXøXQX VWOHQHELOHQ YH
WDûÖ\DELOHQ NHQGL KD\DWÖQÖ YH WRSOX KD\DWÖ \|QOHQGLUPH\L ELU KDN RODUDN J|UHQ ³ELU
D\UÖFDOÖN GHøLO³ EXQX \DSDELOHQ \DQL WDULKL \DSDQ WDULKLQ |]QHVL RODQ LQVDQ WLSL %XQD
\XUWWDû GL\RUX] úLPGL E|\OH ELU LQVDQ WLSL PL \HWLûWLUL\RUX] \DQL JHUHN RNXOGDNL
HøLWLPLPL]GHJHUHNGLQHøLWLPLPL]GHJHUHNGHEWQWRSOXPVDOVUHoOHUGH\RNVDEDøOÖ
EDøÖPOÖ NROHNWLYLWHQLQ ELU SDUoDVÖ RODQ NLPOLøLQL RQGDQ DODQ ELU YDUOÖN PÖ" úLPGL HøHU
LNLQFLVLQL \DSÖ\RUVDN ³NL |\OH ROGXøXQD NXYYHWOH LQDQÖ\RUXP³ EX YDUOÖN R NLPOLN
JUXEXQXQ V|\OHGLNOHULQLQ NR\PXû ROGXøX NRGODUÖQ GÖûÖQD oÖNDPD\DFDNWÖU dÖNDPDGÖøÖ
LoLQ EDûDUÖVÖ] RODFDNWÖU %DûDUÖVÖ] ROGXøX LoLQ GH \DûDGÖøÖ PDøGXUL\HW \HQLNOLN
GX\JXVXQXELUKÖQoELU|INHRODUDN\DQVÖWDFDNWÖU9HKHSNXUWDUÖFÖDUD\DFDNWÖU%LULQFLVL
\DQL\XUWWDûNXUWXOXûXIRUPOHHWPH\HoDOÖûÖUNHQ|WHNLVLKHSELUNXUWDUÖFÖDUD\DFDNWÖU
6HYJLOL
DUNDGDûODU
EXQODUÖ
V|\OHGLNWHQ
VRQUD
ELU
WRSOXPXQ
WDULK
LoLQGHNL
VHUYHQLQGH LNL GLQDPL]P QRNWDVÖ YDUGÖU %LU NDWDU GûQQ .DWDUÖQ ELU |QQGH
ORNRPRWLI YDUGÖU ELU GH DUNDVÖQGD gQQGHNL ORNRPRWLI HøHU VHoNLQOHUL\VH ELU
WRSOXPXQ RQXQ ELU GLQDPL]PDVÖ \RNVD EX NDWDUÖ J|WUHFHN ELU GLQDPL]PDVÖ
NDOPDPÖûVDR]DPDQDUNDGDNLLWHU7RSOXPXQNHQGLVLLWHU0DDOHVHI7UNL\HLoLQ³KLo
7UNL\H ODIÖQÖ Dø]ÖPD DOPDN LVWHPHGLP GX\JXVDO EDøODUÖPÖ] YH NHVLQ LQDQoODUÖPÖ]
ROGXøXLoLQIDUNOÖELUWDUWÖûPDoÖNDFDNGL\H³DPD7UNL\HLoLQWHN|QHPOL\LV|\OH\H\LP
7UNL\HHOLWL·ODUGDQVRQUDGLQDPL]PDVÖQÖND\EHWPLûWLU3HNLEXQXQHWHODILHGHUGL"
7RSOXPXQ LWPHVL JLWPHN LVWHGLøL GRøUXOWXGD NHQGL HOLWLQL YH EWQ NXUXPODUÖ LWPHVL
JHUHNLUGL 2 GD \RN 1LoLQ" dQN EL] ELUH\ \HWLûWLUHPHGLN %L] \XUWWDû \HWLûWLUHPHGLN
%DNÖQKHUVDEDKVORJDQODUDRNXODoÖOÖSNDSDQÖUNHQoRFXNODUÖPÖ]ÖQKHSLPL]LQV|\OHGLøL
´9DUOÖøÖP 7UN YDUOÖøÖQD DUPDøDQ ROVXQµ %X ELU \RNOXN LûDUHWLGLU <RN ROPD\D ELU
oDøUÖGÖUEX1L\HYDUOÖøÖQ\FHOVLQYH7UNYDUOÖøÖQÖ\FHOWVLQGL\HSR]LWLIELUHQHUMLELU
JLULûLP DU]XVX oDøUÖVÖ \RN EXQGD %XQODUÖ oRN GûQP\RUX] YH WDEL RQD J|UH GH
NXUXPODUÖPÖ]ÖYHGHøHU\DUJÖODUÖPÖ]ÖROXûWXUPX\RUX]
$PD ûXQX XQXWPDPDN OD]ÖP KHU PXKDID]DNkU ELU |QFHNL GHYULPH WDSDU 'DKD
|QFH ROPXû RODQ GHYULPL VWDWNR RODUDN EHQLPVHU YH RQX PXKDID]D HWPH\H oDOÖûÖU
úLPGL EL] QH \DSPDOÖ\Ö] NL ROXûDQ GHYULPFLVL J|UOPH\HQ SURIHV\RQHO GHYULPFLVL
ROPD\DQ EX \HQL GHYULPL ³GQ\D oRN KÖ]OÖ YH GHYULPVHO ELU ELoLPGH HYLULOL\RU³ EX
GHYULPLQ ELU SDUoDVÖ \DSDOÖP EX GHYULPLQ |QFV RODQ JUXSODU \HUHO YH XOXVDO
QLWHOLNOHUL ELU NDUûÖW RODUDN WDQÖPDVÖQODU <HUHO YH XOXVDO QLWHOLNOHU YH JUXSODU GD EX
GQ\DGD NHQGLOHULQL ROXûPDNWD RODQ E\N GHYULPLQ NDUûÖWOÖøÖ GHYULPL GH NHQGLOHULQL
H]HFHN ELU VLOLQGLU RODUDN J|UPHVLQ %X DQFDN ELUH\ RODUDN LQVDQÖ \HWLûWLULUVHN \DQL
GHøLûLPL DOJÖOD\DQ YH RQD X\XP VDøOD\DELOHFHN ELU WLS \DUDWDELOLUVHN RODELOLU %L] EXQX
KLo GûQPHGLN +Lo SODQODPDGÖN %HONL V|]Q HWWLN ]DPDQ ]DPDQ ùûWH VD\ÖQ 0LOOL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
(øLWLP %DNDQÖ GD EXUDGD .HQGLVLQLQ GH EX NRQXGD oDEDODUÖ ROGX ùûWH EX \ÖOOÖN
HøLWLP GH EX DPDoOD JHUoHNOHûWLULOPH\H oDOÖûÖOGÖ DPD EDûDUDPDGÖN dQN GHYOHW
PHUNH]OL ELU GHøLûLP YH WRSOXPD QL]DP LQWL]DP YHUPH DQOD\ÖûÖQGDQ KLo YD]JHoPHGLN
7RSOXPDELULWLFLJoWDULKLQELU\DSÖFÖVÖRODUDNGHøLOVDGHFHYHVDGHFHGHYOHWLYHRQXQ
HJHPHQ JF QH\VH GDKD oRN EURNUDWLN RODQ R JF |QF RODUDN J|UGN 2 Jo
|QFOøQ oRNWDQ \LWLUGL 2QXQ WHPHO UHIOHNVL PHYFXGX NRUXPDN YH EL] KkOk RQGDQ
EHNOHGLøLPL] EX GHYULPL \DSPD\Ö YH GQ\DOÖ ROPD\Ö EHNOL\RUX] %XQX V|\OHGLNWHQ
VRQUD R VRPXW VRUXODUD JHOHOLP %XVK·XQ V|]QGH GH D\QÖ PDQWÖN \RN PX\GX"
7HU|ULVWOHUOH LOJLOL \D EL]GHQVLQL] \D GD RQGDQVÖQÖ] GL\H (YHW YDUGÖ 2 \]GHQ GH SHN
oRøXPX] WDUDIÖQGDQ \DGÖUJDQGÖ 7HU|U \HQLGHQ WDQÖPODQDFDN PÖ" 7DQÖPODQDFDN YH
WDQÖPODQPDVÖ OD]ÖP $PD WHU|U EXQGDQ VRQUD JHUHNoHOHUL\OH WDQÖPODQPD\DFDN dQN
JHUHNoHOHU oRN GRøUX RODELOLU oRN KDNOÖ RODELOLU KDWWD E\N LQVDQL GHøHUOHUL GLOH
JHWLUL\RU RODELOLU dQN WHU|U KDUHNHWOHULQLQ DUNDVÖQGD E\N |OoGH KDNVÖ]OÖøD NDUûÖ
oÖNÖû GD YDUGÖU2 KDOGH R JHUHNoHOHU QH NDGDU KDNOÖ YH QH NDGDU NDEXO HGLOHELOLU ROXUVD
ROVXQ WHU|UL]P DUDFÖOÖøÖ\OD ELU J|Uû ELU JUXEXQ WHUFLKOHULQL GLøHULQH RQXQ YDUOÖøÖQÖ
FDQÖQÖ KLoH VD\DUDN RQX Hû\DODûWÖUDUDN RQXQ ]HULQH VL\DVHW \DSDUDN GD\DWPDVÖQD L]LQ
YHULOPH\HFHNWLU%XJQROPD]EXDPD\DUÖQRODFDN<HQLWHU|UL]PWDQÖPÖVDGHFHH\OHP
RODFDN H\OHP EDøODPÖQGD RODFDN ROPDN ]RUXQGD úX DQGD \UWOHQ \|QWHP \DQL
WHU|UL]POH PFDGHOH \|QWHPL $PHULND·QÖQ EDûÖQÖ oHNWLøL \|QWHP GRøUX ELU \|QWHP
PL" <DQL LODQ HGLOGLøL JLEL WHU|UL]POH PFDGHOH\L EDûDUÖ\D XODûWÖUDFDN ELU \|QWHP PL"
+D\ÖU dQN ûLGGHWLQ ]HULQH ûLGGHWOH JLWPHN DQFDN ûLGGHWL \D\JÖQODûWÖUÖU 9H D\QÖ
]DPDQGD GD NDUûÖOÖøÖQÖ GRøXUXU %X PPNQ GHøLO EDûND ûH\OHULQ GH ROPDVÖ OD]ÖP
1HGLU R EDûND ûH\OHU" (Q |QFH QHGHQOHULQL DQODPDN úX GQ\DGD RUWD\D oÖNPÖû RODQ
E\N NDUûÖWOÖøÖQ QHGHQOHULQL o|]PHN %\N DGDOHWVL]OLøLQ YH KDNVÖ]OÖøÖQ LQVDQODUÖ
PDøGXU HGHQ YH EX PDøGXUL\HW GX\JXVXQX E\N ELU |INH\H YH NDUûÖ oÖNPD\D
G|QûWUHQ EX HûLWVL]OLNOHULQ %XJQ JHOLûPH GL\RUVDN R JHOLûLPLQ LQVDQ PHUNH]OL
ROPDVÖUHIDKGL\RUVDNHûLWOLNoLROPDVÖ%XGHøHUOHULÖVNDOD\DQEWQEXLQVDQLJ|]NHQ
GHøHUOHULQ KLoELUL NDEXO J|UPH\HFHN YH LNL \]OON RODUDN QLWHOHQGLULOHFHN =DWHQ |\OH
QLWHOHQGLULOL\RU 2 \]GHQ ROXûDQ EX GHYULPH \DQL GQ\DGDNL EX E\N YH KÖ]OÖ N|NO
GHøLûLPH
³GHøLûWLUHQ
GHøLûLPH³
EWQ
DNW|UOHULQ
\RNVXOIDNLU
GRøXOXEDWÖOÖ
NDWÖOPDVÖQÖVDøODPDNOD]ÖP<HQLDKODNLGHøHUOHU|\OHROXûDFDN9HRDKODNLGHøHUOHUGH
ELUKXNXNRODFDNROPDNGXUXPXQGD+XNXNGDQH$PHULND·QÖQQHùQJLOWHUH·QLQQHGH
EDWÖQÖQ DQFDN PQKDVÖUDQ VDKLS oÖNWÖøÖ RQXQ GHøHUOHULQH RWXUDQ ELU KXNXN RODFDN
<HQLELUHYUHQVHOGHøHUOHUVLVWHPLRODFDNYHROPDVÖGDJHUHNOL6|\OH\HFHøLPEXNDGDU
.D\D*YHQo
%D]Ö VRUXODUD KHPHQ NÖVDFD \DQÖW YHUPHN LVWL\RUXP %LULNL QRNWD\D GDKD VRQUD
GHøLQHFHøLP 7HU|U ELU KDN DUDPD PFDGHOHVL PLGLU" %LU KDN DUD\ÖûÖ RODUDN PÖ
J|U\RUVXQX]"úLPGLKDNDUDPD\ROODUÖQÖQWÖNDQPDVÖQÖQWHU|UEHVOH\HQoRN|QHPOLELU
HWNHQ ROGXøXQX LIDGH HWWLP YH EXQXQ GRøUX ROGXøXQX GûQ\RUXP %HQ \LQH VR\XW
ELU NDYUDPD JLWPHNWHQVH 9L\DQD %LOGLULVL ·WHNL GHPRNUDVLQLQ WDQÖPÖ\OD LOJLOL
ROGXøX LoLQ 'L\RU NL KDONÖQ NHQGL VL\DVDO HNRQRPLN WRSOXPVDO NOWUHO VLVWHPOHULQL
EHOLUOHPHN LoLQ LUDGHVLQLQ |]JUFH LIDGHVLQH NHQGL \DûDPODUÖQÖQ WP \|QOHULQLQ WDP
NDWÖOÖPÖQD GD\DQPDVÖ WHPHOLQGH LQVDQD VD\JÖ YH KXNXNXQ VWQOøGU <DQL VLVWHP
RODUDN GHPRNUDVL\H EHQLP UDVWOD\DELOGLøLP EX XOXVODUDUDVÖ EHOJHOHUGH HQ \DNÖQ
RODQODUGDQELUWDQHVLEXWDULKRODUDN
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
úLPGL EXUDGD oRN WHPHO RODQ NDYUDPODU YDU ùUDGHQLQ |]JUFH LIDGHVL \RNVD KDN
DUDPD \ROODUÖQÖ DoÖN WXWWXøXPX] ]DPDQ KLo WHU|U ROPD\DFDN PÖ VRUXVXQD EHQLP FHYDS
YHUPHP PPNQ GHøLO 6DGHFH KDN DUDPD \ROODUÖQÖQ NDSDQPDVÖQÖQ WHU|U EHVOH\HQ
WHU|UHX\JXQELU]HPLQ\DUDWDQGXUXPROGXøXQXLIDGHHGL\RUXP
ùû HWLøL\OH NkU ELUELULQL WDPDPHQ GÖûOD\DQ NDYUDPODU PÖGÖU" úLPGL DVOÖQGD EXUDGD
VRUXQ Lû HWLøL JLEL ELU HWLNWHQ EDKVHWPHN \D GD JHQHO GHøHUOHUGHQ EDKVHWPHN oRN ]RU
dQN WHPHO GHøHU Lû GQ\DVÖQÖQ YDUOÖN QHGHQL ROPD]VD ROPD]Ö NkU <DQL XOXVODUDUDVÖ
ELU LNL EHOJH GHGLN %X EHOJHOHULQ QH NDGDU GHøHUOL ROGXøX NRQXVXQGD ELOJL VDKLEL
GHøLOLP 2 \]GHQ EXQD KLo GHøLQPH\HFHøLP $PD RUDODUGD GD ûXQX V|\O\RU 6L]
KDOND KL]PHW HWPHN ]RUXQGDVÖQÖ] DPD VDNÖQ ROD NL D\DNWD NDOPD\Ö \HWHUOL ELU DPDo
RODUDN GHøHUOHQGLUPH\LQ <DQL NkUÖQÖ]Ö PDNVLPL]H HWPHN ]RUXQGDVÖQÖ] %DûND WUO
]DWHQ KL]PHW YHUHPH]VLQL] ûHNOLQGHGLU úLPGL EX VLVWHP LoLQGH EHQ GH ûXQX
V|\O\RUXPg]HOOLNOHNUHVHOGQ\DGDVHUPD\HQLQDUWÖNIL]LNLVHUPD\HROPDNWDQoÖNWÖøÖ
ELU G|QHPGH RUWDODPD WULO\RQ GRODUÖQ ]HULQGHNL ELU SDUDQÖQ VUHNOL RODUDN GQ\DGD
GRODûWÖøÖ RUWDODPD NDOÖû VUHOHULQLQ ELU KDIWD ROGXøX R ELU KDIWD NDOGÖøÖ ONHQLQ
UHIDKÖQDUHWLPLQHKLoELUûH\LQHNDWNÖGDEXOXQPDGDQVDGHFHSDUDVDODQODPGDNkUHGLS
ELUWDNÖP UDQWODU DOÖS JLWWLøL EXUDGD KHUKDQJL ELU NDWNÖVÖQÖQ ROGXøXQX V|\OHPHN
PPNQGHøLODPDWHNUDULIDGHHWPHNJHUHNLUVHLûHWLøL\OHNkUELUELULQLWDPDPHQGÖûODU
PÖ" 'ÖûOD\DQ NDYUDPODU PÖGÖU" +D\ÖU ûLPGL |UQHøLQ NDSLWDOLVW VLVWHPLQ NHQGL GHøHU
\DUJÖODUÖ LoLQGH GûQGøP] ]DPDQ VRV\DO GHYOHW X\JXODPDVÖQÖQ ROGXøX QRNWDODUGD
NkUHGHQNXUXOXûODUÖQD\QÖ]DPDQGDED]ÖKL]PHWOHUUHWHELOGLøLQL|UQHøLQLûVDKDODUÖQÖQ
DoÖOPDVÖ NRQXVXQGD WNHWLPLQ DUWÖUÖOPDVÖ UHIDK G]H\LQLQ \NVHOWLOPHVL NRQXVXQGD GD
EHOOL NDWNÖODUÖQÖQ GD ROGXøXQX V|\OHPHN OD]ÖP %XUDGD WHPHO RODQ WHNUDU LIDGH HWPHN
LVWHGLøLPûXLûGQ\DVÖQÖQHWLNGHøHUOHULQLQKHSVLQHEDNWÖøÖPÖ]]DPDQYDUOÖNQHGHQL\OH
EWQ GHøHUOHULQLQ RUWDVÖQGD NkU GHQLOHQ R ROD\Ö J|U\RUX] =DWHQ VÖNÖQWÖ EXUDGDQ
ND\QDNODQÖ\RU
hUHWLP DUDoODUÖ KDOND DLW GHøLOVH EWQ Lû DGDPODUÖ DKODNVÖ] PÖGÖU" <DQL E|\OH ELU
LIDGHROPDVÖQGL\H|]HOOLNOHYXUJXODPDNLVWHGLP7HNUDULIDGHHGL\RUXP0DUNVLVWGHøHU
WHRULVLQL DUWÖ GHøHU NDYUDPODUÖ\OD WDUWÖûWÖøÖPÖ] ]DPDQ ROD\ÖQ NDUûÖVÖQD ELU GH NDSLWDOLVW
LGHRORML\L VDYXQDQODU oÖNÖ\RU 2QODU GD GL\RUODU NL HIHQGLP VL]LQ V|\OHGLøLQL] GHøHUOHU
V|\OHGLøLQL] JLEL RODELOLU DPD EL] RQX R JLULûLP ULVNOHULQLQ NDUûÖOÖøÖQGD DOÖ\RUX] %X GD
EL]LP HQ GRøDO KDNNÖPÖ]GÖU %X WDUWÖûPD\D JLUPHPHN LoLQ ³|]HOOLNOH WDUWÖûPD\Ö
GHULQOHûWLUPHPHN LoLQ DPD EXQX GD ]LNUHWPHGHQ JHoHPH\HFHøLP LoLQ³ VDGHFH
]LNUHWWLP<RNVDNHVLQOLNOHEDûWDGDEHOLUWWLøLPJLELEDûYXUGXøXPX]GHøHUOHUELU]DPDQ
NHVLWLQH ELU WRSOXOXøD UHWLP VLVWHPL LoLQGH DOGÖøÖPÖ] \HUH J|UH oRN GHøLûNHQ
NDYUDPODUGÖUYHE|\OHELULIDGHNHVLQOLNOHNXOODQPÖ\RUXP
úLPGL JHOHOLP %HONL \DQOÖû DQODûÖOGÖøÖQÖ GûQGøP ELU ROD\ YDU oQN |]HOOLNOH
&HQJL] *OHo DUNDGDûÖPÖQ 'LYULøL LOH LOJLOL YHUGLøL ELU |UQHN YDU <DQLYHULOHQ LûLQ L\L
\DSÖOPDVÖYDDGLQLYHUGLPEX\HULQHJHWLULOPH]VHEXQXDKODNVÖ]OÖNNDYUDPÖ\ODDoÖNODPDN
GRøUX GHøLO <]GH \] NDWÖOÖ\RUXP =DWHQ |\OH ELU ûH\ GH V|\OHPHGLP 6|\OHGLøLP
ûXGXU 7RSOXPVDO V|]OHûPHQLQ JHUHøLQL \HULQH JHWLUPH\H oDEDODPDN ]RUXQGDVÖQ
%XUDGDNL GHøHU EX ROPDN ]RUXQGD %DûDUÖUVÖQÖ] EDûDUDPD]VÖQÖ] +DWWD |\OH NRQXODU
JQGHPH JHOHELOLU NL |QFHOLNOHUL GHøLûHELOLU $PD EXQX ELU ûHNLOGH WHNUDU JLGLS R
WRSOXPVDO V|]OHûPH\L \DSWÖøÖPÖ] NL EX WRSOXPVDO V|]OHûPHOHU ]ÖPQL ROD\ODUGÖU ELU
V|]OHûPH ILODQ GD \RNWXU \DQOÖû DQODûÖODELOLU +DWWD ELU VHoPHQ NLWOHVL 6L]LQ HVDV
LWLEDUL\OHEHONLELUXOXVDVHVOHQPHQL]JHUHNL\RU8OXVGHUNHQRUGDWDELVÖQÖIODUDUDVÖQGDNL
LOLûNLOHUL GH J|] |QQGH EXOXQGXUDUDN \DQL LûoLOHUL NRUX\DFDøÖP GHUNHQ VHUPD\H\H
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KL]PHW HGL\RUVDQÖ] \D GD VHUPD\H\H KL]PHW HGHFHøLP GL\H LûoLOHUL NRUX\RUVDQÖ] EHQFH
LNL WDUDIOÖ RODUDN GD VÖQÖIVDO VÖNÖQWÖ YDU GHPHNWLU 'ROD\ÖVÖ\OD EDûDUÖEDûDUÖVÖ]OÖN GHøLO
EXUDGD WHPHO NULWHU RODQ R WRSOXPVDO V|]OHûPH\L \HULQH JHWLUPHN LoLQ oDEDODPDN
%DûDUGÖøÖQÖ]
WDNGLUGH
EDûDUÖOÖGÖU
EDûDUDPDGÖøÖQÖ]
WDNGLUGH
EXQXQ
JHUHNoHOHULQL
QHGHQOHULQL DoÖN DoÖN DQODWPDN EXQX WRSOXPOD SD\ODûPDN DQODPÖQD JHOLU úLPGL EX
V|\OHGLøLP ROD\ DVOÖQGD VDGHFH VL\DVHW GQ\DVÖ LoLQ JHoHUOL ELU ROD\ GHøLOGLU %X EHQLP
LoLQ GH JHoHUOLGLU %HQ 7UN 0KHQGLVOHU 2GDODUÖ %LUOLøLQLQ EDûNDQÖ\ÖP %HQ GH
VHoLPOHUH NDWÖOÖ\RUXP %HQ GH VHoLPOHUH NDWÖOGÖøÖP ]DPDQ ELU SURJUDPOD oÖNÖ\RUXP
$\QÖ ûH\ EHQLP LoLQ GH JHoHUOLGLU %L]OHU ]DWHQ VL\DVHWLQ LoLQGH\L] %L]LP VL\DVHWH
VR\XQPDNJLELELUGûQFHPL]QL\HWLPL]GH\RNDPD]DWHQVL\DVHWLQLoLQGH\L]úXDQGD
7UNL\H JLEL ONHOHULQ LoLQGH EXOXQGXøX HQ E\N VÖNÖQWÖODUGDQ ELU WDQHVL VL\DVHWLQ
WRSOXPVDOODûWÖUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU \D GD WRSOXPXQ VL\DVDOODûWÖUÖODPDPD
VÖQGDQ %XQXQ QHGHQL GH 7UNL\H·GH VL\DVHWH RODQ JYHQVL]OLNWLU 2 JYHQVL]OLøLQ
QHGHQL GH ELU WUO ELU \HUH YDUDPD\ÖûÖPÖ]GÖU .RQXPX] HWLN WHU|U WDUWÖûPDVÖ ROGXøX
LoLQ VL\DVHWH GX\XODQ JYHQVL]OLN GH VL\DVHW GQ\DVÖQÖQ YHULOHQ V|]OHUL ELU WUO \HULQH
JHWLUHPHPHVL YH KHUKDQJL ELU ûH\ \DSPDPDVÖ WRSOXPX ELOLQoOHQGLUHUHN ´EHQ EXQX
\DSDPÖ\RUXP H\ YDWDQGDû ûX ûX JHUHNoHOHUOH \DSDPÖ\RUXPµ GL\HPHPHVLQGHQ YH
LQVDQODUÖ XPXWVX]OXøD NDSDWÖS VL\DVHWWHQ VRøXWPDVÖQD JLGL\RU 6L\DVHWWHQ VRøXPD
VHYJLOL DUNDGDûODU EX NRQXGD oRN QHW ELU J|UûP ROGXøXQX GûQ\RUXP 6L\DVHWLQ
WRSOXPGD ELU ûHNLOGH GHøHU ND\EHWPHVL EL]LP HPHNoLOHULQ oDOÖûDQODUÖQ LVWHGLøL \D GD
RQODUÖQ oÖNDUODUÖQD X\JXQ RODQ ELU ûH\ GHøLOGLU %X ROVD ROVD XOXVODUDUDVÖ VHUPD\HQLQ
oÖNDUODUÖQD KL]PHW HGHU dQN XOXV GHYOHWL RODUDN HOLQL]GH EDûND ELU NXUXPXQX] \RN
%X NXUXPD VDKLS oÖNPDQÖ] JHUHNWLøL LoLQ EXQODUÖ |]HOOLNOH YXUJXOX\RUXP %D]HQ
V|]OHULPL]GH ELUD] DûÖUÖ\D JLGL\RU ED]HQ \DUDOD\ÖFÖ RODELOL\RUX] DPD XQXWPD\DOÖP NL
EDûND
oDUHPL]
\RN
<DQL
VL\DVHWL
WRSOXPVDOODûWÖUDFDNVDQÖ]
WRSOXPX
GD
VL\DVDOODûWÖUDFDNVÖQÖ]EDûNDoDUHQLQoÖNDU\ROXQXQ\|QWHPLQROPDGÖøÖQÖGûQ\RUXP
6RQ RODUDN GHøLQHPHGLøLP ELU NRQX\D GD GHøLQLS WDPDPOÖ\RUXP g]HOOLNOH 6D\ÖQ
ùQDP·ÖQ EDûODQJÖoWD EHOLUWWLøL ³WHKOLNHOL ROGXøXQX EHOLUWWLøL³ ELU QRNWD\D EHQ GH
GHøLQPHN LVWL\RUXP úLPGL KHU ELU QRNWDGD DKODN NXUDOODUÖ\OD YH GDYUDQÖû NXUDOODUÖ\OD
LOJLOL ELU GL]L NXUDO oDOÖûPDVÖ \DSÖOÖ\RU %X Lû GQ\DVÖQGD GD YDU VL\DVHW GQ\DVÖQGD GD
%L]LP NHQGL DODQÖPÖ]GD GD \DSWÖøÖPÖ] LQFHOHPHOHUGH J|]OHPOHGLøLPL] ELU ROD\Ö VL]OHUOH
VDGHFH SD\ODûPDN LVWL\RUXP %X JLULûLPOHU DVOÖQGD LOJLOL NHVLPLQ WRSOXPD ´VL] PHUDN
HWPH\LQ EHQLP GH NHQGLPH J|UH DKODN NXUDOODUÖP YDU EHQ GH DKODNOÖ ROPD\D
oDOÖûÖ\RUXP \D GD EHQ GH DKODN NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXPµ JLEL ELU PHVDM YHUPH
ND\JÖVÖQÖ GD ELUOLNWH WDûÖ\RU úLPGL PXWODND EX oDOÖûPDODUÖQ LoLQGH EX oDOÖûPDODUÖ
EDûODWDQODUÖQ
L\L
QL\HWOHULQGHQ
\DSÖODQ
oDOÖûPDQÖQ
GRøUXOXøXQGDQ
KLoELU
ND\JÖ
GX\PX\RUXP $PD EXQXQ DUNDVÖQGD LOJLOL NHVLPLQ WRSOXPD ´H\ WRSOXP EHQL VHQ oRN
N|W RODUDN WDQÖ\RUVXQ DPD EHQLP NHQGL DKODN NXUDOODUÖP YDU %DN EHQ EX DKODN
NXUDOODUÖQD X\PD\D oDOÖûÖ\RUXP 'ROD\ÖVÖ\OD EDQD JYHQµ PHVDMÖQÖ YHUPHN JLEL ELU
D\UÖFD QL\HWLQLQ GH ROGXøXQX LIDGH HWPHN LVWL\RUXP %LU LNLQFLVL 1UQEHUJ·GH oÖNDQ
NLûLVHO VRUXPOXOXN LONHVL WDPDP oRN GRøUX ELU LONHGLU DPD HWLNOH LOJLOL WDUWÖûPDODUGD
NLûLVHO VRUXPOXOXNODU |Q SODQD oÖNDUÖOÖS GD VLVWHPH LOLûNLQ VRUXPOXOXNODU DUND SODQGD
NDOÖUVD \DQOÖû ELU QRNWD\D JHOLQLU 2QXQ LoLQ GH DVOÖQGD \LQH 6D\ÖQ ùQDP·ÖQ VRQ GHUHFH
QHW ELU ûHNLOGH JQGHPH JHWLUGLøL YH EDøODGÖøÖ WHPHO RODQ QRNWD HWLN WDUWÖûPDODUÖQ ELU
\DûDP ELoLPLQH \|QHOLN RODUDN J|WUOPHVL YH EXUDGDQ NXUDOODU JLEL ELUWDNÖP ROD\ODUÖQ
JQGHPH JHWLULOHUHN ´WDPDP DUNDGDûODU EX NXUDOODU YDU KDGL H\YDOODKµ GHPHPHN
ûHNOLQGH JHUoHNOHûWLULOPHVL OD]ÖP $NVL WDNGLUGH LNL WHKOLNH\L \DQL VLVWHPL WDUWÖûPD\Ö
7HU|U6L\DVHWùû'Q\DVÖYH(WLN3DQHOL
VRUJXODPD\Ö XQXWDELOLU ELU LNLQFLVL LOJLOL NHVLPOHULQ WRSOXPD YHUPLû ROGXøX \DQOÖû
PHVDMODUD\RODoDELOLUL]GL\HGûQ\RUXP7HûHNNUHGHULP
&HQJL]*OHo
%HONL VUoOLVDQ HWPLû RODELOLULP DPD SDUODPHQWR\X XWDQo YHULFL ELU \HU RODUDN
J|UP\RUXP g\OH NXUXPVDO YDUOÖøÖQD VD\JÖVÖ]OÖN \DSPDN JLEL ELU GHUGLP QL\HWLP GH
\RN$PDSDUODPHQWRGDXWDQoYHULFLûH\OHUROX\RU%DûNDNXUXPODUGDROGXøXJLEL+HOH
QLYHUVLWHOHUGH
GDKD
GD
ID]OD
ROX\RU
<DQL
7UNL\H·QLQ
GHPRNUDWLNOHûPHVLQGH
SDUODPHQWRoRN|QHPOLoRNDVOLELUNXUXPYD]JHoLOPH]ELUNXUXP%XVRUXPOXOXNKDO
YH LûOHPH QH ]DPDQ X\JXQ GDYUDQÖ\RU"'DYUDQDELOL\RUPX" %XQX WDUWÖûDELOLULP *D\HW
WDELGDYUDQDPÖ\RU2QHGHQOHEHQGH6D\ÖQ8OXo*UNDQ%H\LQJHUHNoHOHULoRNIDUNOÖ
ELU
oRøXQD
NDWÖOÖ\RUXP ùVWLID
HGHULP
HWPHP
%XOXQGXøXP
NRQXPGDQ XWDQo
GX\PX\RUXP DPD EHQ ûX DQGDNL PHYFXW KNPHWWHQ ³ûX \D GD EX ûHNLOGH \HVL
ROVD\GÖP³ VL]H \HPLQ HGL\RUXP LVWLID HGHUGLP úLPGL SDUODPHQWR\OD KNPHW
DUDVÖQGDNL LOLûNLOHUL DoÖN V|\OH\H\LP RUWDODPD KDONWDQ SHN oRN LQVDQ NDUÖûWÖUÖ\RU
8PDUÖP
HQWHOHNWHOOHU
NDUÖûWÖUPÖ\RUGXU
3DUODPHQWR\OD
\DQL
PHûKXU
NXYYHWOHU
D\UÖOÖøÖ\OD \DUJÖQÖQ \DVDPDQÖQ \UWPHQLQ D\UÖOÖøÖ GL\H ELU ûH\ LGHDO RODUDN DU]X
HGLOHELOLU ELU ûH\ DPD \UUONWHNL LûOH\LûH EDNWÖøÖQÖ] ]DPDQ GXUXP |\OH GHøLO
3DUODPHQWRODUÖ YH\D \ÖOGDQ EHUL VRQUDVÖQGDNL SDUODPHQWRODUÖ 7UNL\H·GH
KNPHW \|QOHQGLUL\RU +NPHW LQDQÖOÖU JYHQLOLU YH JHUoHNWHQ ROXPOX ûH\OHU
\DSÖ\RUVD EX PXWODND SDUODPHQWR\D GD \DQVÖ\RU dQN KNPHWLQ LFUDDWÖQD KXNXNL
oHUoHYH\L oL]HQ ELU NXUXP QLWHOLøLQH EUQG PDDOHVHI 'ROD\ÖVÖ\OD KNPHWOH
SDUODPHQWR\X |]GHû YDUOÖNODU JLEL J|UPHN \DQOÖûÖ YDU ELU NHUH %XQXQ FHUHPHVLQL
oHNPL\RU GHøLOLP <DQL KNPHWLQ ELU VU KDNLNDWHQ NDWÖODPD\DFDøÖP YH oRN LV\DQ
LWLUD] HGHELOHFHøLP SHN oRN ûH\LQLQ DUNDVÖQGD KHU ]DPDQ SDUODPHQWR GXUPX\RU DPD
GXUGXøX GXUXPODU GD YDU +NPHWH UDøPHQ SDUODPHQWR NXUXP RODUDN RQXUXQX
NRUX\DELOPHOLPL".HVLQOLNOHGRøUX2QRNWDODUGD]DPDQ]DPDQ]DDILoLQGHROGXøXELU
JHUoHN 2 ]DPDQODU SDUODPHQWRGDQ XWDQÖ\RUXP $PD NXUXP RODUDN YDUOÖøÖQGDQ GHøLO
9H R XWDQo GX\JXVXQX LoLPGH WDûÖPDNWDQ GD JXUXU GX\X\RUXP <DQL R XWDQFÖ GD
WDûÖPD\DQ KRFDPÖQ R YLFGDQ GHGLøL ILOR]RIODUÖQ HWLN \D GD DKODNL GX\DUOÖOÖN GHGLøL KHU
QHKDOWVDRQXWDûÖPD\D|]HQJ|VWHUL\RUXP
%DûND QH \DSÖ\RUXP" *DOLED 2UKDQ %LUJLW·LQ EHQ \ÖOODU |QFH ELU \D]ÖVÖQÖ
RNXPXûWXP 6DQÖ\RUXP \HQL VHoLOGLøL ]DPDQ %OHQW (FHYLW ³DUWÖN KDQJL \ÖOODU
KDWÖUODPÖ\RUXP DPD KHUKDOGH ·OHULQ EDûÖ ROPDOÖ NHûNH R DQODWVD\GÖ ELU \D]ÖVÖQGD
RNXGXP KHP GH oRN HWNLOHQPLûWLP³ VHoLOLU VHoLOPH] JDOLED JUXS EDûNDQ YHNLOOLøL
|QHUL\RU 9H 2UKDQ %H\ GH GûQ\RU WDûÖQÖ\RU YH GL\RU NL (IHQGLP EHQ EX J|UHYL
NDEXO HGHPHP 1HGHQ" <HWHUL NDGDU SROLWLND ELOJLP \RN %HQLP KD]ÖUODQPDP OD]ÖP
<DQL VHoLOHELOLUVLQL] DPD HUJLQ ELU SROLWLNDFÖ PÖVÖQÖ] YH GH E|\OH ELU VRUXPOXOXN
\NOHQPH\HKD]ÖUPÖVÖQÖ]EXQXDQFDNELULoGHQHWLPOHV|\OH\HELOLUVLQL]'RøUXVXE|\OH
ELU J|UHY WHNOLI HGLOPHGLøL LoLQ EHQ QH FHYDS YHULUGLP QH GXUXPD JLUHUGLP
ELOPL\RUXP RQXQ FHYDEÖQÖ YHUHPHP DPD HQ D]ÖQGDQ EX o \ÖO |QFHNL &HQJL]·OH ûX
DQGDNL&HQJL]·LQD\QÖDGDPROPDGÖøÖQÖELOL\RUXP%XQDGDELUEHGHO|GH\HUHNDoÖNoDVÖ
YDUPDNWD ROGXøXPD LQDQÖ\RUXP <DQL ELU YHEDO GH WDûÖ\RUXP $PD KRFDPÖQ V|\OHGLøL
JLEL \DQL KHUNHVLQ GHPLQ V|\OHGLøLP NRQX \DQL SROLWLND JHQHO VRUXQODUÖQ DODQÖ 9H
JHQHO VRUXQODU SROLWLN VRUXQODU KHUNHVLQ VRUXQX %X DoÖGDQ GD EHQ ûXQX EXQX
J|VWHUHFHN ELU VU JHUHNoH EXODELOLULP 5DV\RQDOL]H HGHELOLULP 3HN oRN LQVDQ KDQJL
PHVOHNWHH\OHPGHEXOXQXUVDEXOXQVXQNHQGL\OHWXWDUOÖNDODELOPHNLoLQ\DSÖSHWWLNOHULQL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GH PHûUXODûWÖUÖU +DNOÖ oÖNDUDELOHFHN oRN FLQJ|] JHUHNoHOHU \DUDWDELOLU %HQ GH
PXKWHPHOHQ \DUDWÖ\RU RODELOLULP ]DPDQ ]DPDQ $PD GXU EDNDOÖP NHQGLQL QDVÖO
NDQGÖUÖ\RUVXQ EH DGDP GL\H GH NHQGLPL VÖQDYD oHNPH\H oDOÖûÖ\RUXP JFPQ \HWWLøL
NDGDU $PD oRN ûH\ ND]DQGÖøÖPÖ GD oRN ûH\ J|WUGøQ GH ELOL\RUXP %XQXQ
VRQXQGDNDUDUÖEHQYHUHFHøLP'HYDPHGLSHWPHPHROXUROPD]
'HPLQ V|]Q EDûÖQGD V|\OHGLP DNDGHPLV\HQOHU QL\H SROLWLNDGD oRN EDûDUÖOÖ
RODPÖ\RU GL\H ùNL WDQH ûH\ V|\OH\H\LP %LULQFLVL NHQGL DGÖPD HQ D]ÖQGDQ ûXQX
V|\OH\HELOLULP %HQ EX \DûÖPD NDGDU QHUH\H KDQJL GXUXPD JHOHELOGL\VHP NLûLVHO
LUDGHPOH YH oDEDPOD JHOGLøLPH YH EXQX GD KDN HWWLøLPH LQDQÖUÖP EXQXQ GD RQXUXQX
WDûÖUÖP GL\H GûQUNHQ SROLWLND\D JLUL\RUVXQX] J|QOO ELU ELoLPGH NHQGL LUDGHQL]OH
ELUVWLUDGH\H³EXELUSDUWLQLQJHQHO\|QHWLPNXUXOX\DGDSDUWLEDûNDQÖRODELOLU³ELU
VW LUDGH\H WHVOLP ROPDN ]RUXQGD NDOÖ\RUVXQX] 2ODPD]VDQÖ] KD\ÖU EHQ RWRQRP ELU
YDUOÖøÖP GHPH KDNNÖQD VDKLS GHøLOVLQL] KHU ]DPDQ <HU \HU GH EXQX GHPHN
]RUXQGDVÖQÖ]ùûWHRGD'RøX·QXQGHPLQELUH\VHOOHûPHPHVHOHVL\OHVRQGHUHFHLOJLOLELU
NRQX2QHGHQOHGHSDUWLOLGHUOHULQVXOWDVÖQDL]LQYHUHQ6L\DVL3DUWL<DVDVÖ·QDYH6HoLP
<DVDVÖ·QD GX\DUVÖ] NDODQ ûX SDUODPHQWRGDNL KLoELU SDUODPHQWHULQ DoÖNoDVÖ ELU RQXU YH
VD\JÖQOÖN WDûÖGÖøÖQD LQDQPÖ\RUXP dQN EX PHYFXW VLVWHPL GHYDP HWWLUHELOHFHN
VLVWHPHODND\WNDODQPHYFXW ELUSDUODPHQWHUEDQDJ|UHoRNFLGGLELUWDULKLVRUXPOXOXN
WDûÖ\RU GHPHNWLU 2 NDYJD\Ö YHUPL\RU *FP \HWHU \D GD \HWPH] 'LYULøL \DSDPDGÖN
EHONLDPDEHONLRQDJFP\HWHURQXGHQHPH\HGHøHUgPUP\HWHUGHELUVUHGDKD
NDODELOLUVHPHQD]ÖQGDQûXoDEDELOHEXQXKDNOÖJ|VWHULUJLELJHOL\RUEDQD1H\VHEL]LP
GHLûWHNHQGLPL]LKDNOÖoÖNDUPDPÖ]LoLQELUJHUHNoHROGX7HûHNNUHGL\RUXP
$NÖQ(UJGHQ
'HøHUOL .DWÖOÖPFÖODU EL]L EX JHo VDDWH NDGDU VDEÖUOD L]OH\HQ GLQOH\LFLOHU 8OXVDO
8\JXODPDOÖ (WLN .RQJUHVL·QLQ JQ 3DQHOLQL EXUDGD NDSDWÖ\RUXP 6D\ÖQ *OHo·LQ
LON NRQXûPDVÖQGDNL PHUDNÖ ELU QHE]H ROVXQ JLGHULOPLûWLU XPDUÖP 6D\ÖQ *OHo 3DQHOLQ
EDûOÖøÖQGDNLG|UWNDYUDPDUDVÖQGDQDVÖOELULOLûNLRODELOHFHøLQLoRNPHUDNHWPLûWL%HQLP
VUHNOLYXUJXODGÖøÖPJLELVL\DVHWHWLøLELUWRSOXPXQNDPXVDODODQÖQGDROXûPDVÖJHUHNHQ
HWLNJUDPHULQLQELUSDUoDVÖGÖU%XJUDPHULQVL\DVHWHWLøLDoÖVÖQGDQEDNÖOGÖøÖQGDHQ\DNÖQ
LNL NDYUDPÖ GD ´WHU|Uµ YH ´Lû GQ\DVÖµGÖU ´6XVXUOXNµ DUWÖN EX LOLQWL\L EHOLUJLQOHûWLUHQ
FDQOÖ ELU PHWDIRUGXU ´8øXU 0XPFXµ GD |\OH NH]D GLøHUOHUL GH ´dHWLQ (PHo
0XDPPHU$NVR\%DKUL\HhoRNµ
*OREDOG]H\GHEXPHWDIRUODUD´(\OOµVRQ|UQHNWLU%XFDQOÖPHWDIRUODUEXJQ
WDUWÖûWÖøÖPÖ] \DUÖQ WDUWÖûDFDøÖPÖ] KHS WDUWÖûPD\D GHYDP HWWLøLPL] VUH ER\XQFD EL]H
VL\DVHWHWLøLPHG\DHWLøLLûHWLøLJUDPHUOHULQLROXûWXUDFDNLSXoODUÖQÖYHUHFHNWLU<DUÖQEX
NRQXODUÖ
G|UW
VHODPOÖ\RUXP
D\UÖ
VDORQGD
WDUWÖûPD\D
GHYDP
HGHFHøL]
+HSLQL]L
VD\JÖODUÖPOD
%ù/'ù5ù/(5
)RWRøUDIÖQ´$U]X1HVQHVLµ2ODUDN.DGÖQ%HGHQL+DEHU)RWRøUDIÖQÖQ
0DQWÖøÖh]HULQH%LU7DUWÖûPD
$UDû*|U(PHO%DûWUN$NoD *LULû
)RWRøUDI JHOLûHQ WHNQRORMLQLQ GH HWNLVL\OH PPNQ RODQ HQ oRN VD\ÖGD ûH\L
J|UQWOHPHN DU]XVXQGDGÖU %LOLQHQ ûX EHQ]HWPH IRWRøUDI YH IRWRøUDIoÖQÖQ DPDFÖQÖ
|]HWOHU ´)RWRøUDIoÖ PRGHUQ ]DPDQODUÖQ J|UQW DYFÖVÖGÖUµ )RWRøUDI PDNLQHVLQLQ
J|UQW
DYÖQGD
HQ
LOJLQo
NRQXODUÖ
KHS
WRSOXPVDO
KL\HUDUûLQLQ
DOW
NHVLPOHUL
ROXûWXUPXûWXU6|PUJHKDONODUÖ\RNVXOODUGRøDYHWDELLNLNDGÖQODU%DûNDELULIDGH\OH
]HQJLQEH\D]YHHUNHNIRWRøUDIoÖQÖQPGDKDOHDODQODUÖ
%X oDOÖûPDGD IRWRøUDIÖQ ´J|UQPH\HQL J|UQU NÖOPDJ|VWHUPHµ ³PHG\D LoLQ
GûQOUVH L]OH\LFLOHULQ LOJLVLQL oHNHFHN J|UQWOHUL EXOPD³ oDEDVÖ LoLQGH NDGÖQ
EHGHQLQH GDKD ELU ûHKYHWOH VDOGÖUÖS RQX VR\PD\DoÖSODNODûWÖUPD\D EDûND ELU GH\LûOH
HUNHN
J|]
LoLQ
HULûLOHELOLU
VH\UHGLOHELOLU
ELU
QHVQH\H
G|QûWUPH\H
oDOÖûWÖøÖ
VDYXQXOPDNWDGÖU .DGÖQ EHGHQLQLQ PHWDODûPDVÖ GDKD |QFH SHN oRN NH] WDUWÖûÖOPÖû ELU
NRQXGXU %HQLP EXUDGD WDUWÖûPDN YH DOWÖQÖ oL]PHN LVWHGLøLP QRNWD LQVDQODUD KHU JQ
PLO\RQODUFD J|UQW DNWDUDQ NLWOH PHG\DVÖ\OD ELUOLNWH ³SHN oRN ûH\LQ ROGXøX JLEL³
J|UQWOHULQ GH KÖ]OD WNHWLOPHVL ROJXVXGXU 0HG\DQÖQ WNHWLP QHVQHOHUL DUDVÖQGD
NDGÖQ EHGHQL D\QÖ ]DPDQGD ELU DU]X QHVQHVL RODUDN |QHPOL ELU \HUH VDKLSWLU $QFDN
WNHWLP oÖOJÖQOÖøÖQÖQ QHGHQ ROGXøX PHG\DGDNL SHUYDVÖ]OÖN LoLQGH DUWÖN ]HULQGH
GûQOPHVL JHUHNHQ NRQX WRSOXPGD ´VD\JÖQµ PHVOHNOHUH VDKLS ELOJL YH HPHNOHUL\OH
EHOOLELUNDUL\HUHGLQPLûYHPHG\DGDGDEX\|QOHUL\OHJQGHPHJHOHQNDGÖQODUÖQGDNLPL
]DPDQ SDUD NDUûÖOÖøÖ NLPL ]DPDQ GD JL]OLFH ³WDP GD IRWRøUDIÖQ VDOGÖUJDQOÖøÖQÖ
oDøUÖûWÖUÖUELoLPGH³oÖSODNRODUDNJ|UQWOHQPH\HoDOÖûÖOPDVÖROPDOÖGÖU
dDOÖûPDGD GRøUXGDQ ELU HWLN WDUWÖûPDVÖQD JLGLOPHPLû DQFDN WDULKVHO VUHo LoLQGH
IRWRøUDIÖQ ³oHûLWOL DoÖODUGDQ³ NHQGLVLQH WHPHO REMH RODUDN VHoWLøL NDGÖQD \DSWÖøÖ
VDOGÖUÖGDQ KDUHNHWOH \LQH NDGÖQODUD LOLûNLQ KDEHU IRWRøUDIODUÖQÖQ PDQWÖøÖ VRUJXODQPD\D
oDOÖûÖOPÖûWÖU %X VRUJXODPD GD JHQHO RODUDN IRWRøUDIÖQ GRøDVÖ YH PDQWÖøÖ ]HULQGHQ
\DSÖODFDNWÖU %HQLEX oDOÖûPD\Ö \DSPD\D LWHQ 1LVDQ WDULKLQGH 6DEDK JD]HWHVLQGH
\D\ÖPODQDQ ´+DQJL VSLNHUL oÖSODN J|UPHN LVWHUVLQL]"µ EDûOÖNOÖ KDEHUGLU +DEHUGH
3OD\ER\ GHUJLVLQLQ RNXUODUÖQD ´GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD ILQDQV KDEHUOHUL
VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHNµ LVWHGLNOHULQL VRUDQ ELU DQNHW
KD]ÖUODGÖøÖ ELOGLULOPHNWHGLU %X KDEHUGHQ \ROD oÖNÖODUDN 1LVDQ D\ÖQD DLW 6DEDK +UUL\HW
YH =DPDQ JD]HWHOHUL WDUDQPÖû WRSOXPGD VD\JÖQ ELU \HUH VDKLS NDUL\HU VDKLEL NDGÖQÖ
oÖSODNODûWÖUPD\D \|QHOLN EHQ]HU KDEHUOHU WHVSLW HGLOHUHN ELU GHøHUOHQGLUPH \DSPD
\ROXQDJLGLOPLûWLU
dDOÖûPDGD VDSWDQDQ EXOJXODU LNL DoÖGDQ o|]POHQPHNWHGLU %LULQFLVL RU\DQWDOLVW
V|\OHPoHUoHYHVLQGHNDGÖQÖ´KHPELUELOJLKHPGHELUDU]XQHVQHVLµûHNOLQGHHOHDODUDN
RU\DQWDOLVW
V|\OHPGHNL
´'RøXµQXQ
\HULQH
ELU
´|WHNLµ
RODUDN
NDGÖQÖ
NR\PDN
PPNQGU .DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU
YH U\DODUOD |UOPûWUµ %X oHUoHYH LoLQGH NDGÖQ EHGHQLQLQ HUNHN |]QH LoLQ ³
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHG\DQÖQ HUNHN HJHPHQ EDNÖûÖ WHPVLO HWWLøL GH GûQOHUHN³ QDVÖO YH QHGHQ DU]X
QHVQHVLQH G|QûWø VRUJXODQDFDNWÖU ùNLQFL \DNODûÖP LVH EL]]DW IRWRøUDID YH RQXQOD
EDøODQWÖOÖ RODUDN KDEHU IRWRøUDIÖQD YH KDEHUH LOLûNLQ ELU o|]POHPH \DSPDNWÖU
*|UQWOHULQ
YH
KDEHULQ
J|UOPHPLûGX\XOPDPÖû
VUHNOL
RODQÖ
DNWÖøÖ
EXOPD
JQP]GH
oDEDVÖ
YH
PHG\DQÖQ
EXQXQ
GDKD
GRøXUGXøX
|QFH
VRQXoODU
WDUWÖûÖODFDNWÖU
0HG\D)RWRøUDIYH7NHWLP
)RWRøUDI oDøÖQÖQ NDSÖVÖQÖ DoDQ -RVHSK 1LFHSKRUH 1LHSFH /RXLV 'DXJHUUH YH
:LOOLDP +HU\ )R[ 7DOERW ELOPHGHQ LOHWLûLP YH PHG\D oDøÖQÖ GD EDûODWPÖûODUGÖU
dL]JHQ 0HG\D oDøÖ J|UQWOHULQ oRN GDKD KÖ]OD DNWÖøÖ EX KÖ]D SDUDOHO
RODUDN J|UQWOHULQ GH KÖ]OD WNHWLOGLøL L]OH\LFLOHULQ YH NDPHUDPDQODUÖQ KHU DQ \HQL ELU
J|UQW SHûLQGH NRûWXNODUÖ ELU oDøGÖU 0HG\D oDøÖ WNHWLP WRSOXPX\OD ELUOLNWH DQÖOÖU
+HUûH\LQELUWNHWLPQHVQHVLQHG|QûWøEXWRSOXPGDPHG\DQHVQHOHULQJ|UQWOHU
GDKDJHQHODQODPGDLPDMODUûHNOLQGHWNHWLOPHVLQHQHGHQROPXûWXU
*|UPHNLûLOHULQHVQHOHULWDQÖPDYHNRQXPODQGÖUPDGDV|]GHQGDKDHWNLOLGLU$QFDN
EX HWNLVL YH |QHPLQH UDøPHQ GQ\DQÖQ J|UQWOHUOH WDQÖPODQPDVÖ VRUXQOX ELU ûH\GLU
dQNJ|UQWOHUYDUOÖNODUÖQ\DOQÖ]FDEHOOLELUDQGDEHOOLELUGXUXPXQX\DQVÖWDELOLUOHU
%DûND ELU LIDGH\OH ´J|UVHO KDIÖ]D\D DOÖQDQ ELOJL DVOÖQGD QHVQHQLQ ELU |]HW IRUPXGXUµ
&H\ODQ *|UQWOHU R ûH\LQ NHQGLVL GHøLOGLU DQFDN IRWRøUDI E|\OH ELU
\DQÖOVDPD\DUDWÖU
(JHPHQ HUNHN V|\OHPL NDGÖQÖ EHGHQL ]HULQGHQ NRQXPODQGÖUÖS WDUWÖûDUDN RQX
\DOQÖ]FDELUEHGHQHGROD\ÖVÖ\ODELUFLVPHLQGLUJHUNHQRQXWDQÖQÖUJ|UQUNÖOPDoDEDVÖ
LoLQGH RODQ IRWRøUDI GD NDGÖQ EHGHQLQL J|UQWOHUH LQGLUJHU %XUDGD NDGÖQ LNL NH]
LQGLUJHQLU ELULQFL RODUDN EHGHQH LNLQFL RODUDN GD J|UQW\H &H\ODQ·ÖQ YXUJXODGÖøÖ JLEL
´J|UQHQûH\J|UHQNLûLDGÖQDNHQGLoL]JLOHULQGHQIHGDNDUOÖNµ\DSPD\D]RUODQÖU*|UHQ
³YH J|VWHUHQ³ NLûL J|UQW\ LVWHGLøL JLEL ELoLPOHQGLUHELOLU %X ELoLPOHQGLUPH V|]
NRQXVX ROPDVD ELOH ³|]HOOLNOH GH PHG\D oDøÖQGD³ J|UQW RODUDN YDU ROPDGD VÖUI
JHOLS JHoHQ ELQOHUFH J|UQWGHQ ELUL ROPD DQODPÖQGD ELOH D]DOPD LQGLUJHQPH V|]
NRQXVXGXU
)RWRøUDIODU LQVDQODUD J|UQWOHGLNOHUL QHVQHOHULQ NHQGLOHULQL VXQPD] DPD RQODUÖ
´XODûÖODELOHFHNµ QHVQHOHU RODUDN J|]OHULQLQ |QQH HOOHULQLQ DOWÖQD JHWLULU %LU JD]HWH\L
GûQGøQ]GH RNXU JD]HWHGH \HU DODQ \DUÖJL\LPOL ELU PDQNHQH EHONL GH KLoELU
]DPDQ JHUoHNWHQ VDKLS RODPD\DFDNWÖU DQFDN RQXQ J|UQW\H LQGLUJHQPLû ûHNOLQH
LVWHGLøL ]DPDQ WHNUDU WHNUDU EDNDELOHFHøL ELU J|UQWVQH VDKLSWLU 'HQH\VHO SVLNRORML
LQVDQODUD XODûÖODELOHFHN NDGDU \DNÖQ J|UQGø KDOGH ELU WUO XODûÖODPD\DQ QHVQHOHULQ
WRSOXPVDO LûWDKÖ WDOHEL JLGHUHN DUWÖUGÖøÖQÖ V|\OHU ùûWH EX QRNWDGD VDWÖQ DOPD YH VDKLS
ROPD\DLOLûNLQGR\XUXOPD]ELUûHKYHWNDSLWDOLVWWNHWLPLQN|UNOH\LFLQHGHQLKDOLQHJHOLU
&H\ODQ *|UQWOHU KÖ]OD WNHWLOLU KHS WNHWLOHFHN \HQL ELU J|UQW DUD\ÖûÖ
YDUGÖU 6RQWDJ IRWRøUDI PDNLQHOHULQLQ \DOQÖ]FD J|UPH \ROX\OD GDKD ID]OD DQODPD\Ö
PPNQ NÖOPDGÖøÖQÖ D\QÖ ]DPDQGD J|UPH XøUXQD J|UPH GûQFHVLQL EHVOH\HUHN
J|UPHQLQNHQGLVLQLGHøLûWLUGLøLQLV|\OHU
(QGVWULOHûPLû WRSOXPODU YDWDQGDûODUÖQÖ J|UQW EDøÖPOÖODUÖQD oHYLULUOHU
]LKLQVHO
NLUOHQPHQLQ
HQ
NDUûÖ
NRQXOPD]
ELoLPLGLU
EX
ùQVDQODUÖQ
IRWRøUDIODPDN LoLQ NDUûÖ NRQXOPD] ELU ]RUXQOXOXNODUÖ ROGXøXQX V|\OHPHN
\DQOÖû ROPD] %X GHQH\LPLQ NHQGLVLQL ELU J|UPH ELoLPLQH oHYLUPHNWLU
6RQXoWD ELU GHQH\LPH VDKLS ROPDN ELU IRWRøUDI oHNPHNOH D\QÖ ûH\ KDOLQH
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
JHOLUNHQ WRSOX ELU ROD\D NDWÖOPDN GD JLGHUHN RQXQ IRWRøUDIODQPÖû
ELoLPLQH EDNPDNOD HûLWOHQLU 0DOODUPH GQ\DGDNL KHU ûH\LQ ELU NLWDSWD
VRQ EXOPDN LoLQ YDU ROGXøXQX V|\OHPLûWL %XJQVH KHU ûH\ ELU IRWRøUDIWD
VRQEXOPDNLoLQYDUROX\RU6RQWDJ
)RWRøUDI GRøDO JHUoHNOLøL J|UQWOHUHQHVQHOHUH G|QûWUU YH GROD\ÖVÖ\OD ELU ûH\L
J|UQWOHPHN ELU DQODPGD RQX QHVQHOHûWLUPHN VH\LUOLN ELU ûH\ KDOLQH JHWLUPHNWLU
)RWRøUDIODQDQ YH IRWRøUDIoÖ DUDVÖQGD IRWRøUDIoÖ OHKLQH ELU LNWLGDU LOLûNLVL NXUXOXU
)RWRøUDIoÖ J|UQWOHGLøL ´JHUoHNOLøLµ R KDOL\OH \DNDODPÖû RQX NDPHUD NDUûÖVÖQGD
VDYXQPDVÖ]
EÖUDNPÖû
YH
NHQGL
PDNLQHVLQLQ
LoLQH
\HUOHûHELOHQ
ELU
QHVQH\H
G|QûWUPûWU 0DNLQH IRWRøUDIoÖQÖQ VLODKÖGÖU YH NDUûÖVÖQGDNLQL E|\OHFH WHVOLP DOÖU
6RQWDJIRWRøUDIoHNPHHGLPLQGH´\ÖUWÖFÖµELUûH\OHUROGXøXQXV|\OHU
g]HOOLNOH NLWOH PHG\DVÖQÖQ \D\JÖQODûPDVÖ\OD J|UQWOHU GH WNHWLP QHVQHOHULQH
G|QûPûWU YH KHU IRWRøUDI \HQL ELU ûH\ GDKD |QFH WNHWLOPHPLû ELU ûH\ J|VWHUPHN
]RUXQGDGÖU )RWRøUDIÖ \ÖUWÖFÖ YH PGDKDOHFL NÖODQ QHGHQOHUGHQ ELUL GH EX \HQLOLN
DUD\ÖûÖGÖU )RWRøUDI PDNLQHVLQLQ J|UQW DYÖQGD HQ LOJLQo NRQXODUÖ KHS WRSOXPVDO
KL\HUDUûLQLQ DOW NHVLPOHUL ROXûWXUPXûWXU 6|PUJH KDONODUÖ \RNVXOODU GRøD YH WDELL NL
NDGÖQODU %DûND ELU LIDGH\OH ]HQJLQ EH\D] YH HUNHN IRWRøUDIoÖQÖQ PGDKDOH DODQODUÖ
g]HOOLNOH \]\ÖO VRQX YH \]\ÖO EDûODUÖQGD IRWRøUDI PDNLQHVLQLQ GDKD NROD\
WDûÖQDELOLU KDOH JHOPHVLQLQ GH HWNLVL\OH IRWRøUDIoÖODU ³EDûND LIDGH\OH %DWÖOÖ HUNHNOHU³
2UWDGRøX YH .X]H\ $IULND·\D DNÖQ HWPLûOHUGLU %X E|OJH KDONODUÖQÖQ J|UQWOHUL
%DWÖOÖODULoLQROGXNoDLOJLoHNLFLROPXûWXU(OEHWWHIRWRøUDIÖQWDULKLELUNDQÖWROPDN\DGD
DLOHIRWRøUDIODUÖQGDROGXøXJLELDQÖODUÖVDNODPDNJLELJ|] DUGÖHGLOHPH\HFHNLûOHYOHULGH
YDUGÖU$QFDNEXDPDoODUOD NXOODQÖOGÖNODUÖDQODUGÖûÖQGDLQVDQODUÖIRWRøUDIoHNPH\HLWHQ
ûH\ ´J]HO ELU ûH\ EXOPDNµWÖU %X JG \XNDUÖGD VD\ÖODQ JUXSODUÖ KHP IRWRøUDIoÖQÖQ
WHPHO LOJL DODQÖQD VRNDU KHP GH RQXQ PGDKDOHVLQH ³J]HOL \DNDODPDN LoLQ \DSDFDøÖ
GHøLûLNOLNOHUH³DoÖNKDOHJHWLULU
)RWRøUDIÖQ YH ³ELU VÖoUDPD\OD³ PHG\DQÖQ J|UOPHPLû RODQÖ J|VWHUPH oDEDVÖ
\XNDUÖGD
VD\ÖODQ
PGDKDOHVLQL
EH\D]
GDKD
HUNHøLQIRWRøUDIÖQ
ûLGGHWOL
KDOH
JHWLULU
PGDKDOHVLQH
DoÖN
1H
´PHG\D
YDU
NL
NHVLPOHUH
oDøÖµ
RODQ
GL\H
DGODQGÖUDELOHFHøLPL] JQP]GH V|PUJH KDONODUÖ YH GRøDQÖQ IRWRøUDILN J|UQWOHU
RODUDN |QHPLQL \LWLUGLøLQL V|\OH\HELOLUL] %X LNL JUXS DUWÖN E\N |OoGH ´EHOJHVHOµ
QLWHOLNOHUL\OHJ|UQWOHQPHNWHGLUOHU%XJQ´\RNVXOODUµJUXEXQXPHG\D\Ö´GHPRNUDWLN
NDWÖOÖPµ oHUoHYHVLQGH NXOODQDELOHQ YH \|QOHQGLUHQ JUXSODUÖQ GÖûÖQGD NDODQ VÖUDGDQ
LQVDQODURODUDNJHQLûOHWHELOLUL]2QODU|OPOHUFLQD\HWOHUWHFDY]OHUNDYJDODUJLELGDKD
oRN ûLGGHW LoHUHQ J|UQWOHUOH NDUûÖPÖ]D oÖNPDNWD NDGÖQODU LVH KHU ]DPDQNL EDûDW
´QHVQHµNRQXPODUÖQÖNRUXPDNWDGÖUODU
0HG\DGDNL KDEHU NULWHUOHUL GH \XNDUÖGDNL V|]OHUL GHVWHNOHPHNWHGLU %LU ROD\ÖQ KDEHU
RODUDN GHøHUOHQGLULOHELOPHVL LoLQ oHûLWOL NULWHUOHU V|] NRQXVXGXU %XQODU DUDVÖQGD ROD\ÖQ
LOJL oHNLFL ROPDVÖ WDQÖQPÖû QO NLûLOHUOH LOJLOL ROPDVÖ oRN VD\ÖGD NLûL\L LOJLOHQGLUPHVL
NDPX\DUDUÖ\ODLOJLOLROPDVÖYHJQFHOROPDVÖJLELNULWHUOHU\HUDOÖU$QFDNJQP]GH
SRSOHU PHG\DGD LNL NULWHU ³ROD\ÖQ LOJL oHNLFL ROPDVÖ YH WDQÖQPÖû \D GD QO NLûLOHUOH
LOJLOLROPDVÖ³E\N|OoGH|QSODQDoÖNPÖûWÖU%DVÖQ\D\ÖQNXUXOXûODUÖLOJLoHNLFLKDEHU
EXOPDN DGÖQD NLPL ]DPDQ NLûLOLN KDNODUÖQD GD VDOGÖUDUDN GDKD |QFH NLPVHQLQ
HGLQPHGLøLJ|UQWOHULYHELOJLOHULHGLQHELOPH\DUÖûÖQDJLUPHNWHGLUOHUg]HOOLNOH7UNL\H
LoLQ SROLWLN NRQXODUGD LNWLGDUÖQ L]LQ YHUGLøLQGHQ GDKD ID]OD ELOJL \D GD J|UQW
VXQPDQÖQ FD\GÖUÖFÖ \DVDO \DSWÖUÖPODUÖ EXOXQPDNWDGÖU %XQXQ GD HWNLVL\OH PHG\D GDKD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ID]OD PDJD]LQH ND\PDNWD YH 6H]HQ $NVX·QXQ ELNLQLOL IRWRøUDIODUÖ \D GD QO ELU
PDQNHQLQVRQVHYJLOLVL\OHJ|UQWOHULHQLOJLoHNLFLNRQXODUDUDVÖQDJLUPHNWHGLU
6RQWDJ ûLGGHW IRWRøUDIODUÖ\OD LOJLOL RODUDN ´)RWRøUDIODU \HQL ELU ûH\ J|VWHUGLNOHUL
VUHFHûRN\DUDWDELOLUOHUùQVDQEXWUJ|UQWOHULELUNH]J|UGPGDKDID]ODVÖQÖGD
J|UPH \ROXQGD LOHUOHPH\H EDûODPÖûWÖUµ GHU úLGGHW IRWRøUDIODUÖQGD ´NDQÖNVDPDµ
V|] NRQXVXGXU úLGGHW LoHUHQ J|UQW LON NH] NDUûÖODûÖOGÖøÖQGD VDUVÖFÖ ELU HWNL \DSDU
DQFDN D\QÖ WLS J|UQWOHUH NÖVD VUHGH DOÖûÖOÖU YH IRWRøUDIÖQ \DUDWWÖøÖ HWNL JLWWLNoH D]DOÖU
dÖSODNWD LVH ´WNHWPHµ YDUGÖU dÖSODNODûWÖUÖODQ NDGÖQ EHGHQL LON NH] J|UOGøQGH LOJL
oHNLFLGLUoQNR\DOQÖ]FDSRUQRJUDILNELUJ|UQWGHøLOD\QÖ]DPDQGD\HQLELUIHWKLQ
GH VLPJHVLGLU 6WDQGDUWODûWÖUÖOPÖû J]HOOLN |OoOHUL J|] |QQH DOÖQGÖøÖQGD VHUJLOHQHQ
NDGÖQ EHGHQOHULQLQ J|UVHO RODUDN ELUELULQGHQ oRN GD ID]OD ELU IDUNÖ \RNWXU $QFDN EX
\HQL J|UQW EHGHQL J|UQU NÖOÖQPÖû \HQL ELU NDGÖQGÖU HUNHN EDNÖûÖQÖQ QIX]
HGHELOGLøLEDûNDELUNDGÖQ0HG\D³ELUD]GD³EXLoJG\OHPPNQROGXøXQFDGDKD
ID]OD NDGÖQÖ oÖSODNODûWÖUPD oDEDVÖ LoLQGHGLU %X DU]X \DSWÖøÖ Lû IL]LNVHO |]HOOLNOHUL\OH
GRøUXGDQ EDøODQWÖOÖ ROPD\DQ NDUL\HU YHYH\D û|KUHW VDKLEL NDGÖQODUÖQ GD oÖSODN
J|UQWOHQPHVLoDEDVÖQÖGRøXUPDNWDGÖU+HU]DPDQJL\LQLNJ|UGøP]NDUL\HUVDKLEL
NDGÖQÖ oÖSODN J|UQWOHPHN LON YH ³EHONL GH³ VRQ NH] JHUoHNOHûHFHN ELU GXUXPX
LIDGH
HGHU
%X
WDP
GD
IRWRøUDIÖQ
WHPHO
LGGLDVÖ
RODQ
´DQOÖN
J|UQWOHUL
|OPV]OHûWLUPHµ´DQÖ\DNDODPDµLGGLDVÖ\OD|UWûHQELUûH\GLU
.DGÖQ%HGHQLQLQ´$U]X1HVQHVLµQH'|QûP
%X E|OPH EDûWD GHøLQGLøLPL] 1LVDQ WDULKOL 6DEDK JD]HWHVLQGH ´+DQJL
VSLNHULoÖSODNJ|UPHNLVWHUVLQL]µEDûOÖøÖ\OD\HUDODQKDEHULLQFHOH\HUHNEDûODPDNWD\DUDU
YDUGÖU +DEHULQ VSRWXQGD ´3OD\ER\ RNXUODUÖQD GQ\DQÖQ HQ VD\JÖQ WHOHYL]\RQODUÖQGD
ILQDQV KDEHUOHUL VXQDQ NDGÖQ PXKDELUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL
VRUGX $QNHW HUNHNOHULQ IDQWH]LOHULQL FRûWXUGX DPD IHPLQLVWOHUL oÖOGÖUWWÖµ V|]OHUL \HU
DOPDNWDGÖU+HSVLRWX]\DûÖQÖQVWQGHL\LHøLWLPDOPÖûL\LELUNDUL\HUHVDKLSPHG\DGD
³EHONLGHKHU]DPDQ³GHNROWHVLROPD\DQG|SL\HVOHUOHJ|UQHQGDKDL\LELULIDGH\OH²
HQ D]ÖQGDQ \DSWÖNODUÖ Lû JHUHøL³ ´VHNVLOLNµ DWIHGLOHQ WDYÖU YH JL\VLOHUGHQ X]DN RODQ EX
NDGÖQODU
\DOQÖ]FD
´HUNHNOHULQ
IDQWH]LOHULQL
FRûWXUPDNµ
LoLQ
oÖSODNODûWÖUÖOPD\D
oDOÖûÖOPDNWDGÖU%XKDEHUGHQVRQUDoDOÖûPD\DELU|UQHNOHPROXûWXUPDNDPDFÖ\OD1LVDQ
D\ÖQDDLW6DEDK+UUL\HWYH=DPDQ*D]HWHOHULLQFHOHQPLûWLU
%X ELU D\OÖN G|QHP LoLQGH 6DEDK JD]HWHVLQGH EHOLUOHGLøLPL] NULWHUOHUH X\JXQ ELU
KDEHUH GDKD UDVWODQPÖûWÖU +UUL\HW YH =DPDQ JD]HWHOHULQGH LVH NULWHUOHULPL]H X\JXQ
KDEHU EXOXQDPDPÖûWÖU $QFDN EX VRQXo =DPDQ YH +UUL\HW JD]HWHOHULQLQ \D\ÖQ
SROLWLNDVÖ\OD LOJLOL ELU JHQHOOHPH \DSPDPÖ]D \HWHFHN ELU VRQXo GHøLOGLU +UUL\HW
JD]HWHVLQGH NDGÖQ EHGHQLQLQ WHûKLULQH LOLûNLQ oRN VD\ÖGD KDEHU EXOXQPDNWD DQFDN
DUDGÖøÖPÖ]ELoLPGHELUKDEHU\HUDOPDPDNWDGÖU=DPDQJD]HWHVLEXLNLJD]HWHGHQELUD]
GDKD IDUNOÖ ELU \HUGH GXUPDNWDGÖU *D]HWHGH |QFHOLNOH GLøHU SRSOHU JD]HWHOHUGH
ROGXøX JLEL ELU PDJD]LQ VD\IDVÖ EXOXQPDPDNWD YH PDJD]LQVHO KDEHUOHU ´NOWUVDQDWµ
EDûOÖøÖ DOWÖQGD HOH DOÖQDELOHFHN WUGHQ KDEHUOHU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU =DPDQ
JD]HWHVLQGHNL KDEHUOHU NDGÖQÖ JHOHQHNVHO ´DQQHµ YH ´Hûµ NLPOLøL\OH VXQDQ KDEHUOHUGLU
%X
GD
³EX
ELoLPOHUL\OH
oDOÖûPDGD
LOJLOLGLU
ID]ODFD
0HG\DGD
GHøLQPH\HFHøLPL]³
NDGÖQD
\|QHOLN
NDGÖQÖ
PHG\DGD
LNLQFLO
NDGÖQÖQ
YH
DûDøÖ
WHPVLO
RODUDN
NRQXPODQGÖUDQELUD\UÖPFÖOÖNV|]NRQXVXGXU
´0HG\DGD FLQVL\HWoLOLNµ RODUDN WDQÖPODQDQ EX GXUXP NDGÖQÖQ PHG\DGD \DOQÖ]FD
EHOLUOL ûHNLOOHUGH WHPVLO HGLOPHVL ûHNOLQGH DoÖNODQDELOLU .DGÖQ \D ELU FLQVHO REMH RODUDN
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
\D DQQH Hû JLEL ´NXWVDOµ GHøHUOHU DWIHGLOHUHN \D GD ROXPVX]ODQDUDN VXQXOXU 0HG\DGD
NDGÖQÖQQDVÖOWHPVLOHGLOGLøLQHGDLUûXVÖQÖIODQGÖUPDFLQVL\HWoLOLøHLOLûNLQ|QHPOLLSXoODUÖ
YHULU ´ûLGGHWH PDUX] NDODQ NDGÖQ NRUXQPD\D PXKWDo NDGÖQ FLQVHO REMH RODUDN NDGÖQ
L\LHûL\LDQQHN|WHûN|WDQQH\XYD\ÖNDQDKODNVÖ]NDGÖQWNHWHQNDGÖQWNHWWLUHQ
NDGÖQµ .XUXRøOX 0HG\DGD NDGÖQ \XNDUÖGD VÖUDODQDQ NDWHJRULOHULQ GÖûÖQGD
WHPVLO RODQDøÖ EXODPDPDNWDGÖU .DEDFD HUNHNWHQ EDøÖPVÖ] RODUDN \DûDPD\Ö VDYXQDQ
IHPLQLVWOHULQ
|]HOOLNOH
7UN
WRSOXPXQGD
´oLUNLQ
YH
\DOQÖ]
NDGÖQODUµ
RODUDN
QLWHOHQGLULOGLøL YH PHG\DQÖQ EX \DUJÖ\Ö GHVWHNOHGLøL GûQOUVH EX V|]OHU GDKD L\L
DQODûÖODFDNWÖU1LWHNLPV|]QHWWLøLPL]KDEHUOHUGHGHNDUL\HUVDKLELNDGÖQODUÖQJHUoHN
NLPOLNOHULQLQGÖûÖQGDFLQVHOREMHRODUDNWHPVLOLQHLOLûNLQELUoDEDV|]NRQXVXGXU.ÖVDFD
=DPDQJD]HWHVLQLQNDGÖQÖ\DOQÖ]FDDQQHYHHûUROOHUL\OHWHPVLOHGL\RUROPDVÖQÖQIHPLQLVW
\DNODûÖPDoÖVÖQGDQROXPODQDELOHFHNELUWXWXPROPDGÖøÖEHOLUWLOPHOLGLU
6DEDK JD]HWHVLQGH \HU DODQ LNLQFL KDEHU ´9H VRQXQGD $QQD oÖSODNµ EDûOÖøÖQÖ
WDûÖPDNWDGÖU 1LVDQ WDULKLQGH \D\ÖPODQDQ ´KDEHUGHµ GQ\DFD QO WHQLV R\XQFXVX
$QQD .RXUQLNRYD·QÖQ HYLQLQ EDKoHVLQGH JQHûOHQLUNHQ oHNLOPLû ELU IRWRøUDIÖ \HU
DOPDNWDGÖU ´+DEHUµ EX IRWRøUDI ]HULQH NXUXOXU YH VSRUFXQXQ J]HO YFXGXQD YH
HYLQGHNL UDKDW WDYÖUODUÖQD LOLûNLQ V|]OHUOH VVOHQLU úLPGL VÖUD\OD EX KDEHUOHU ELUD] GDKD
GHWD\OÖRODUDNLQFHOHQHFHNWLU
%LULQFL KDEHUGH ´DGD\µ RODUDN VXQXODQ VHNL] ED\DQGDQ G|UGQQ IRWRøUDIÖQD \HU
YHULOPLûWLU %X ´DGD\ODUµ SRUWUH IRWRøUDIÖ GL\HELOHFHøLPL] J|UQWOHUOH YH WDP GD
\XNDUÖGD oL]LOHQ LPDMODUÖ\OD \HU DOÖUODU +DWD KDEHU VSLNHUOHUL ROGXNODUÖ GûQOGøQGH
WHOHYL]\RQ HNUDQÖQGDNL J|UQWOHUL GH SRUWUH G]H\LQGHGLU J|øV KL]DODUÖQGDQ DûDøÖVÖ
oHUoHYH\HJLUPH]JLUGLøL]DPDQODUGDGDJHQHOOLNOHELUPDVDQÖQDUNDVÖQGDGÖUODU.ÖVDFDVÖ
EHGHQOHUL JL\LQLN RODUDN ELOH ELU EWQ RODUDN J|UOPH\HQ NDGÖQODUGÖU +DEHUGH
´DGD\ODUµ &1%&·GHQ ³KDEHUH J|UH³ ´ILQDQV WDQUÖoDVÖµ RODUDN DQÖODQ 0DULD
%DUWLURPR &11·GHQ :LOORZ %D\ \LQH D\QÖ NDQDOGDQ -HQQLIHU :HVWKRYHQ YH )R[
1HZV &KDQQHO·GDQ 0ROO\ )DOFRQHU 7HFK 7Y·GHQ 6WDFHH %DUFHODWD %ORRPEHUJ·GHQ
3UXH/HZDUQHYH0RQLFD%HUWUDQ&%6·GHQ6XVDQ0F*LQQLVRODUDNVÖUDODQÖU
.RXUQLNRYDVSLNHUOHUGHQELUD]GDKDIDUNOÖROPDNODELUOLNWHEDûDUÖ\OD\DSPÖûROGXøX
LûL LOH JQGHPGH RODQ DQFDN PHG\DQÖQ FLQVHOOLøH LOLûNLQ WDFL]OHULQGHQ NXUWXODPD\DQ
ELULGLU +DEHUGH NXOODQÖODQ ´'Q\DFD QO WHQLVoL $QQD .RXUQLNRYD·QÖQ oÖSODN
IRWRøUDIODUÖ LON NH] \D\ÖQODQGÖµ V|]OHUL\OH EX J|UQWQQ LON ROPDVÖQD GLNNDW
oHNLOPHNWHGLU +DEHULQ GHYDPÖQGD LVH ´3DSDUD]]LOHU VHNVLOLøL YH J]HOOLøL VD\HVLQGH
GQ\D oDSÖQGD PLO\RQODUFD HUNHN KD\UDQÖ EXOXQDQ \DûÖQGDNL 5XV WHQLVoLQLQ
0LDPL·GHNL YLOODVÖQÖQ EDKoHVLQGH JQHûOHQGLøL VÖUDGD IRWRøUDIODUÖQÖ oHNPH\L EDûDUGÖµ
V|]OHUL \HU DOÖU %X J|UQW DoÖNoD IRWRøUDIoÖQÖQ ³J|UQW DYFÖVÖQÖQ³ EDûDUÖVÖ RODUDN
QLWHOHQGLULOLU $\UÖFD .RXUQLNRYD·QÖQ J|UQWV RQX L]OH\HQ HUNHN NRPûXVXQXQ
KD\UDQOÖNELOGLUHQV|]OHUL\OHELUOLNWHYHULOLU
)RWRøUDIODUÖ
oHNHQ
.RXUQLNRYD·QÖQ
1HZV
RI
NRPûXODUÖQGDQ
WKH
ELUL
:RUOG
QO
GHUJLVLQH
WHQLVoLQLQ
NRQXûDQ
VWV]
JQHûOHQPHVLQGHQ ROGXNoD HWNLOHQGLøLQL V|\OHGL ´9FXGX WHOHYL]\RQGD
J|UQGøQGHQ GH J]HOPLûµ GL\HQ HUNHN NRPûX ´$QQD KDNLNDWHQ ELU
QXPDUDµGL\HNRQXûWX
%LULQFLKDEHULQV|\OHPL]HULQGHGHELUD]GûQPHNWH\DUDUYDUGÖU+DEHUGH
'HUJL 3OD\ER\ RNXUODUÖQD WHOHYL]\RQGD ILQDQV KDEHUOHULQL VXQDQ NDGÖQ
VSLNHUOHUGHQ KDQJLVLQL oÖSODN J|UPHN LVWHGLNOHULQL VRUGX YH HQ oRN R\
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DODFDNDGD\ÖQ|GOQGHEHOLUOHGL6HoLOHFHNVSLNHUHoRN\NVHNELUFUHW
NDUûÖOÖøÖ oÖSODN SR] YHUPH WHNOLIL J|WUOHFHN .DEXO HGHUVH IRWRøUDIODU
3OD\ER\·GD\D\ÖQODQDFDN
$QNHW $PHULNDQ NDPXR\XQGD ERPED HWNLVL \DSWÖ 3OD\ER\FXODU DNÖOOÖ
NDUL\HU VDKLEL VRQ GHUHFH FLGGL J|UQPO EX NDGÖQODUÖ oÖSODN KD\DO
HWPH\L ID]ODVÖ\OD HURWLN EXOXNODUÖQÖ EHOLUWHUHN GHUJL\H R\ \DøGÖUPD\D
EDûODGÖODU )HPLQLVWOHU LVH DGHWD oÖOGÖUGÖ 3OD\ER\·X SURWHVWR HGHQ NDGÖQ
GHUQHNOHULROD\ÖNDGÖQFLQVLQHKDNDUHWRODUDNDOJÖODGÖNODUÖQÖEHOLUWWLOHU
LIDGHOHULQH\HUYHULOPHNWHGLU
%XUDGDNL VRUXQXP NDGÖQÖQ KDNDUHWH XøUDPÖû ROPDVÖ YV JLEL ELU RQXU VRUXQX
GHøLOGLU 6RUXQXP KDEHULQ VW EDûOÖøÖQGD \HU DODQ ûX V|]OHUOH |]HWOHQHELOLU EHONL
´3OD\ER\ GHUJLVL HUNHNOHULQ FLGGL NDGÖQ IDQWH]LVLQL WHWLNOHGLµ (UNHNOHULQ NDGÖQD \|QHOLN
IDQWH]LOHULHOEHWWHNL´FLGGLNDGÖQµODVÖQÖUOÖGHøLOVDUÖûÖQNDGÖQYDPSNDGÖQ]HQFLNDGÖQ
PHOH] NDGÖQ .ÖVDFDVÖ NDGÖQ EDûOÖ EDûÖQD ELU IDQWH]LDU]X QHVQHVLGLU $QFDN EX
KDEHUGH ´FLGGL NDGÖQµ RODUDN WDQÖPODQDQ EHQLP LVH ELUD] GDKD JHQHOOHûWLUHUHN
´JL\LQPHN LoLQ JL\LQPLû RODQ NDGÖQµ ûHNOLQGH WDQÖPOD\DFDøÖP NDGÖQÖQ ELU DU]X
QHVQHVLQH
G|QûWUOPHVL
]HULQGH
NRQXûXOPDVÖ
JHUHNHQ
IDUNOÖ
DQODPODU
GD
LoHUPHNWHGLU%XQXDoÖNOD\DELOPHNLoLQRU\DQWDOLVWV|\OHPHEDNPDNJHUHNPHNWHGLU
%LOLQGLøL JLEL ´'RøXQXQ WHPVLO HGLOPH ELoLPOHUL GDLPD FLQVHO LPDMODU ELOLQoGÖûÖ
IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD ELUOLNWH |UOPûWU %LU EDûND GH\LûOH FLQVHOOLN
VRUXQX g]QH·QLQ gWHNL LOH KHU LOLûNLVLQL \|QHWLU YH \DSÖODûWÖUÖUµ <HøHQRøOX
%XDOÖQWÖGD´'RøXµ\HULQHELU|WHNLRODUDN´NDGÖQµÖNR\PDPÖ]PPNQGU
.DGÖQÖQ WHPVLOL GH HUNHN V|\OHP DoÖVÖQGDQ ´IDQWH]LOHU DU]XODU NRUNXODU YH U\DODUOD
|UOPûWUµ gWHNLQH GX\XODQ LOJLQLQ DOWÖQGD KHP JL]OL ELU NRUNX KHP GH RQD GX\XODQ
DU]XYDUGÖUùûWHNDUL\HUVDKLELEDûDUÖOÖNDGÖQEXLNLGX\JXQXQNHVLûWLøLQRNWDGDGÖUKHP
\DOQÖ]FD´ELOJLYH\HWHQHøLµVD\HVLQGHHGLQGLøLNDUL\HUL\OHVLVWHPLWHKGLWHGHUGROD\ÖVÖ\OD
NRUNXQHVQHVLGLUKHPGHELUNDGÖQRODUDNDU]XQHVQHVLROPDNWDQNXUWXODPD]
2U\DQWDOLVW V|\OHP JoO ELU ûHNLOGH IDOOXVPHUNH]FL V|\OHP LOH oDNÖûÖU YH NOWUHO
YH FLQVHO IDUNÖ WHPVLO HGHQ V|\OHPOHU DUDVÖQGD D\UÖOPD] ELU EDø YDUGÖU <HøHQRøOX
%X D\UÖOPD] EDø QHGHQL\OH WDUWÖûPDQÖQ ELULQFL D\DøÖ RU\DQWDOLVW V|\OHP ]HULQH
NXUXOPXûWXU <HøHQRøOX ´3HoHOL )DQWH]LOHU 2U\DQWDOLVW 6|\OHPGH .OWUHO YH &LQVHO
)DUNµEDûOÖNOÖ\RODoÖFÖoDOÖûPDVÖQGD'RøXOXNDGÖQÖQNXOODQGÖøÖSHoHQLQ%DWÖOÖg]QHLoLQ
QDVÖO'RøX·\DGX\GXøXPHUDNNRUNXHOHJHoLUPHDU]XVXJLELWPELOLQoGÖûÖDU]XODUÖQ
WHPVLOFLVLQHG|QûWøQJ|VWHULU
SHoH
RQXQ
'RøXOX
NDGÖQ
YFXGXQX
%DWÖOÖ
EDNÖû
YH
DU]XQXQ
HULûLPLQGHQX]DNWXWDU%XJL]HPOLIDQWD]PDWLNILJUJ|UQPH]OLøLQGHQ
YH HULûLOPH]OLøLQGHQ SHoHOL ILJUQ EDNÖûD J|VWHUGLøL EX GLUHQJHQOLNWHQ
KD\DONÖUÖNOÖøÖQDXøUD\DQ%DWÖOÖ DU]XEX WXKDI¶NXPDûPDGGH\L·DPDQVÖ]
ELUVRUXûWXUPD\DWkELWXWDU
'RøXOX SHoHOL NDGÖQÖQ \HULQL KHP WRSOXPVDO VWDWV KHP GH ´JHUoHNµ DQODPGD
JL\VLOHUL\OH HUNHN EDNÖûÖQÖQ QIX] DODQÖ GÖûÖQGD NDODQ ³%DWÖOÖ \D GD 'RøXOX³ NDGÖQODU
DOPÖûWÖU %X NH] HUNHøLQ DûDPDGÖøÖ ûH\ KHP \LQH ELU ´NXPDû SDUoDVÖµ RODUDN NÖ\DIHW
KHP GH NDGÖQÖQ VDKLS ROGXøX NDUL\HUWRSOXPVDO VWDWGU .DGÖQÖQ VDKLS ROGXøX
NDUL\HU RQXQ HWUDIÖQÖ ELU KDOH JLEL NXûDWDUDN HUNHN PGDKDOHVLQH NDUûÖ NRUXQDNOÖ KDOH
JHWLULU%XNDGÖQODUHQD]ÖQGDQHNRQRPLNEDøÖPVÖ]OÖNODUÖ\ODELUJoHOGHHWPLûOHUGLU%X
oLIWH NRUXQPXûOXN HUNHN EDNÖû LoLQ oLIWH PHUDN GHPHNWLU <LQH SHoHOL NDGÖQ JLEL EX
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
NDGÖQODU GD ´J|] FH]S HGHU YH DUNDVÖQGD QH ROGXøX NRQXVXQGD GûQPH\H
VSHNODV\RQ\DSPD\DNÖûNÖUWÖUµ
.DUL\HU VDKLEL ´FLGGLµ NDGÖQODUD GX\XODQ LOJLOL WÖSNÖ \LQH 'RøXOX NDGÖQGD ROGXøX
JLEL RQXQ oÖSODNODûWÖUÖOPÖû JL]HPLQGHQ YH JFQGHQ ³HQ D]ÖQGDQ NHQGL EHGHQLQH
VDKLS ROPDN DQODPÖQGD³ VR\XWODQPÖû J|UQWVQH KHU ûHNLOGH UD]Ö ROPD\Ö GD
EHUDEHULQGH JHWLUPHNWHGLU gUQHøLQ %DWÖOÖ IRWRøUDIoÖODU %DWÖGD ROGXNoD LOJL J|UHQ
'RøXOX NDGÖQÖQ HY YH KDUHPGHNL J|UQWOHULQLQ E\N oRøXQOXøXQX JHUoHNWHQ R
PHNkQODUGD GHøLO EX |]HO PHNkQODUD LOLûNLQ GX\XPODUÖ\OD G]HQOHGLNOHUL VWG\RODUGD
oHNPLûOHUGL
$QFDN
EX
J|UQWOHU
JHUoHN
PHNkQODUGD
oHNLOPLû
ROGXøX
KDYDVÖ
\DUDWPDNWDYHFD]LEHVLQGHQELUûH\\LWLUPHPHNWH\GL´%XDoÖGDQIRWRøUDIEXNDSDOÖYH
PDKUHP E|OJH\H JLUHQ ELU U|QWJHQFLQLQ D\UÖFDOÖNOÖ NRQXPXQX WDNÖQDQ YH IRWRøUDID
EDNDQD GD D\QÖ RODQDøÖ VDøOD\DQ ELU LPJHOHP UQ\Gµ $OORXOD·GDQ DNW 6KLFN
-RDQ 5LYLHUH ´HUNHN G]HQLQGH VDNODQPDQÖQ NÖOÖN NÖ\DIHW GHøLûWLUPHQLQ YH PDN\DM
\DSPDQÖQ HQWHOHNWHO RODUDN JoO NDGÖQODU LoLQ WHN PPNQ YDU ROPD \ROXµ
ROGXøXQX VDYXQXU 6|] HGLOHQ NDGÖQODU GD EX PPNQ ´YDU ROPD \ROXµ LoLQGH YDU
RODELOPLû NDGÖQODUGÖU 0DN\DMOÖGÖUODU WRSOXPGD RQD\ J|UHQ WDU]GD JL\LQLUOHU DQFDN
PHG\D RQODUÖ WP ´GLûLOLNOHULµ\OH J|UPHN LVWHPHNWHGLU 0DN\DMODUÖQÖ oÖNDUPDVDODU ELOH
JL\VLOHULQL oÖNDUPDODUÖ DU]XODQÖU $QFDN PDN\DMÖQ NDGÖQODUÖQ DUNDVÖQD VDNODQGÖNODUÖ
PDVNHOHU RODUDN J|UOGNOHUL GRøUXGXU .LPL ]DPDQ QOOHUL PDN\DMVÖ] J|UQWOHPHN
GH ELU PDKUHPL\HWL DOHQLOHûWLUPHN RODUDN DOJÖODQPDNWDGÖU %XUDGDQ KDUHNHWOH NRQX\X
ELUD]GDøÖWPDNSDKDVÖQDEHGHQOHULQLFLQVHOREMHRODUDNNXOODQDQ\DGDHQD]ÖQGDQEXQD
LWLUD] HWPH\HQ NDGÖQODUÖQ GD EHGHQOHULQL J|VWHUPHN LoLQ JL\VLOHULQL oÖNDUGÖNODUÖQGD ELOH
WDP RODUDN ´oÖSODNµ DOJÖODQPDGÖNODUÖQÖ V|\OH\HELOLUL] 'DKD L\L ELU LIDGH\OH EX GD NÖVD
VUHGH WNHWLOLU YH L]OH\LFL\L WDWPLQ HWPH] KDOH JHOLU %X WU J|UQWOHUGH NDGÖQ
L]OH\LFLVLRODQHUNHNEDNÖûDNHQGLQLDoPÖûDPDD\QÖ]DPDQGDRQDJ]HOJ|UQPHNLoLQ
HQJHQHODQODPÖ\ODPDN\DM\DSPÖûWÖU.DGÖQEHGHQLQLWNHWPHNWHQHVQHOHûWLULOPLûGLøHU
ûH\OHUHNÖ\DVODGDKDDFHOHFLYHVDOGÖUJDQRODQHUNHNEDNÖûÖNLPL]DPDQEXVR\XQPDGDQ
GD WDWPLQ ROPDPDNWD YH J]HOOLNOHUL\OH |Q SODQD oÖNPÖû RODQ NDGÖQODUÖ EX NH] GH
PDN\DMVÖ] JQON GRøDO KDOOHUL\OH YH WDELL NL HøHU HVWHWLN DPHOL\DW \DSWÖUPÖûODU LVH EX
PGDKDOHGHQ |QFHNL J|UQWOHUL\OH VHUJLOHPH\H oDOÖûÖUODU %XUDGD GD PDKUHP RODQÖQ
GHûLIUH HGLOPHVL V|] NRQXVXGXU (UNHN EDNÖûÖQ \HULQH JHoHQ IRWRøUDI LoLQ NDGÖQODUÖQ
|]HO DODQODUÖQGD WXWPDN LVWHGLNOHUL WP J|UQWOHU \DNDODQPD\Ö EHNOH\HQ DYODU JLELGLU
.ÖûNÖUWÖUWDKULNHGHUHNHOHJHoLULOPH\LYHGLøHUOHULQHGHJ|VWHULOPH\LEHNOHU
*oO NDGÖQÖ IHWKHWPH DU]XVXQXQ \D GD KDEHUGHNL LIDGH\OH ´HUNHNOHULQ FLGGL NDGÖQ
IDQWH]LVLµQLQ ND\QDøÖQÖQ RQXQ LNWLGDUD NDUûÖ GLUHQPHVL ROGXøX V|\OHQPHOLGLU ´1HUHGH
GLUHQo YDUVD RUDGD DU]X ROGXøXQX NDEXO HWPHPL] JHUHNLU GLUHQo DU]X\X PPNQ
NÖODQ NRûXOGXUµ ´'LUHQoµL HQ JHQHO DQODPÖ\OD HOH DOGÖøÖPÖ]GD \XNDUÖGD V|]Q
HWWLøLPL] EHGHQOHULQL VHUJLOH\HQ DQFDN PDN\DM \DSDQ NDGÖQODUÖQ GD GLUHQPH QRNWDODUÖ
PDN\DMODUÖGÖU 0HG\DGD VÖNoD J|UGøP] 5XV\D YH HVNL 'RøX %ORøX ONHOHULQGHQ
JHOPLû
RODQ
´KD\DW
NDGÖQODUÖQÖQµ
³KDON
DUDVÖQGDNL
WDELUL\OH
´1DWDûDODUµÖQ³
J|UQWOHUL EX V|\OHGLNOHULPL]H GDKD L\L ELU |UQHN ROXûWXUPDNWDGÖU 3ROLV WDUDIÖQGDQ
\DNDODQDQ KD\DW NDGÖQODUÖ \]OHULQL NDPHUDODUGDQ VDNODPD\D oDOÖûÖUODU YH EX QRNWDGD
NDPHUDPDQ LoLQ \DSÖOPDVÖ JHUHNHQ WHN ûH\ NDGÖQODUÖQ \]OHULQL J|UQWOHPHNWLU 2OD\
PDKDOOLQGH EXOXQDQ WP IRWR PXKDELUOHUL YH NDPHUDPDQODU VDQNL DUDODUÖQGD ELU
DQODûPD YDUPÖûoDVÖQD NDGÖQODUÖQ \]OHULQGHNL |UW\ oHNPH\H \D GD EXOGXNODUÖ NoN
ELU DUDOÖNWDQ \]OHULQL J|UQWOHPH\H oDOÖûÖUODU 3HNL RQODUÖ EXQD LWHQ QHGLU" %XODûÖFÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KDVWDOÖNWDûÖPDRODVÖOÖøÖEXOXQDQNDGÖQODUÖGHûLIUHHGHUHNKDONÖX\DUPDQÖQ|WHVLQGH³\D
GD JHULVLQGH³ ELU DU]XGXU RQODUD EXQX \DSWÖUDQ %X |UQHNWH GLUHQPH \]Q
J|UQPHVLQH LOLûNLQGLU YH NDPHUD \]H XODûDELOGLøLQGH EDûND ELU GH\LûOH R NDGÖQODUOD
J|] J|]H JHOHELOGLøLQGH RQX HOH JHoLUPLû RODFDNWÖU )DNDW J|UQWOH\HQ ELU NDPHUDQÖQ
DUNDVÖQGD ROGXøX LoLQ EX J|] J|]H JHOPH GXUXPX JHUoHNOHûHPH\HFHN NDUûÖOÖNOÖ ELU
EDNÖûPD \HULQH J|UQWOH\HQLQ EDNÖûÖ V|] NRQXVX RODFDNWÖU %X GXUXP NDPHUDQÖQ
LNWLGDUÖQÖ
NXUDQ
|QHPOL
QRNWDODUGDQ
ELULGLU
(UNHN
EDNÖûÖQÖ
WHPVLO
HGHQ
IRWRøUDIoÖNDPHUDPDQ J|UQWOHGLøL QHVQH\H EDNÖûODUÖ\OD VDKLS ROXU J|UQWOHQHQLQ
RQXWDPRODUDNJ|UHELOPHRODQDøÖ\RNWXU
3HoH |UQHøLQGH GH ´%DWÖOÖ g]QH·QLQ DU]XVX J|UPH DU]XVX\OD D\UÖODPD] ELU ELoLPGH
EDøODQWÖOÖGÖU 6|PUJHFL g]QHQLQ \DEDQFÖ WRSUDøÖ NRQWURO HWPH YH RQD KDNLP ROPD
DU]XVX VNRSLN DU]XVXQGDQ SVLNDQDOL]GH EDNPD JGVQH YHULOHQ DG J|]OH\LFL
EDNÖûÖ\OD
SHoHQLQ
DUNDVÖQD
QIX]
HWPH
VÖ]PD
DU]XVXQGDQ
EDøÖPVÖ]
GHøLOGLUµ
)DQRQ·GDQ DNW<HøHQRøOX 1LWHNLP %DWÖOÖ IRWRøUDIoÖ JHQHO RODUDN 'RøX·\D
IRWRøUDIODUÖ\OD VDKLS oÖNDU ´3HoHQLQ gWHNL·QH VDøODGÖøÖ ¶J|UQPH]OLN· D\QÖ DQGD KHP
DU]XQXQHNOHPOHQGLøLQRNWDKHPGHg]QH·QLQEDNPDDU]XVXQXQND\GÖøÖ\HUGLUµ
3HoHOL NDGÖQGD \XNDUÖGD V|\OHQHQ LNWLGDU LOLûNLVL WHUVLQH G|QHU .DGÖQ IRWRøUDIoÖ
WDUDIÖQGDQ J|UOU DPD %DWÖOÖ HUNHN NDGÖQÖ J|UHPH] %X GD DU]X\X N|UNOHU +DEHU
|UQHNOHULPL]LoLQD\QÖLNWLGDULOLûNLVLQGHQV|]HGLOHPH]DQFDNHUNHøLQEDNÖûODUÖ|QQGH
RODQIDNDWWDPRODUDNQIX]HGLOHPHPLûELUNDGÖQV|]NRQXVXGXU
%HGHQ7NHWLPYH7HPVLO
1LOIHU *|OH ´0VOPDQµ NDGÖQÖQ |UWQPHVLQGHQ V|] HGHUNHQ ´YFXW VL\DVHWLµ
NDYUDPÖQÖ NXOODQÖU YH HUNHN HJHPHQ J|UûWH NDGÖQÖQ KHU ]DPDQ EHGHQL ]HULQGHQ
NXUXOGXøXQX NDGÖQD \|QHOLN WDUWÖûPDODUÖQ GD ³VL\DVDO WRSOXPVDO \D GD PDJD]LQVHO
ER\XWWD³ VUHNOL RODUDN EHGHQ ]HULQGHQ \DSÖOGÖøÖQÖ V|\OHU %HQ]HU ELU
WDUWÖûPD\Ö GDKD DoÖNOD\ÖFÖ ELU ELoLPGH 6HYGD $ODQNXû .XUDO ´ùVODPLµ YH ´OLEHUDOµ
EDVÖQGD )D]LOHW 3DUWLVL ùVWDQEXO HVNL PLOOHWYHNLOL 0HUYH .DYDNoÖ·QÖQ WHPVLOLQH LOLûNLQ
LQFHOHPHVLQGH \DSPÖûWÖU .DGÖQ VL\DVDO DUHQDGD ELU VL\DVDO DNW|U NRQXPXQGD\NHQ ELOH
JL\LPL
|UWV
KDWWD
NLORVX
JLEL
EHGHQLQH
LOLûNLQ
J|VWHUJHOHU
]HULQGHQ
WDQÖPODQPDNWDGÖU 0HG\D KDEHUOHULQGH ´HUNHN DNOÖ NDGÖQ LVH EHGHQL ]HULQGHQ WHPVLO
EXOPDNWDGÖUµ %X WHPVLO SUDWLøL LVH ´NDGÖQ EHGHQLQL ELOPH RQX QHVQHOHûWLUPH YH
E|\OHOLNOHGHRQXGLVLSOLQDOWÖQDDOPDSUDWLøLQLQSRSOHUOHûPLûELUWUHYLµGLU
´9FXW VL\DVHWLµQL ELUD] DoDUVDN *|OH ´ODLN ELUH\ LOH GLQGDU ELUH\ WDUDIÖQGDQ GÖûD
YXUXOGXøX ELoLPL\OH YFXW VHPL\RORMLVLQLQ YFXGD YH NLûLOLøH LOLûNLQ IDUNOÖ NDYUDPODUD
LûDUHWµ HWWLøLQL V|\OHU ´0RGHUQ ELUH\ LoLQ YFXW GRøDO YH GRøD VW WDQÖPODUÖQ
QIX]XQGDQ JLWJLGH NXUWXOPDNWDGÖUµ $QFDN EX NH] *LGGHQV·ÖQ GD EHOLUWWLøL JLEL
PRGHUQELUH\OHULQLGHDOOHUL´YFXWJHOLûWLUPH]LQGHOLNYHHQHUMLµ\HG|QûPûWU.DGÖQ
LoLQ LVH EX EHOLUOHQHQ YFXW |OoOHUL GDKD oRN UHNODP PHWLQOHUL\OH |]HQGLULOHQ
SU]V] \XPXûDN WHQ GROJXQ VDoODU oDUSÖFÖ GXGDNODU YV RODUDN ûHNLOOHQPHNWHGLU
%HGHQ ³GDKD EHOLUJLQ ELU ELoLPGH GH NDGÖQ EHGHQL³ VUHNOL RODUDN LGHDO ELU ELoLPH
GRøUX \|QOHQGLULOPHNWH YH EX ELoLPH HULûHQ EHGHQOHULQ GH VHUJLOHQHELOHFHøLHUNHN
EDNÖûÖQD DoÖODELOHFHøL PHVDMÖ |UWN RODUDN YHULOPHNWHGLU 0HG\D NDGÖQÖ oÖSODN RODUDN
J|UQWOHPH\H oDOÖûPDQÖQ \DQÖ VÖUD EHGHQLQL J|UQU NÖODQ NDGÖQÖ GD ´FHVXUµ RODUDN
WDQÖPOD\DUDNWDOWLIHWPHNWHYHELUDQODPGDGLøHUNDGÖQODUÖGD|]HQGLUPHNWHGLU
*|OH·QLQ|UWQPH\HLOLûNLQ|QHPOLELUVDSWDPDVÖGD|UWQPHQLQEL]H´|]HO\DûDPOD
VÖQÖUOÖ WXWXOPDVÖ YH KDONÖQ |QQGH LIDGH HGLOPHPHVL JHUHNHQ \DVDN YH PDKUHP ELU
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
DODQÖQ YDUOÖøÖQÖµ KDWÖUODWPDVÖGÖU <XNDUÖGD DQODWÖODQ ´FLGGL NDGÖQµ YH ´VHNVL NDGÖQµ
IDUNOÖ ELoLPOHUGH GH ROVD |UWOGU 2QODUÖQ R KDOOHUL\OH NDPXVDO DODQGD EXOXQPDODUÖ
VUHNOLRODUDN\DVDNYHPDKUHPELUDODQÖQYDUOÖøÖQÖKDWÖUODWPDNWDGÖU
%X QRNWDGD |QFHOLNOH LQVDQ EHGHQLQ ELU IRWRøUDILN J|UQW RODUDN QHGHQ LOJL oHNLFL
EXOXQGXøX ]HULQGH GXUPDNWD \DUDU YDUGÖU +H\NHO YH UHVLP JLEL GLøHU VDQDWODUGD GD
LQVDQ EHGHQL WHPHO NRQX\XROXûWXUPXû YH \DOQÖ]FD NDGÖQ GHøLO HUNHN EHGHQL GH oÖSODN
RODUDN \DQVÖWÖOPÖûWÖ 3HNL IRWRøUDIÖ IDUNOÖ NÖODQ QH\GL" %X VRUX\D 5RODQG %DUWKHV·ÖQ ûX
V|]OHUL\OH FHYDS YHUPHN PPNQGU ´)RWRøUDIÖQ LFDGÖ EDûND ELU GH\LûOH VXUHWLQ
LVWHQLOGLøLQFH oRøDOWÖODELOPHVL NROHNWLI J|YGH ELOLQFLPL]L GHøLûWLUPLû |]HOOLNOH GH NHQGL
J|YGHPL]OH YH EDûNDVÖQÖQ J|YGHVL\OH NXUGXøXPX] LOLûNL\H ELU QDUVLVWLN ELU |] WXWNX
GROD\ÖVÖ\OD GD ELU FLQVHOOLN NDWPÖûWÖUµ DNW &H\ODQ ùQVDQÖQ NHQGL J|YGHVLQH
QDUVLVWLNELUGX\JX\ODEDøODQPDVÖEWQ\OHIRWRøUDIÖQJHUoHNOHûWLUGLøLELUGHøLûLNOLNWLU
)RWRøUDIOD ELUOLNWH LQVDQ EHGHQL ³|]HOOLNOH GH NDGÖQ EHGHQL³ LGHDOL]H HGLOPLû ELU
ELoLPGH J|UQWOHQPH\H EDûODU .DGÖQ EHGHQL IRWRøUDIÖQ ´J]HOOLNµ YH HVWHWLN DUD\ÖûÖ
LoLQGH EHOOL |OoOHUH NDYXûPXûWXU %X HVWHWL]H HGLOPLû NDGÖQ EHGHQL HûVL] ELU J]HOOLN
RODUDN VXQXOPDNWD NDGÖQÖQ VDKLS ROGXøX EX J]HOOLøL J|UQU NÖOPDN GD ELU DPDo
KDOLQH JHOPHNWHGLU %DXGULOODUG·ÖQ V|\OHGLøL JLEL WNHWLOHQ ûH\OHU DUDVÖQGD EHGHQGHQ
´GDKD J]HO GDKD HûVL] ELU QHVQHµ EXOPDN ]RUGXU %LQ \ÖOOÖN ELU SULWDQL]P oDøÖQGDQ
VRQUDIL]LNVHOYHFLQVHO|]JUOHûPHELoLPLQGHEHGHQ\HQLGHQNHûIHGLOPLûYH|]HOOLNOHGH
NDGÖQ EHGHQL UHNODPODUGD PRGDGD YH NLWOH NOWUQGHNL PXWODN YDUOÖøÖQÖ ND]DQPÖûWÖU
)RWRøUDI LQVDQÖQ NHQGL J|YGHVLQL J|]QQ |QQH WDûÖ\DUDN ELOLQFLQ RQD ELU QHVQH
J|]\OH EDNDELOPHVLQL NROD\ODûWÖUPÖûWÖU %LOLQo EX EDNÖûOD EHUDEHU J|YGH\L NHQGLQGHQ
D\ÖUÖSVR\XWOD\DELOPLûYHRQGDNHQGLLKWL\DoODUÖQDX\JXQG]HQOHPHOHU\DSPDFHVDUHWLQL
EXOPXûWXU&H\ODQ%XJQSRSOHUNDGÖQYHHUNHNGHUJLOHULQGHNLNRQXODUGDE\N
|OoGH EHGHQH LOLûNLQGLU %HGHQL J]HOOHûWLUPHN YH EHGHQLQLQ DOGÖøÖ KD]ODUÖ HQ \NVHN
G]H\HHULûWLUPHN%|\OHFHKHPEHGHQWNHWLOLUKHPGHEHGHQLoLQ
7NHWLP VUHFL WRSOXPVDO NXUXPODUGDQ NLWOH LOHWLûLP DUDoODUÖQGDQ |]HOOLNOH GH
WHOHYL]\RQGDQHWNLOHQLU0HG\DGDEHGHQHLOLûNLQRODUDNVXQXODQPHVDMODU|UWNELoLPGH
WP PHG\D PHWLQOHULQH VÖ]PÖûWÖU +DEHUOHUGHQ WY GL]LOHULQH UHNODPODUGDQ PRGD
SURJUDPODUÖQD
NDGDU
KHPHQ
KHU
PHWLQGH
EHGHQL
LGHDOL]H
HGHQ
YH
FLQVHOOLNOH
LOLûNLOHQGLUHQ PHVDMODU \D GD PLWOHU J|UPHN PPNQGU %RFRFN·ÖQ V|\OHGLøL
JLEL´$U]XODUDNÖûNDQGÖUEHNOHQPHGLN\|QOHUHDNDELOLUOHUµùQVDQODUÖELUDUDED\DGDELU
PH\YH VX\XQX DOPD\D LWHQ DU]X FLQVHO ELU DU]X\OD ELUOHûWLULOHELOLU ´6LQHPDQÖQ
GHUJLOHULQUHQNOLIRWRøUDIoÖOÖøÖQYHKHSVLQLQVWQGHWHOHYL]\RQXQNHûILQGHQVRQUDNLRQ
\ÖOODU LoLQGH ROXûWXUXODQ LPDMODUGD VHPEROOHUGH J|UQWOHUGH \DQVÖGÖøÖ JLEL DU]XODU
LQVDQEHGHQLQLQFLQVHOSRWDQVL\HOLLOHLOLûNLOHQGLULOPHNWHGLUOHUµ
´7DQÖPDµµ%LOPHµ2ODUDN)RWRøUDI
)RWRøUDI GDKD JHQHO DQODPGD J|UQW QHVQHOHULQ WDQÖPODQPDVÖ YH GROD\ÖVÖ\OD
ELOLQPHVLQGHHQHWNLOLDUDoWÖU%LUQHVQH\LWDQÖPDNLoLQWPWDQÖPODPDODUÖQ\DQÖVÖUDVRQ
WDKOLOGH
\LQH
GH
RQX
J|UPHN
LVWHUL]
*|UHPHGLøLPL]
EDNÖûODUÖPÖ]OD
NRQXPODQGÖUDPDGÖøÖPÖ] YDUOÖNODU EL]LP LoLQ ûSKHOLGLU YH KHS JL]HPOL PLVWLN ELU KDYD
WDûÖUODU <XNDUÖGD V|] HGLOHQ %DWÖOÖ |]QHQLQ 'RøX\X'RøXOX NDGÖQÖ J|UPHN YH
EDûNDODUÖ LoLQ GH J|UQU NÖOPDN DU]XVX EX GX\JXODUGDQ ND\QDNODQÖU %DWÖ RQX
J|UHPHGLøL VUHFH KLoELU ]DPDQ RQX WDP RODUDN WDQÖ\DPD\DFDN YH RQD HJHPHQ
RODPD\DFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
-RKQ %HUJHU J|UPHQLQ NRQXûPDGDQ |QFH JHOGLøLQL V|\OHU YH oRFXøXQ NRQXûPD\D
EDûODPDGDQ |QFH EDNÖS WDQÖPD\Ö |øUHQGLøLQL EHOLUWLU <D]DUD J|UH EL]L oHYUHOH\HQ
GQ\DGD NHQGL \HULPL]L J|UHUHN EXOXUX] %X QHGHQOH J|UPH DU]XVX LQVDQÖQ |QHPOL
GUWOHULQGHQ ELULQL ROXûWXUXU ´%X GQ\D\Ö V|]FNOHUOH DQODWÖUÖ] DPD V|]FNOHU
GQ\D\OD oHYUHOHQPLû ROPDPÖ]Ö KLoELU ]DPDQ GHøLûWLUHPH]µ %HUJHU LoLQ
J|UPH EDVLW ELU IL]\RORMLN ROD\ GHøLOGLU %DNPDN YH J|UPHN DUDVÖQGDNL D\UÖPÖ GD
KDWÖUODWDUDN EDNPDQÖQ ELU ´VHoPH HGLPLµ ROGXøXQX V|\OHU ´%X HGLPLQ VRQXFX RODUDN
J|UGøP] QHVQH ³KHU ]DPDQ HOLPL]OH GRNXQDELOHFHøLPL] ELU QHVQH DQODPÖQGD
ROPDVD GD³ XODûDELOHFHøLPL] ELU DODQD JHWLULOPLû ROXUµ *|UPHN QHVQHOHUOH
QHUHGH\VH GRNXQPDN NDGDU HWNLOL ELU LOLûNL NXUPD\Ö VDøODU 1LWHNLP GRNXQPD\OD LOJLOL
ELUV|]RODQ´WHPDVµV|]Fø´J|]WHPDVÖµLIDGHVLQGHJ|UPHLOHELUOHûWLULOPHNWHGLU
ùQVDQRøOXQX IRWRøUDIÖQ LFDGÖQD J|WUHQ ûH\LQ GH J|UHUHN WDQÖPD YH J|UGNOHULQL
VDNODPD \HQLGHQ EDNÖODELOHFHN J|UQW SDUoDFÖNODUÖ KDOLQH JHWLUPH DU]XVX ROGXøX
V|\OHQHELOLU ´)RWRøUDIÖQ WHPHO ROJXVX ¶J|US· ¶J|VWHUPHNWLU·µ dL]JHQ )RWRøUDIOD
ELUOLNWH
J|UPHQLQ
\HULQL
J|UQWOHPH
DOPÖû
YH
IRWRøUDI
G|QHPLQ
PDFHUDSHUHVWOHUL LoLQ ELU J|UQW DYÖQD G|QûPûWU ´%LU ûH\L J|UQWOHPHN EHOOL
|OoOHUGH RQX NHVLQOHûWLUPHN DQODPÖ WDûÖUµ %LU QHVQHQLQ IRWRøUDIOD WDQÖPÖ RQXQ V|]OH
WDQÖPÖQGDQoRNGDKDNHVLQELULIDGHGLU)RWRøUDIÖQEXJoOHWNLVLQGHQGROD\ÖQHVQH\H
DLW \DQOÖû \D GD oDUSÖWÖOPÖû ELU IRWRøUDILN PHVDM oRN GDKD VUNOH\LFL YH LQDQGÖUÖFÖ ROXU
&H\ODQ
*|UQWOHULQ DOJÖODPDGDNL |QHPL QHGHQL\OH KDEHUGH GH IRWRøUDIJ|UQW ROGXNoD
|QHPOLGLU +DEHU IRWRøUDIODUÖ KDEHULQ LQDQGÖUÖFÖOÖøÖQÖ NXUDQ HQ |QHPOL XQVXUODUGDQ
ELULGLU )RWRøUDIÖQ ³WÖSNÖ KDEHU JLEL³ JHUoHøLQ NHQGLVL ROPDGÖøÖ NDEXO HGLOVH GH
RNX\XFX LoLQ KDEHU IRWRøUDIÖ R ROD\ÖQ JHUoHNOLøLQH LOLûNLQ |QHPOL ELU NDQÖWWÖU
)RWRøUDIODU KDEHU EDûOÖNODUÖ JLEL LVWHP YH ELU HN oDED ROPDGDQ DOJÖODQDQ J|UVHO |øHOHU
ROPDODUÖ GROD\ÖVÖ\OD GD |QHP WDûÖUODU +DEHUH VDøODGÖNODUÖ J|UVHO NDWNÖ\OD DQODPÖQ
ROXûPDVÖQD NDWNÖGD EXOXQXUODU +DOO·GHQ DNW 'RøDQD\ .HVNLQ .LPL
GXUXPODUGD IRWRøUDI EDûOÖ EDûÖQD KDEHUL ROXûWXUXU <D]ÖOÖ PHWLQ \DOQÖ]FD ROD\ÖQ QDVÖO
ROGXøXQDLOLûNLQGHWD\ODUÖYHULU6DYDûIRWRøUDIODUÖSDSDUD]]LoHNLPOHULEXQODUD|UQHNWLU
%X
QRNWDGD
IRWRøUDIÖQ
DNÖS
JLGHQ
J|UQW\H
NÖ\DVOD
GDKD
HWNLOL
ROGXøX
V|\OHQPHOLGLU $QÖQ \DNDODQPDVÖ YH |OPV]OHûWLULOPHVL R HûVL] ]DPDQÖQ DNWDUÖOPDVÖ
DQODPÖQGD IRWRøUDI 7HOHYL]\RQ YH VLQHPDGD KHU NDUH ELU |QFHNLQLQ HWNLVLQL VLOHU YH
GLNNDWL NHQGLQH oHNHU $NÖS JLGHQ NDUHOHU ER\XQFD EX LûOHP GHYDP HGHU %HONL GH EX
QHGHQOH ILOPOHUGH ILQDO VDKQHOHUL HQ J|VWHULûOL VDKQHOHU RODUDN NXUJXODQÖUODU ù]OH\LFL\H
VXQXODQ ELQOHUFH NDUH LoLQGHQ ELU WDQHVLQLQ VHoLOPHVL YH ILOPOH |]GHûOHûWLULOHUHN
KDWÖUODQPDVÖLVWHQLU%XQDNDUûÖOÖNIRWRøUDIODU´ELUDNÖûGHøLODQFDNJHUoHNELUHU]DPDQ
GLOLPLROGXNODUÖLoLQKDUHNHWOLJ|UQWOHUGHQGDKDID]ODDNÖOGDNDOÖUODU+HUELUGXUDøDQ
IRWRøUDIVDNODQÖSWHNUDUWHNUDUEDNÖODELOHFHNLQFHELUQHVQH\HG|QûPûRODQD\UÖFDOÖNOÖ
ELUDQGÖUµ6RQWDJ
1LWHNLP KDEHU IRWRøUDIODUÖQGD ROD\Ö DQODWDQ HQ NULWLN J|UQW\ NXOODQPD HøLOLPL
YDUGÖU +DEHUGH DUDQDQ 1 . NXUDOÖ IRWRøUDI LoLQ GH JHoHUOLGLU ù\L ELU KDEHU
IRWRøUDIÖ ROD\D WDUDI RODQ NLûLOHUL PHNkQÖ NDEDFD ]DPDQÖ DQODWDELOHFHN QLWHOLNWH
ROPDOÖGÖU 6FKODSS +DEHU IRWRøUDIÖQGD HNVLN RODQ WHN ûH\ ´QDVÖOµ VRUXVXQXQ
FHYDEÖGÖU EX GD KDEHUGH DQODWÖOÖU %X NULWHUOHUL VDøODPD\DQ IRWRøUDIODU DQFDN GDKD L\L
J|UQW DOPDQÖQ PPNQ RODPDGÖøÖ oRN |QHPOL DQODUGD NXOODQÖOÖUODU %X oDOÖûPDGD
LQFHOHQHQ $QQD .RXUQLNRYD·QÖQ DUNDGDQ oHNLOPLû IRWRøUDIÖ L\L IRWRøUDI NULWHUOHULQL
VDøODPDGÖøÖKDOGHDMDQVWDUDIÖQGDQJHoLOPLûYHJD]HWHOHUGHGH\HUEXOPXûWXU%XGXUXP
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
.RUQLNRYD·QÖQJ|UQWVQHEDVÖQÖQDWIHWWLøL|QHPLJ|VWHUPHNWHGLU7HQLVoLQLQPD\ROX
J|UQWVIRWRøUDIWDNLHNVLNOLøLNDSDWDFDNNDGDU|QHPOLGLU
)RWRøUDIÖQ
HWNLVLQH
\HQLGHQ
G|QHUVHN
NLPL
]DPDQ
IRWRøUDIODUÖQ
JHUoHøLQ
NHQGLVLQGHQELOHGDKDHWNLOLROGXøXQXV|\OHPHOL\L]*|UOPHNLVWHQHQûH\|QHDOÖQDUDN
oHNLOHQ ELU IRWRøUDIÖQ HWNLVL ROGXNoD E\NWU dQN IRWRøUDI VL]H DVÖO J|UOPH\H
GHøHU RODQ ûH\LQ EX ROGXøXQX V|\OHU .RXUQLNRYD·QÖQ KDYOX\D VDUÖOPÖû KDOL GHøLO GH
PD\ROXKDOLJ|UOPH\HGHøHUGLU
)RWRøUDINDUHVLQLQWHOHYL]\RQ\DGDVLQHPDGDDNÖSJLGHQJ|UQWOHUGHQGDKDE\N
ELU HWNL EÖUDNPDVÖ VDYDûûLGGHW IRWRøUDIODUÖQGD GDKD DoÖN ELU ELoLPGH J|UOU 7HN ELU
NDUH IRWRøUDI WHOHYL]\RQGD L]OHGLøLPL] VDDWOHU VUHQ VDYDû J|UQWOHULQGHQ GDKD
HWNLOLGLU ,, 'Q\D 6DYDûÖ VÖUDVÖQGD WRSODPD NDPSODUÖQGD oHNLOHQ IRWRøUDIODU DWRP
ERPEDVÖQÖQ DUGÖQGDQ -DSRQ KDONÖQÖQ J|UQWOHUL 9LHWQDP 6DYDûÖ %X WU NULWLN
J|UQWOHUIRWRøUDIÖQHWNLVLQGHQGROD\ÖWHOHYL]\RQKDEHUOHULQGHNXOODQÖOÖUNHQELOHNLPL
]DPDQGRQGXUXODUDN\DGDDøÖUoHNLPOHVORZPRWLRQJ|VWHULOLUOHU
.DGÖQEHGHQLQLQoÖSODNODûWÖUÖOPÖûJ|UQWOHUL\DGDSDSDUD]]LWDU]ÖJL]OLoHNLPOHUGH
ILOPH DOÖQPDN \HULQH IRWRøUDIODQPD\D oDOÖûÖOÖUODU <LQH .RXUQLNRYD |UQHøLQGH ROGXøX
JLELIRWRøUDIROD\D\DOQÖ]FD ELUNH]\DûDQDELOHFHNELUDQÖQ\DNDODQPDVÖKLVVLQLYHUHUHN
J|UQWGHQ GX\XODQ KD]]Ö DUWÖUPDNWDGÖU 2 \DOQÖ]FD ELU NH] \DûDQDELOHFHN ELU DQ
ROGXøX LoLQ WHN NDUHGLU J|UQWGH ED]Ö ND\ÖSODU ROVD ELOH EX IRWRøUDIÖQ ´EDûDUÖVÖQÖµ
LOJL oHNLFLOLøLQL D]DOWPD] %X IRWRøUDIODU SDVLI G]HQOHPH LoLQGH oHNLOPLû ROVDODU ELOH
´LONµ ROPD |]HOOLNOHULQGHQ GROD\Ö ELU ´NULWLN DQµ IRWRøUDIÖ KDYDVÖ \DUDWÖUODU 'LøHU
KDEHUGHNL JLEL QO NLûLOHULQ SDUD NDUûÖOÖøÖ oÖSODN IRWRøUDIODUÖQÖ oHNWLUPHOHULQGH GH ELU
NHUHROPDGXUXPXV|]NRQXVXGXU*]HOYHQOVSLNHULONYHEHONLGHVRQNH]oÖSODN
RODUDNJ|UOHELOHFHNWLU%XDQIRWRøUDIOD|OPV]OHûWLULOLUYHWHNUDUWHNUDUEDNÖODELOHFHN
ELU GXYDUD \D GD PDVD\D \HUOHûWLULOHELOHFHN ELU J|UQW\H G|QûWUOU %LU NDGÖQÖ LON
NH]oÖSODNJ|UHFHNROPDNGDPHFD]LRODUDNRQDLONGHIDVDKLSROPDNDQODPÖWDûÖU
6RQXo
7NHWLP WRSOXPXQXQ |QHPOL D\DNODUÖQGDQ ELUL RODQ PHG\D JQP]GH \DûDQDQ
WNHWLP
oÖOJÖQOÖøÖ
LoLQGH
LQVDQODUÖ
J|UQW
ERPEDUGÖPDQÖQD
WXWPDNWDGÖU
ù]OH\LFLRNX\XFX LoLQ LOJL oHNLFL YH \HQL ELU J|UQW EXOPD oDEDVÖ oRøX ]DPDQ PHG\D
HWLøL NLûL KDNODUÖ JLEL NDYUDPODUÖQ KLoH VD\ÖOPDVÖQD QHGHQ ROPDNWDGÖU 0HG\DGDNL
WNHWLPGHQ HQ ID]OD HWNLOHQHQOHU LVH NDGÖQODUGÖU ³KHP VÖUDGDQ KHP NDPXVDO DODQGD
PHG\D GROD\ÖPÖ\OD YDU RODQ NDGÖQODU .DGÖQ HøLWLPOL YH EHOOL ELU NDUL\HU VDKLEL GH ROVD
PHG\DGD \DOQÖ]FD LNL ûHNLOGH WHPVLO HGLOPHNWHGLU FLQVHO REMH \D GD NXWVDO DQQHHû
dDOÖûPDGDLQFHOHGLøLPL]KDEHUOHUGHNHQGLDODQODUÖQGDEDûDUÖND]DQPÖûNDGÖQODUPHVOHNL
NLPOLNOHUL\OH GHøLO GH \HOSD]HQLQ ELULQFL XFXQGD FLQVHO REMH RODUDN WHPVLO HGLOPH\H
oDOÖûÖOPDNWDGÖUODU
dDOÖûPDGD <HøHQRøOX·QXQ SHoHOL NDGÖQ |UQHøL\OH ELUOLNWH o |UQHNWHQ KDUHNHWOH
HUNHN EDNÖûÖQ NDGÖQ EHGHQLQH QIX] HWPH RQX J|UPH YH J|UQU NÖOPD DU]XVX LoLQGH
ROGXøX V|\OHQPLûWLU .DGÖQ HUNHN EDNÖû LoLQ |QFHOLNOH NDUûÖ FLQV RODUDN gWHNL ROPDVÖ
QHGHQL\OH HOH JHoLULOPHN LVWHQHQ DU]XODQDQ ELU QHVQHGLU (UNHN RQX KHP KDNLP
ROGXøX G]HQLQ NXUDOODUÖQD X\PDN ]RUXQGD EÖUDNDUDN KHP GH NDGÖQÖQ NHQGLQL WHPVLO
HWPH NDQDOODUÖQÖ WÖND\DUDN YH RQX NHQGL ELoLPOHQGLUGLøL ûHNLOGH WHPVLO HGHUHN HJHPHQ
NRQXPXQXNRUXPDNWDGÖU.DGÖQNHQGLQLNHQGLGLOLQGHQLIDGHHWPHRODQDøÖQÖEXODPD]
YHHUNHøLQWHPVLOELoLPLQHPDKNPROXU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ù\L ELU HøLWLP DODUDN HUNHNOHUOH HQ D]ÖQGDQ \DVDO G]H\GH HûLW NRûXOODUGD oDOÖûDUDN
L\L ELU NDUL\HU HGLQPLû EDûND ELU LIDGH\OH WRSOXPGD EHOOL ELU \HU YH ´Joµ ND]DQPÖû
NDGÖQODU ELOH EX WHPVLO VLVWHPLQLQ GÖûÖQD oÖNDPD]ODU (UNHN NDGÖQÖ ]HNDVÖ GX\JXODUÖ
EDûDUÖODUÖ YV LOH GHøLO EHGHQL ]HULQGHQ NXUDU YH RQX EHGHQL ]HULQGHQ WDUWÖûÖU %X
oHUoHYHGH NDGÖQD KNPHWPH RQX HOH JHoLUPH oDEDVÖ GD \LQH EHGHQLQL HOH JHoLUPH\OH
ELUWXWXOXU
dDOÖûPDGD HUNHN EDNÖûÖ\OD |]GHûOHûWLULOHQ IRWRøUDIoÖQÖQ NDGÖQÖ oÖSODNODûWÖUPD oÖSODN
RODUDN J|UQWOHPH oDEDVÖQÖQ YH EX J|UQWOHUH GX\XODQ LOJLQLQ DOWÖQGD GD EX GX\JX
\DWPDNWDGÖU gUQHNOHUGH VXQXODQ NDGÖQODU EHGHQOHULQL VHNV REMHVL RODUDN NXOODQPDGDQ
WRSOXPGD YDU RODELOPLû YH EX NRQXPXQ YHUGLøL JoOH HUNHøLQ PGDKDOHVLQH NDUûÖ
NRUXQDNOÖ NDGÖQODUGDQGÖU %X GXUXP ³WÖSNÖ NDSDOÖ 0VOPDQ NDGÖQ \D GD 'RøXOX
NDGÖQGD ROGXøX JLEL³ RQODUD GX\XODQ DU]X\X DUWWÖUPDNWDGÖU %XUDGD IRWRøUDIÖQ DNÖS
JLGHQJ|UQWOHUGHQGDKDHWNLOLROPDVÖQÖQQHGHQLIRWRøUDIÖQLQVDQODUD\DOQÖ]FDELUNH]
RODELOHFHNELUJ|UQW\HWDQÖNOÖNHWWLNOHULKLVVLQLYHUPHVLGLU
.D\QDNoD
$ODQNXû .XUDO 6HYGD YH dDYGDU $\ûH ´ùVODPFÖ YH /DLN 0HG\DGD .DGÖQ
%HGHQYH7HPVLOµ8OXVDOùOHWLûLP6HPSR]\XPX%LOGLULVL0D\ÖV$QNDUD
%DXGULOODUG -HDQ 7NHWLP 7RSOXPX dHY + 'HOLoD\OÖ YH ) .HVNLQ ùVWDQEXO
$\UÖQWÖ<D\ÖQODUÖ
%HN *HQFHO 0LQH ´0HG\DGD &LQVL\HWoLOLN YH ùOHWLûLP 3ROLWLNDODUÖµ ùOHWLûLP
'HUJLVL6V
%HUJHU-RKQ*|UPH%LoLPOHULdHY<XUGDQXU6DOPDQùVWDQEXO0HWLV<D\ÖQODUÖ
%HUJHU -RKQ 2 $QD $GDQPÖû -RKQ %HUJHU·GHQ 6HoPH <D]ÖODU dHY <XUGDQXU
6DOPDQYH0JH*UVR\6|NPHQùVWDQEXO0HWLV<D\ÖQODUÖ
%RFRFN5REHUW7NHWLPdHYùUHP.XWOXN$QNDUD'RVW.LWDEHYL<D\ÖQODUÖ
&H\ODQ07DKLU)RWRøUDI(VWHWLNYH*|UQWh]HULQH'HQHPHOHUùVWDQEXOù)6$7
<D\ÖQODUÖ1R
dL]JHQ *OWHNLQ )RWRøUDIÖQ <DSÖVÖ YH .LPOLøL h]HULQH 'HQHPHOHU ùVWDQEXO $WDRO
<D\ÖQFÖOÖN
dL]JHQ*OWHNLQ)RWRøUDIÖQ*|UVHO'LOLùVWDQEXO$UNHRORMLYH6DQDW<D\ÖQODUÖ
'RøDQD\ h YH (UWDQ .HVNLQ =HUULQ ´<D]ÖOÖ %DVÖQGD <HUHO YH *HQHO
6HoLPOHUL 6L\DVDO 3DUWL /LGHUOHULQLQ +DEHU )RWRøUDIODUÖQGD 7HPVLOLµ , 8OXVDO
ùOHWLûLP.RQJUHVL
*|OH 1LOIHU ´0RGHUQOHûPH %DøODPÖQGD ùVODPL .LPOLN $UD\ÖûÖµ 7UNL\H·GH
0RGHUQOHûPHYH8OXVDO.LPOLNHG%R]GRøDQ6YH.DVDED5ùVWDQEXO7DULK9DNIÖ
<XUW<D\ÖQODUÖV
.XUXRøOX +XUL\H ´0HG\D YH .DGÖQµ .DUL]PD 'HUJLVL (NLP.DVÖP$UDOÖN
6V
6FKODS +HUPDQ *D]HWHFLOLøH *LULû dHY , $\JQ $QNDUD .RQUDG $GHQDXHU
9DNIÖ<D\ÖQODUÖ
6KLFN &HPLO ,UZLQ ´6LPJH 2ODUDN 2UWDGRøX .DGÖQÖ 6|PUJHFLOLNWHQ 8OXVDO
.XUWXOXûD *|UVHO .OWUµ .LWDEL\DW 'HUJLVL 1LVDQ &,, 6 6
6RQWDJ 6XVDQ )RWRøUDI h]HULQH dHY 5 $NoDND\D ùVWDQEXO $OWÖNÖUNEHû
<D\ÖQODUÖ
(PHO%DûWUN$NoD³)RWRøUDIÖQ$U]X1HVQHVL2ODUDN.DGÖQ%HGHQL
<HøHQRøOX0H\GD´3HoHOL)DQWD]LOHU2U\DQWDOLVW6|\OHPGH.OWUHOYH&LQVHO
)DUNµ 2U\DQWDOL]P +HJHPRQ\D YH .OWUHO )DUN 'HU .H\PDQ 0XWPDQ <HøHQRøOX
ùVWDQEXOùOHWLûLP<D\ÖQODUÖV
*D]HWHOHU
´+DQJLVSLNHULoÖSODNJ|UPHNLVWHUVLQL]µ6DEDK*D]HWHVL1LVDQV
´9HVRQXQGD$QQDoÖSODNµ6DEDK*D]HWHVL1LVDQV
ùQVDQ+DNODUÖYH'HPRNUDVL
<UG'Ro'U6HPLKD$NÖQFÖ %X oDOÖûPDQÖQ DPDFÖ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL LOLûNLOHULQ RUWD\D
oÖNDUÖOPDVÖGÖU %X NRQXODU JQP]GH JHUHN LQVDQ KDNODUÖ NXUXPODUÖ JHUHNVH %DWÖOÖ
ONHOHULQ GÖû SROLWLNDODUÖQGD DUWDQ |OoGH LOLQWLOHQGLULOPHNWHGLU %X LOLQWLQLQ \HWHUOL
ELoLPGH
NDYUDQPDVÖ
J|VWHUPH\H
oDOÖûDFDøÖP
JLEL
\DOQÖ]
GHPRNUDVLQLQ
QDVÖO
WDQÖPODQGÖøÖQD GHøLO LQVDQ KDNODUÖ DQOD\ÖûÖPÖ]Ö WRSOXPVDO YH VL\DVL NRQXODU GÖûÖQD
WDûÖUPD\D UÖ]D J|VWHULS J|VWHUPH\HFHøLPL]H GH EDøOÖGÖU %|\OH JHQLû ELU DQOD\ÖûÖQ
EHQLPVHQPHVL
LQVDQ
KDNODUÖ
JQGHPLQLQ
VÖQÖUOÖ
GHøLO
NDSVD\ÖFÖ
\DNODûÖPOD
HOH
DOÖQDELOPHVL LoLQ ]RUXQOXGXU DPD EX \DNODûÖP GHPRNUDVL LOH LQVDQ KDNODUÖ DUDVÖQGDNL
EDøÖQWÖ\Ö NRQX DODFDN DQODWÖPODUÖ GDKD GD NDUPDûÖN KDOH JHWLULU %X \D]ÖQÖQ |QGH JHOHQ
DPDoODUÖQGDQ ELUL DQÖODQ NDUPDûÖNOÖøD DoÖNOÖN JHWLUPHNWLU EX NRQXGDNL WDUWÖûPDODUD
JHWLUGLøLNDWNÖDQÖODQDoÖNOÖNRODFDNWÖU
'HPRNUDVL7RSOXPVDOYH6L\DVL+DNODU
7DULKLoLQGHGHPRNUDVLLOHLQVDQKDNODUÖVL\DVHWDODQÖQÖQIDUNOÖNHVLPOHULQGH\HUDODQ
D\UÖ ROJXODU VD\ÖOPÖûODUGÖU GHPRNUDVL \|QHWLPLQ |UJWOHQPHVL LOH LOJLOLGLU LQVDQ KDNODUÖ
LVH ELUH\ KDNODUÖQÖQ EHOLUOHQPHVL YH VDYXQXOPDVÖ\OD 'HPRNUDVL GHQGLøLQGH \DUÖûPDOÖ
VHoLPOHU oRN SDUWLOLOLN NXYYHWOHU D\UÖPÖ JLEL NXUXPVDO DQODûPD\Ö GûQPH\H DOÖûPÖûÖ]
EXQODU |]QGH DQD\DVDO G]HQOH YH NDPX JFQQ |UJWOHQPHVL\OH LOJLOL VRUXQODUGÖU
gWH \DQGDQ LQVDQ KDNODUÖ ELUH\H \|QHOLN GX\DUOÖOÖøÖQ RUWD\D oÖNDUGÖøÖ VRUXQODU ROXS
ELUH\OHUHEHOLUJLQRODUDNLQVDQFD\DûDPDQÖQDVJDULûDUWODUÖQÖVDøODPD\D\|QHOLNWLU*HQHO
RODUDN ´LQVDQµ V|]QQ NXOODQÖOPDVÖQGDQ DQODûÖODFDøÖ JLEL EX KDNODU KHS XOXVODUDUDVÖ
NDSVDPGD
XOXVODUDUDVÖ
DQOD\ÖûD
YH
G]HQOHPHOHUH
X\JXQ
RODFDN
ELoLPGH
WDQÖPODQPÖûODUGÖU R\VD \|QHWLP LOH LOJLOL G]HQOHPHOHU HJHPHQOLøLQ |]QGH \HU
DOGÖNODUÖQGDQ
JHOHQHNVHO
RODUDN
EVEWQ
LOJLOL
GHYOHWOHULQ
Lo
VRUXQODUÖQGDQ
VD\ÖOPÖûODUGÖU 'HPRNUDVL NRQXVXQXQ LQFHOHQPHVLQL VL\DVHW ELOLPLQH LQVDQ KDNODUÖ
NRQXVXQX LVH KXNXN GDOÖQD EDøOD\DQ DNDGHPLN LûELUOLøL GH EX D\UÖPÖ JoOHQGLUPLûWLU
dQNKLoGHøLOVH$QJOR6DNVRQGQ\DVÖQGDEXLNLGDOKLoGH\DNÖQROPDPÖûWÖU
(VNLGHQ EHQLPVHQLOHELOLUOLøL ROPXû ROVD ELOH JQP]GH EX D\UÖPÖQ GD\DQDøÖ
NDOPDPÖûWÖU
+DON
NLWOHOHULQLQ
EDVNÖVÖ
DOWÖQGD
NRPQLVW
UHMLPOHULQ
o|NPHVL
GHPRNUDVLQLQ GH LQVDQ KDNODUÖ JLEL \HUHO ELU \|QHWLP ELoLPLQGHQ oRN HYUHQVHO RODUDN
|\NQOHQ ELU \|QHWLP ELoLPL ROGXøXQX RUWD\D NR\PXûWXU ùVWHU VDø ROVXQ LVWHU VRO
GLNWDW|UON \|QHWLPL DOWÖQGD EHOLUHQ LQVDQ KDNODUÖ LKODOOHUL VLFLOL ELU ONHGH \UUONWH
RODQVL\DVLG]HQLQRONHX\UXNODUÖQÖQ\DUDUODQGÖNODUÖLQVDQKDNODUÖG]H\LQGHQKLoGH
EDøÖPVÖ]
GHøLOGLU
%XJQ
DUWÖN
GHPRNUDVL
LOH
LQVDQ
KDNODUÖQÖQ
DQFDN
ELUOLNWH
\UWOHELOHFHøLQL NDEXO HGL\RUX] 1H YDU NL DUDODUÖQGDNL EDøÖQWÖ oRøX ]DPDQ \DQOÖû
WDVDUODQÖU LoVHO ELU ELUOLN RODUDN DQODûÖODFDN \HUGH \D VDOW GHQH\VHO ELU ELUOLNWHOLN RODUDN
\D GD ELUELULQL WDPDPODPD EDøÖQWÖVÖ RODUDN GûQOU %X PH\DQGD GHPRNUDVLQLQ
LQVDQ KDNODUÖQÖ VDYXQPD\D ´HQ X\JXQµ \|QHWLP WDU]Ö ROGXøX GHPRNUDVLQLQ GH LQVDQ
KDNODUÖ\OD ´GHVWHNOHQPHVL JHUHNWLøLµ |QH VUOU VDQNL LQVDQ KDNODUÖ GHPRNUDVL\H
$QDGROXhQLYHUVLWHVLùOHWLûLP%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HNOHQHFHN KXVXVODUPÖû EDøÖPVÖ] JYHQFHOHU VDøODQPD]VD GHPRNUDVLGHQ UHQFLGH
RODELOHFHNKXVXVODUPÖûJLEL+HUQHNDGDUVHEHSOHULQLDQODPDNPPNQROVDGDDQÖODQ
EDøÖQWÖQÖQE|\OHGLOHJHWLULOPHVL\LQHGH\DQOÖûWÖU
6RUXQXQ |] GHPRNUDVLQLQ QDVÖO WDQÖPODQDFDøÖGÖU dRN SDUWLOLOLøH \DUÖûPDOÖ
VHoLPOHUH NXYYHWOHU D\UÖPÖQD YE GD\DQDQ VDOW NXUXPVDO WDQÖPODUÖQ RUWDN ]D\ÖIOÖøÖ
EXQODUD J|UH GHPRNUDWLN \|QHWLPOHULQ OLEHUDO oRøXOFX JLEL NXOODQÖODELOHFHN ELUoRN
WHULPOH
EHOLUOHQHELOHFHN
QLWHOLNOHUL
RODQ
\|QHWLPOHUGHQ
QDVÖO
WHIULN
HGLOHFHNOHUL
VRUXQXGXU 9HULOHFHN FHYDS DQÖODQ QLWHOLNOHULQ GHPRNUDWLN VD\ÖODQ EWQ \|QHWLPOHUGH
EXOXQGXøX LVH V|] NRQXVX \|QHWLPOHULQ QHGHQ EDûWDQ GHPRNUDWLN VD\ÖOGÖNODUÖ
VRUXOPDOÖGÖU %|\OH ELU EHOLUOHPH G|QJVQGHQ NDoÖQPDQÖQ \ROX EX WUO NXUXPODUÖQ
VRPXWODûWÖUGÖNODUÖ JHUoHNOHûPHVLQH NDWNÖGD EXOXQGXNODUÖ WHPHO LONHOHULQ GHPRNUDWLN
VD\ÖOPDNLoLQVDøODPDODUÖJHUHNHQNRûXOODUÖQDoÖNoDVD\ÖOPDVÖGÖU
1HGLU EX WHPHO LONHOHU" 'HPRNUDVLQLQ WHPHO LONHVL NDPX\OD LOJLOL NDUDUODUÖQ KDON
WDUDIÖQGDQYHULOPHVL \D GDGHQHWOHQPHVLGLU%DûODQJÖo QRNWDVÖ \|QHWLP NXUXPODUÖ GHøLO
VDGH YDWDQGDûWÖU %HOLUOH\LFL LONHVL WP YDWDQGDûODUÖQ WRSOXP NXUXPODUÖQGD ROVXQ
GRøUXGDQ\|QHWLPNXUXOODUÖQGDROVXQ\HUDODUDNNDPXLûOHULQGHV|]VDKLELROPDODUÖEX
NDWÖOPD KDNNÖQÖQ GD HûLW RODUDN KHUNHVH DoÖN ROPDVÖGÖU .DPX LûOHULQGH YDWDQGDûODUFD
GHQHWLP YH EX J|UHYLQ LIDVÖQGD YDWDQGDûODU DUDVÖQGD HûLWOLN GHPRNUDVLQLQ WHPHO
LONHOHULGLU dRN NoN oDSWD YH EDVLW WRSOXOXNODUGD GHQHWLP YDWDQGDûODUÖQ NDUDU YHUPH
VUHFLQH
GRøUXGDQ
NDWÖOPDODUÖ\OD
JHUoHNOHûWLULOHELOLUVH
GH
NDODEDOÖN
YH
NDUPDûÖN
WRSOXPODUGD DQFDN GROD\OÖ \ROODUGDQ JHUoHNOHûWLULOHELOLU .DPX J|UHYOHULQH DGD\OÖN
NR\PDN |QHPOL NDPX J|UHYOLOHULQLQ VHoLPLQH HûLW KDNODUOD NDWÖOPDN \|QHWLPOHUGHQ
KHVDSVRUDELOPHNDQD\DVDGHøLûLNOLNOHULQGHGRøUXGDQRQD\YHUPHNJLEL\ROODUOD
6|] HGLOHQ HûLW YDWDQGDûOÖN KDNODUÖQD GD\DQÖODUDN NXOODQÖODQ NDPX LûOHULQLQ
JGPQHNDWÖOPDKDNNÖQGDQ\RODoÖNÖOÖUVDEXUDGDQVWG]H\GHELUVRUX\DJHoHELOLUL]
oDøGDûGHYOHWRUWDPÖQGDEXLONHOHUL\UUOøHNR\PDNLoLQQHJHUHNLU"9HULOHFHNFHYDS
D\QÖ]DPDQGDLNLD\UÖGRøUXOWX\D\|QHOWLULOJLQL]L
%X \|QOHUGHQ ELUL ]DPDQ LoLQGH HWNLOL KDON \|QHWLPL VDøODPDN LoLQ JHUHNOL ROGXøX
RUWD\D oÖNPÖû NXUXPVDO G]HQOHPHOHULQ DoÖNODQPDVÖGÖU %X EDûOÖN DOWÖQGD KDON RQD\ÖQD
DOPDûÖN SURJUDPODU VXQDQ VL\DVL SDUWLOHU DUDVÖQGD VHoLOPH \DUÖûÖ \|QHWLPL GHQHWOHPH
J|UHYLQL
VHoPHQOHU
DGÖQD
\UWHQ
WHPVLOFLOHU
WP
UHVPL
J|UHYOLOHULQ
PHFOLVoH
RQD\ODQPÖû \DVDODUD X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ GHQHWOH\HQ EDøÖPVÖ] \DUJÖ
KH\HWL\|QHWLPLJ|]OHPDOWÖQGDWXWDFDNKDONÖQLVWHNYHHøLOLPOHULQL\DQVÖWDFDNEDøÖPVÖ]
EDVÖQN|W\|QWHPLQELUH\OHUHYHUHELOHFHøL]DUDUODUÖQWD]PLQLLoLQDWDQDFDNND\\XPOXN
JLEL
NXUXPODU
VD\ÖODELOLU
<|QHWLPLQ
KDON
WDUDIÖQGDQ
GHQHWOHQPHVLQH
NDWNÖGD
EXOXQGXNODUÖ |OoGH EX NXUXPODUÖQ KHSVL GHPRNUDWLN NXUXPODU VD\ÖODELOLU 6D\ÖODQ
LONHOHULQ JHUoHNOHûPHVLQH ûLPGL \DSWÖNODUÖQGDQ GDKD JHQLû |OoGH NDWNÖGD EXOXQPDODUÖ
YDWDQGDûODU YH WRSOXPXQ IDUNOÖ NHVLPOHUL DUDVÖQGD GDKD E\N ELU HûLWOLN VDøODPDODUÖ
NÖVDFDVÖ ROGXNODUÖQGDQ GDKD GHPRNUDWLN ROPDODUÖ ûSKHVL] PPNQGU $PD EDûWDQ
GHPRNUDWLN VD\ÖOPDODUÖ EX WHPHO LONHOHUL NDSVDPDODUÖQGDQ RQODUÖQ JHUoHNOHûPHVLQH
NDWNÖGDEXOXQPDODUÖQGDQGÖU
'HPRNUDVL LONHOHULQLQ X\JXODPD\D NRQPDVÖ\OD LOJLOL VRUXQXQ EL]L \|QHOWWLøL NRQX
LNLQFLVL NDPX LûOHULQGH VHVOHULQLQ GX\XOPDVÖ RODUDN EHOLUOHQHQ WHPHO GHPRNUDWLN
KDNODUÖQÖQ HWNLOL NÖOÖQDELOPHVL LoLQ YDWDQGDûODUÖQ EDûND KDQJL KDNODUOD GRQDWÖOPÖû
ROPDODUÖ JHUHNWLøL NRQXVXGXU %XUDGD LQVDQ KDNODUÖ JQGHPLQLQ WRSOXPVDO YH VL\DVL
\] EHOLUJLQOLN ND]DQÖU ùIDGH WRSODQPD \UPH |]JUONOHUL ROPDGDQ QH WRSOXP
NXUXPODUÖQÖQ|UJWOHUL\OHQHGHUHVPLWDVDUÖODUNRQXVXQGDYDWDQGDûÖQV|]VDKLELROPDVÖ
6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL
PPNQ GHøLOGLU %X WUO |]JUONOHU YDWDQGDûODU DUDVÖQGD LOHWLûLPLQ YH E|\OH ELU
LOHWLûLPLQ NXUXOPDVÖQD RUWDP VDøOD\DFDN IRUXPODUÖQ YDU ROGXNODUÖQÖ YDUVD\GÖNODUÖQGDQ
ELUH\VHO|]JUONVD\ÖODPD]ODU1HYDUNL DQFDNWHNWHN ELUH\OHUHWDQÖQDQKDNODURODUDN
JYHQFH\HDOÖQDELOLUOHUEXQXQLoLQGHNLûLVHO|]JUONNLûLVHOHPQL\HWYHEDøÖPVÖ]\DUJÖ
|QQGH\DUJÖODQPDKDNODUÖ\ODGHVWHNOHQPHOHULJHUHNLU
%XQDJ|UHGHPRNUDVLQLQ|]QGHKHUYDWDQGDûÖQ|EUYDWDQGDûODUODHûLWNRûXOODUGD
NDPX\X LOJLOHQGLUHQ NRQXODUGD V|]VDKLELROPDVÖ YH \|QHWLPL GHQHWOHPHKDNNÖQD VDKLS
ROPDVÖ YDUGÖU %X KDNNÖQ HWNLQ RODUDN NXOODQÖODELOPHVL LVH ELU \DQGDQ RWXUPXû
GHPRNUDVLOHUGHNL WHFUEHOHUGHQ ELOGLøLPL] VL\DVL NXUXPODUÖ VL\DVL SDUWLOHU VHoLPOHU
\DVDPDPHFOLVOHULYE|WH\DQGDQGDWRSOXPVDOYHVL\DVLGHQHQ8OXVODUDUDVÖ7RSOXPVDO
YH 6L\DVL +DNODU 6|]OHûPHVL $YUXSD ùQVDQ +DNODUÖ $QODûPDVÖ JLEL EHOJHOHUGH EHOLUWLOHQ
KDNODUÖQ JHWLUGLøL JYHQFH\L JHUHNWLULU 'HPRNUDVLQLQ WHPHO LONHOHULQLQ JHUoHNOHûPHVL
LoLQ KHU LNL NRûXO GD JHUHNPHNWHGLU %X \]GHQ GHPRNUDVL\OH LQVDQ KDNODUÖ DUDVÖQGDNL
EDøÖQWÖLOLQWLVHOROPD\ÖSLoVHO\DSÖVDOELUEDøÖQWÖGÖULQVDQKDNODUÖGHPRNUDVLQLQ]RUXQOX
ELUELOHûHQLGLU'HPHNNLGHPRNUDVL\L\DOQÖ]NLPLVL\DVLNXUXPODUDEDøODPDNLNL\|QO
ELU \DQOÖûWÖU %LU NHUH DQÖODQ NXUXPODUÖQ GHPRNUDWLN VD\ÖOPDODUÖQÖ KDNOÖ oÖNDUDQ QH
|OoGH GHPRNUDWLN ROGXNODUÖQÖQ GHøHUOHQGLUPHVLQH ]HPLQ VDøOD\DQ WHPHO LONHOHUL J|]
DUGÖ HGHU ùNLQFL RODUDN JHUoHNOHûPHVLQLQ ]RUXQOX NRûXOX RODQ LQVDQ KDNODUÖQÖ GLNNDWH
DOPDGÖøÖQGDQ
EX
NXUXPODUÖ
GHPRNUDVL
LoLQ
\HWHUOL
VD\DU
$QÖODQ
NRûXOODUÖQ
GHPRNUDWLNOHûPH LoLQ ]RUXQOX ROPDVÖ \]QGHQGLU NL NLPL NRûXOODUGD LQVDQ KDNODUÖQÖQ
JHOLûWLULOPHVL
LoLQ
YHULOHFHN
XøUDûODU
GHPRNUDVLQLQ
JHOLûWLULOPHVL
LoLQ
YHULOHFHN
XøUDûODUGDQGDKDHWNLOLRODELOPHNWHGLU
8\JXODPDGD EHOOL ELU SDUODPHQWHU oRøXQOXN DUDFÖOÖøÖ\OD GLOH JHWLULOHQ ´KDON R\Xµ LOH
LQVDQ KDNODUÖQÖQ VDYXQXOPDVÖ DUDVÖQGD ELU JHULOLP RODELOHFHøL ELOLQLU %HOOL XOXVDO
NRQXODUÖQ \D GD KDON |INHVLQLQ DøÖU EDVPDVÖ WHPHO |]JUONOHULQ JHoLFL \D GD VUHNOL
RODUDN NDOGÖUÖOPDVÖQD \RO DoDELOPHNWHGLU 7RFTXHYLOOH YH - 6 0LOO·LQ ]DPDQÖQGDQ EHUL
EXQD´oRøXQOXøXQWLUDQOÖøÖµGHQPHNWHGLU%|\OHEDVNÖODUDNDUûÖNRQDELOPHVLLoLQLQVDQ
KDNODUÖQÖQ |]HO JYHQFHOHUH EDøODQPDVÖ JHUHNPLûWLU %|\OH JYHQFHOHU KDN VDøOD\DQ
\DVDODU KXNXNL \ROODU PHFOLV LûOH\LûL LOH LOJLOL G]HQOHPHOHUOH VDøODQDELOPHNWHGLU 6ÖNoD
\DSÖOGÖøÖ JLEL DQÖODQ JHULOLPLQ LQVDQ KDNODUÖ\OD GHPRNUDVL \D GD |]JUON DUDVÖQGD
ROGXøXQX |QH VUPHN \D GD PHFOLV oRøXQOXNODUÖQÖQ LUDGHOHULQH VÖQÖUODPD JHWLUPHQLQ
GRøUXGDQ GHPRNUDVL\L VÖQÖUODPDN RODFDøÖQÖ V|\OHPHN \DQOÖû ROXU <XNDUÖGD JHOLûWLULOHQ
EX VDYXQPD GRøUXOWXVXQGD V|] NRQXVX oDWÖûPDODUÖQ KDONR\XQXQ EHOOL ELU GXUXPGD
HJHPHQ ROPDVÖ\OD D\QÖ R\ KDNNÖQÖQ VUHNOL RODUDN HWNLOL ROPDVÖ NRûXOODUÖQÖQ VDøODQPDVÖ
DUDVÖQGDNL ELU oDWÖûPD EHOOL ELU NRQXGD R\XQX GX\XUPD LPNDQÖ\OD R\XQX GHYDPOÖ
RODUDN GX\XUDELOPH KDNNÖ DUDVÖQGDNL ELU JHUJLQOLN RODUDN GHøHUOHQGLUPHN JHUHNLU
'HPHN NL GHPRNUDVLOHU LoWHQ oHOLûNLOL ROPD\DFDNODUVD \|QHWLPOHU ]HULQGH KDON
GHQHWLPL VDøOD\DQ NRûXOODUD LoWHQ ]DUDU YHULOPHVLQH L]LQ YHULOPH\HFHNVH |]GHQHWLP
X\JXODPDN JHUHNHQ VÖQÖUODUÖ EHQLPVHPHN ]RUXQGDGÖUODU EHVEHOOLGLU NL EX WU DQD\DVDO
VÖQÖUODPDODUÖQNHQGLSD\ODUÖQDKDONWDUDIÖQGDQRQD\ODQPDVÖJHUHNHFHNWLU
9DUÖODQ VRQXo LQVDQ KDNODUÖQÖQ GHPRNUDVLQLQ YD]JHoLOPH] ELOHûHQL ROGXNODUÖGÖU
oQN KDONÖQ UHVPL NRQXODUGD V|] VDKLEL ROPDVÖQÖ \|QHWLPL GHQHWOHPHVLQL VDøODPDQÖQ
RQVX] ROPD] NRûXOX WHPHO KDNODUÖQ JYHQFH\H EDøODQPÖû ROPDVÖGÖU 'HPRNUDVL YH
LQVDQ KDNODUÖ NRQXODUÖ GDKD GHULQ ELU G]H\GH GH LOJLOLGLUOHU NL EX LOJL KDNOÖ
oÖNDUÖOPDODUÖQGD GD\DQÖODQ LONHOHULQ WHPHOLQGHNL YDUVD\ÖPODUGDQ ND\QDNODQÖU ùQVDQ
KDNODUÖ JQGHPLQLQ GD\DQGÖøÖ IHOVHIL LONH DUDODUÖQGDNL IDUNOÖOÖNODU QH ROXUVD ROVXQ WP
LQVDQODUÖQ JHUHNVLQLP YH KDNODUÖQÖQ HûLW ROGXøXQXQ EHQLPVHQPHVL LONHVLGLU g]HOOLNOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WUO |]JUON KDNODUÖ NLûLVHO |]JUON KDNNÖ GûQFH YH YLFGDQ |]JUOø VHUEHVW
GRODûÖP YE ELUH\OHULQ NHQGL KD\DWODUÖ NRQXVXQGD ELOLQoOL DNOÖ EDûÖQGD NDUDUODU
YHUHELOHFHNOHUL YDUVD\ÖPÖQD GD\DQÖUODU 'HPRNUDWLN KDNODU GD RUWDN NDPX \DûDPÖQÖ
LOJLOHQGLUHQNRQXODUGDEX\HWHQHNOHULYDUVD\DUODU2\YHUPHUHVPLJ|UHYOHUHDGD\ROPD
JLEL KDNODU ELUH\OHULQ NHQGL KD\DWODUÖ\OD LOJLOL ROGXøX NDGDU NDPX \DûDPÖ\OD LOJLOL
NRQXODUGDGDELOLQoOLWDUWÖûPDODUDNDUDUYHUPHVUHoOHULQHNDWÖOPD\HWHQHøLWDûÖGÖNODUÖQÖ
YDUVD\DU *HUHN ELUH\LQ NHQGLQH JHUHNVH NDPX\X LOJLOHQGLUHQ NRQXODUGD DQÖODQ
ROJXQOXøDHUJLQOLNOHHULûLOGLøLNDEXOHGLOLU
.XûNXVX] WRSOXP NDUDUODUÖ ELUH\LQ |]JUONOHULQL VÖQÖUODU %X DQODPGD ELUH\VHOOH
WRSOXPVDO
DUDVÖQGD
ELU
JHUJLQOLN
V|]
NRQXVXGXU
%XQGDQ
GROD\Ö
GHPRNUDVL
WDUWÖûPDODUÖQÖQ DQÖODQ LNL WHULP DUDVÖQGDNL GHQJHQLQ QDVÖO VDøODQDELOHFHøLQL EHOLUOHPHNOH
\NPO ROPDODUÖ JLEL LQVDQ KDNODUÖ JQGHPLQLQ ELU NRQXVX GD WRSOXP NDUDUODUÖQÖQ
JFQQ QDVÖO VÖQÖUODQDFDøÖQÖQ WDUWÖûÖOPDVÖGÖU *HUHN ELUH\VHO KDNODU JHUHNVH WRSOXP
NDUDUODUÖ WDUDIODUÖQÖQ EX WDUWÖûPDGD GD\DQGÖNODUÖ RUWDN SD\GD LQVDQ \HWHQHNOHUL
NRQXVXQGD EHQLPVHQHQ ELU YDUVD\ÖPGÖU +Lo NLPVHQLQ EDûNDODUÖQÖQ \DUDU YH LVWHNOHULQL
EHOLUOHPH\HEXNRQXGDYHOD\HWHWPH\H\HWNLOLROPDGÖøÖEXKDNNÖQDQFDNL\LEHOLUOHQPLû
VÖQÖUODU LoLQGH YH LUDGH\H GD\DQDUDN EHOOL NLPVH YH NXUXOODUD JHoLFL VUHOHU LoLQ
GHYUHGLOHELOHFHøLLONHVL
%XUD\D NDGDU \HWHUVL] GHPRNUDVL WDQÖPODUÖQÖQ GHPRNUDVL\OH LQVDQ KDNODUÖ NRQXODUÖ
DUDVÖQGDNL LOLûNLQLQ HNVLN NDYUDQPDVÖQD \RO DoDELOHFHøL J|] |QQH DOÖQDUDN GHPRNUDVL
WDQÖPÖQD RGDNODQÖOGÖ 2\VD LQVDQ KDNODUÖQÖQ DQODWÖOPDVÖQGD GD WRSOXPVDO YH VL\DVL
KDNODU JQGHPLQGHNL NRQXODUGDQ LEDUHW ROGXNODUÖ L]OHQLPLQH \RO DoDELOHQ EHQ]HU ELU
\HWHUVL]OLN WHûKLV HGLOHELOLU %DWÖOÖ \DNODûÖPODU KHS EX \|QGH HNVLN ROPXûODUGÖU VRøXN
VDYDûÖQVRQDHUPHVLGHEXHøLOLPLJoOHQGLUPLûWLU%DWÖOÖONHOHUGHQELULQLQLQVDQKDNODUÖ
NRQXVXQGD \D\ÖQODGÖøÖ KDQJL ELOGLUJH\L DOÖUVDQÖ] DOÖQÖ] KHPHQ KHS UHVPL YH VL\DVL
KDNODUÖQ V|] NRQXVX ROGXøXQX J|UUVQ] (NRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖQ
QLoLQJ|]DUGÖHGLOGLNOHULNRQXVXQXQWDUWÖûÖOPDVÖEXEDøODPGD\HUVL]RODFDNWÖUúXNDGDUÖ
EHOLUWLOPHOL NL EXKDNODUÖ GLNNDWH DOPD\DQ LQVDQKDNODUÖ\OD GHPRNUDVLQLQ LOLûNLVL NRQXOX
KHU DQODWÖ \DUÖP NDOPÖû VD\ÖOÖU $VOÖQGD \DUÖPGDQ oRN GDKD ID]OD HNVLN NDOPÖû VD\ÖOÖU
oQN GHPRNUDVL\OH WRSOXPVDO HNRQRPLN YH HNLQVHO KDNODU DUDVÖQGDNL LOLûNLOHU |UJV
EXUD\D NDGDU HOH DOÖQDQ GHPRNUDVLUHVPL YH VL\DVL KDNODU LOLûNLVLQGHQ GDKD JLULIWWLU
6L\DVL NXUXPODUÖ ELU DODQ HNRQRPLN WRSOXPVDO YH HNLQVHO KDNODUÖ EDûND ELU DODQ
VD\DUVDNUHVPLYHVL\DVLKDNODUÖQEXDODQODUÖQDUDNHVLWLQGH\HUDOGÖøÖV|\OHQHELOLU
.D\QDNoD
%HHWKDP'DYLG'HPRFUDF\DQG+XPDQ5LJKWV3ROLW\3UHVV&DPEULGJH
%\NNDUDJ|] 6DYDû .HVLFL úDKLQ 'HPRNUDVL YH ùQVDQ +DNODUÖ (øLWLPL 7UNL\H
'HPRNUDVL9DNIÖ<D\ÖQODUÖ$QNDUD
.DSDQL 0QFL ùQVDQ +DNODUÖQÖQ 8OXVODUDUDVÖ %R\XWODUÖ 7UNL\H 'HPRNUDVL 9DNIÖ
<D\ÖQODUÖ
.XoXUDGL ùRDQQD GHU ùQVDQ +DNODUÖQÖQ )HOVHIL 7HPHOOHUL 8OXVODUDUDVÖ 6HPLQHUL 7UNL\H
)HOVHIH.XUXPX$QNDUD
.XoXUDGL ùRDQQD GHU 7KH ,GHD DQG WKH 'RFXPHQWV RI +XPDQ 5LJKWV 3KLORVRSKLFDO
6RFLHW\RI7XUNH\$QNDUD
3DLQH7KRPDVùQVDQ+DNODUÖ0(%<D\ÖQODUÖùVWDQEXO
6HPLKD$NÖQFÖ³ùQVDQ+DNODUÖYH'HPRNUDVL
3DOXPER 0LFKDHO +XPDQ 5LJKWV 0HDQLQJ DQG +LVWRU\ 5REHUW ( .UÖHJHU 3XE
&RPSDQ\)ORULGD
6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
'Ro'U(PHO$N|]HU ,
$GROI +LWOHU·LQ EDû PLPDUÖQÖQ NHQGLVLQH ´VRQVX]OXøD NDODFDN ELQDODU LQûD HWPH
J|UHYLµ
WHYFLK
HGLOHQ
$OEHUW
6SHHU·LQ
*L]OL
*QFHOHU·LQGH
VL\DVHWLQ
HVWHWLNOHûWLULOPHVL\HûLOOHûWLULOPHVL LOH 1D]L ùPSDUDWRUOXøX DUDVÖQGDNL LOLûNL\H WDQÖNOÖN
HGHQoRNVD\ÖGDLWLUDIEXOPDNPPNQ úLPGL DNûDP YDNWL KFUHPGH UHMLPLQ J]HOOLøH NDUûÖ JHUoHNWH oRN DûLNkU
RODQ LOJLVL ]HULQH GûQ\RUXP 5HMLPLQ DFÖPDVÖ]OÖøÖQD YH LQVDQOÖNGÖûÖ
\DNODûÖPÖQD
oRøX
GX\JXVDOOÖøÖQD
]DPDQ
G|QûPû
GHMHQHUH
ROVD
GD
ROXS
NDUWSRVWDO
J]HOOLN
HOGH
PDQ]DUDVÖ
GHøPHPLûOLN
NLUOHQPHPLûOLN NDUûÖVÖQGD GLNNDWH GHøHU ELU GX\DUOÖOÖN HûOLN HWPLûWL .XûNXVX] UHMLPLQ J]HOOLN |]OHPL +LWOHU·LQ NLûLVHO EHøHQLVL\OH PRGHUQ
GQ\D\D NDUûÖ EHVOHGLøL QHIUHWOH JHOHFHN NRUNXVX\OD LOLûNLOL\GL $PD LûLQ
LoLQGH
EHQFLO
ROPD\DQ
ELU
WRSOXPVDO
QHGHQ
WHNQRORMLN
GQ\DQÖQ
NDoÖQÖOPD] oLUNLQOLøLQL DOÖûÖOPÖû HVWHWLN ELoLPOHUOH J]HOOLNOH EDøGDûWÖUPD
oDEDVÖGDYDUGÖ 0RGHUQOLNNDUûÖWÖURPDQWLNELU\DNODûÖPRODQHVWHWLNoLOLNOH\DQLIHOVHIHQLQHWLøLQYH
VL\DVHWLQ HVWHWLNOHûWLULOPHVL\OH ÖUNoÖOÖN WRSODPD NDPSODUÖ YH VR\NÖUÖP DUDVÖQGDNL LOLûNL\L
IDUNOÖ EDNÖû DoÖODUÖQGDQ HOH DODQ GHøLûLN ]DPDQODUGD \D]ÖOPÖû oRN VD\ÖGD ND\QDNWDQ V|]
HGLOHELOLU *HUHN HVWHWLNoLOLøLQ JHUHNVH VL\DVHW IHOVHIH YH HWLøLQ \HûLOOHûWLULOPHVLQLQ
JQP]GH J|] DUGÖ HGLOHELOHQ LQVDQOÖNGÖûÖ VRQXoODUÖ oHûLWOL ELOLPVHO YH IHOVHIL
oDOÖûPDODUGD HOH DOÖQPÖûWÖU 6RQ RQ \ÖOGD GLNNDWL oHNHQ 7HUU\ (DJOHWRQ·ÖQ (VWHWLøLQ
ùGHRORMLVL YH /XF )HUU\·QLQ <HQL (NRORMLN ']HQ $øDoODU +D\YDQODU YH ùQVDQODU
EDûOÖNOÖ NLWDSODUÖQGDQ oRN |QFH |UQHøLQ .DUO 5 3RSSHU·LQ$oÖN7RSOXPYH
'ûPDQODUÖ·QGD EX URPDQWLN \DNODûÖPODUÖQ LGHRORMLN N|NOHULQLQ YH VL\DVL
VRQXoODUÖQÖQ WDUWÖûÖOGÖøÖQÖ EHOLUWPHN JHUHNLU %XQD NDUûÖOÖN ·ODUGDQ EDûOD\DUDN
HWLøLQ \HûLOOHûPHVLQL \HU\]QGH ´LQVDQ WUQQ ûRYHQL]PLµQH VRQ YHUHQ ELU JHOLûPH
RODUDN VXQDQ YH WRSODPD NDPSODUÖQÖQ GHKûHWLQL GH PRGHUQOLN SURMHVL\OH DoÖNOD\DQ
URPDQWLN\DNODûÖPODUÖQKÖ]OD\D\JÖQODûWÖøÖJ|UOPHNWHGLU %X URPDQWLN PRGHUQOLNNDUûÖWÖ \DNODûÖPODU JHoWLøLPL] \]\ÖOGD GD HQWHOHNWHO
PRGDODULoLQGH|QHPOLELU\HUWXWPXûEX\DNODûÖPODUD\|QHOWLOHQHOHûWLULVDQDWYHoHYUH
GûPDQOÖøÖ
JLEL
DOJÖODQDELOPLûWLU
(VWHWLNoLOLøLQ
VDQDWVHYHUOLN
ROPDGÖøÖQÖ
VWHOLN
JHoPLûWH VL\DVHWLQ VDQDWD PGDKDOHVLQH ]HPLQ KD]ÖUODGÖøÖQÖ oHYUHVHO VRUXQODUÖQ VLKLUOH
2'7h0LPDUOÖN)DNOWHVL
$OEHUW6SHHU6SDQGDX7KH6HFUHW'LDULHV)RQWDQD&ROOLQVV
ùELGV
%N]7HUU\(DJOHWRQ7KH,GHRORJ\RIWKH$HVWKHWLF&DPEULGJH%DVLO%ODFNZHOO/XF)HUU\
7KH1HZ(FRORJLFDO2UGHUdHY&DURO9RON&KLFDJR8QLYHUVLW\RI&KLFDDJR3UHVV.DUO
3RSSHU$oÖN7RSOXPYH'ûPDQODUÖdHY0HWH7XQFD\ùVWDQEXO5HP]L.LWDEHYL
5RGHULFN)UD]LHU1DVK7KH5LJKWVRI1DWXUH³$+LVWRU\RI(YLURQPHQWDO(WKLFV/RQGRQ7KH
8QLYRI:LVFRQVLQ3UHVVII5LFKDUG6\OYDQDQG'DYLG%HQQHWW7KH*UHHQLQJRI
(WKLFV7KH8QLYHUVLW\RI$UL]RQD3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
o|]OHPH\HFHøLQL PRGHUQOLøLQ YH HOHûWLUHO DNÖOFÖ ELU \DNODûÖPÖQ VDQDWVDO GX\DUOÖOÖøÖQ YH
oHYUH
GX\DUOÖOÖøÖQÖQ
JHOLûPHVLQL
HQJHOOHPHGLøLQL
V|\OHPHN
KHU
]DPDQ
\HWHUOL
ROPDPDNWDGÖU1HZ$JHGL\HWDQÖPODQDQSRSOHUNOWUQVXQGXøXDNÖOGÖûÖNDUÖûÖPODUÖQ
|]HOOLøLLoOHULQHELUPLNWDUGRøUXNDWÖOPÖûROPDVÖGÖU%XRQODUÖKHQ]´DNODYHGDµHWPH
NRQXVXQGD NDUDUVÖ] RODQODU LoLQ GH LNQD HGLFL NÖODELOPHNWHGLU %|\OHFH EX NDUÖûÖPODUÖQ
HQ ]HKLUOL RODQODUÖ XPXOPDGÖN \HUOHUGH YH ]DPDQODUGD NDUûÖPÖ]D oÖNDELOL\RU YH ELU WU
´DNÖOWXWXOPDVÖµVD\HVLQGHVRQGHUHFHGHHWNLOLRODELOL\RU'DKD|QHPOLVLEDUÖQGÖUGÖNODUÖ
D]PLNWDUGDNLGRøUXGDLoOHULQGHHUL\LSJLGL\RU
(VWHWLNoLOLøLQ YH HWLøLQ \HûLOOHûWLULOPHVLQLQ 3RSSHU·LQ NXOODQGÖøÖ WHULPOHUOH ´NDELOH
WRSOXPXµQXQ \D GD ´NDSDOÖ WRSOXPµXQ HWKRV·XQX JHUL JHWLUPH GûOHUL\OH LOLûNLVL QHGLU" %X VRUX\X \DQÖWODPDN YH ED]Ö NDYUDPODUD DoÖNOÖN JHWLUPHN EDNÖPÖQGDQ EX GûOHULQ LNL
ELQ \ÖOGDQ GDKD |QFHVLQH X]DQDQ WDULKL LoLQGH |QHPOL ELU \HU WXWDQ 3ODWRQ·XQ
7LPDHXV·XQGDQ \ROD oÖNPDN \DUGÖPFÖ RODELOLU %DWÖ·GD YH 'RøX·GD <HQLSODWRQFX
JHOHQHNOHU NDGDU 1HZ $JH NRODMODUÖQD GD PDO]HPH VDøOD\DQ 7LPDHXV J|]P]Q |QQH
ELOLPVDQDWYHDKODNÖQVL\DVHWOHLoLoHJHoWLøLELUGQ\DVHUHU%XUDGD3ODWRQ·XQHWLøLLOH
7LPDHXV·XQRUWD\DNR\GXøXDKODNÖQELUYHD\QÖûH\ROPDGÖøÖQÖYXUJXODPDNJHUHNLU
,,
7LPDHXV3ODWRQ·XQ'HYOHWDGÖ\ODELOLQHQ\DSÖWÖQGDQDNWDUÖODQHQL\LGHYOHWWDVYLUOHUL\OH
EDûODU &ULWLDV·ÖQ $WLQDOÖ QO \DVD \DSÖFÖ 6RORQ·XQ (VNL 0ÖVÖU UDKLSOHULQGHQ GLQOHGLøLQL
V|\OHGLøL $WODQWLV |\NV\OH GHYDP HGHU %X |\N\OH DQODWÖOPDN LVWHQHQ 3ODWRQ·XQ HQ
L\L GHYOHW WDVYLULQLQ GûVHO ROPD\DELOHFHøL JHoPLûWH E|\OH ELU GHYOHWLQ .R]PRV·XQ
7DQUÖVDO ']HQL·\OH X\XPOX ELU WRSOXP G]HQLQLQ YDU ROPXû RODELOHFHøLGLU 6RQ
RODUDN \DSÖWD DGÖQÖ YHUHQ 3\WKDJRUDVoÖ GûQU 7LPDHXV .R]PRV·XQ YH LQVDQÖQ
\DUDWÖOÖûÖ|\NVQGLOHJHWLULU
%X VRQ |\N JHUoHNWH \DUDWÖFÖ HGLPLQ |\NVGU 7LPDHXV |QFH 9DUOÖN YH 2OXû
DUDVÖQGDNL D\UÖPD GHøLQLU 9DUOÖN DNÖO \ROX\OD NDYUDQÖU HEHGL YH H]HOLGLU 2OXûPDNWD
RODQ KHU ûH\ JHoLFLGLU YH KLoELU ]DPDQ JHUoHN DQODPGD YDU ROPD] DPD J|UOHELOLU YH
HOOH WXWXODELOLU 2OXûPDNWD RODQ KHU ûH\LQ ROXûPDVÖQD \RO DoDQ ELU 1HGHQ >&DXVH@
YDUGÖU7LPDHXV.R]PRV·XQGDJ|UQUYHHOOHWXWXOXUROGXøXQXGX\XPVDQDELOGLøLQL
EX \]GHQ GH ELU 1HGHQ·L ELU \DUDWÖFÖVÖ ROPDVÖ JHUHNWLøLQL |QH VUHU 7LPDHXV·D J|UH
.R]PRV RODELOHFHNOHULQ HQ J]HOL YH .R]PRV·XQ <DUDWÖFÖVÖ %DEDVÖ \D GD 0LPDUÖ
\DUDWÖFÖODUÖQHQL\LVLGLU2KDOGH.R]PRV·XQ0LPDUÖH]HOLYHHEHGL9DUOÖN·Ö|UQHNDOPÖû
ROPDOÖGÖU.R]PRVH]HOLYHHEHGL9DUOÖN·ÖQNRS\DVÖGÖU
7LPDHXV VRQVX] VD\ÖGD GQ\DQÖQ ROGXøXQX |QH VUHQ $WRPFXODUGDQ IDUNOÖ RODUDN
HûVL] YH NXVXUVX] ELU EWQ ROGXøXQD LQDQGÖøÖ .R]PRV·XQ NXVXUVX] SDUoDODUÖ\OD
X\XPOX ELUOLøLQL VDøOD\DQ WRSUDøÖ YH DWHûL VX\X YH KDYD\Ö GHøLûPH\HQ LOH JHoLFL RODQÖ
g]GHû LOH gWHNL·QL 9DUOÖN LOH 2OXû·X LOLûNLOHQGLUHQ J|N NXEEHGH $NOÖQ LoLPL]GH
5XK·XQ
GHYLUOHULQL
G]HQOH\HQ
JL]HPOL
RUDQODUGDQ
3\WKDJRUDVoÖODUÖQ
NXWVDO
JHRPHWULVLQGHQNÖVDFDVÖ7DQUÖVDO6DQDW·ÖQJL]OHULQGHQV|]HGHU
3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QGD EHOLUWWLøL JLEL 3ODWRQ·D J|UH VL\DVHW
7LPDHXV·WD EHWLPOHQHQ 7DQUÖVDO 6DQDW JLELGLUVL\DVHWGH P]LN JLEL PLPDUOÖN JLEL H]HOL
<XQDQOÖODULoLQHWKRVWHULPLQLQLNLDQODPÖYDUGÖKDONÖQDKODN\DGDGDYUDQÖûNXUDOODUÖYHYH
NDUDNWHULP]LNWHKDONÖQDKODNYHNDUDNWHUOHULQLHWNLOH\HQPDNDP\DGDDNRUW%N]
KWWSZZZIDFVWDIIRJOHWKRUSHHGX-%RKDUW+LVWRULFDO2XWOLQHKWP
3ODWR7LPDHXV3ODWR,Q7ZHOYH9ROXPHV&DPEULGJH0DVV+DUYDUG8QLYHUVLW\3UHVV
3ODWR7LPDHXVH
(PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
YHHEHGLRODQÖ|UQHNDODQELUG]HQJHWLUPHELoLPYHUPHVDQDWÖGÖU.XVXUVX]6DQDW·WÖU
%X VDQDWÖ LFUD HGHQOHULQ PDO]HPHVL LQVDQ WRSOXOXNODUÖGÖU 6L\DVHWLQ HVWHWLNOHûWLULOPHVL
LQVDQ WRSOXOXNODUÖQÖ 7DQUÖVDO gUQHN·H J|UH \HQLGHQ ELoLPOHQGLUPH NXVXUVX] YH J]HO
\HQL
ELU
WRSOXP
\DUDWPD
DU]XVXQXQ
VRQXFXGXU
3RSSHU·LQ
5RPDQWLNOLN
GL\H
DGODQGÖUGÖøÖ EX WXWXP NDSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH \DûDQDQ
VÖNÖQWÖODUÖQYHVRUXQODUÖQN|NWHQo|]PQJHoPLûWHGRøD\DG|QûWH\DGD´JHOHFHøLQ
VHYJLYHJ]HOOLNGQ\DVÖQDGRøUX\U\ûWHµDUD\DELOLU$PDKHUGXUXPGDEDûYXUGXøX
|UQHN LGHDOOHûWLUGLøL NDSDOÖ WRSOXP ELoLPOHULGLU WRSOXP \DûDPÖQÖ G]HQOH\HQ \DVDODUÖQ
KHQ] GRøD \DVDODUÖ JLEL J|UOGø ´NDELOH WRSOXPXµ \D GD ´RUJDQLN WRSOXPµGXU 7LPDHXV·WDDQODWÖODQ$WODQWLV|\NVQGHNLDQDNURQL]PEXLGHDOOHûWLUPHQLQUQGU%X
|\NGH $WODQWLV·OH VDYDûDQ $WLQD LQVDQ KD\DWÖQGDNL KHU ûH\LQ .R]PRV·XQ ']HQ·L\OH
X\XPLoLQGHROGXøXLGHDOELUGHYOHW]DPDQÖQWRSOXPODUÖQGDQoRNGDKDLOHULELUWRSOXP
|UQHøLRODUDNVXQXOPXûWXU
,,,
*HUoHNWH HQ HVNL ELoLPL\OH NDSDOÖ WRSOXP \D GD NDELOH WRSOXPX ELOJLQLQ DKODNL
EX\UXNODUOD VÖQÖUODQGÖUÖOGÖøÖ GROD\ÖVÖ\OD ´1H\L ELOHELOLUL]"µ VRUXVXQXQ KLo VRUXOPDGÖøÖ
WRSOXPGXU %X WRSOXPXQ \HOHULQLQ QH \DSPDVÖ JHUHNWLøL WRSOXPVDO \DûDPÖQ WDEXODUÖ
YH WRSOXPVDO \DSÖ LoLQGHNL \HUOHUL\OH EHOLUOHQPLûWLU NLûLVHO NDUDUODU V|] NRQXVX GHøLOGLU
GROD\ÖVÖ\OD ´'RøUX H\OHP QHGLU"µ VRUXVX IHOVHIHQLQ ELU GDOÖ RODUDN HWLøLQ WHPHOLQGH
\DWDQ YH ´1H \DSPDP JHUHNLUµ VRUXVXQX GD RODQDNOÖ NÖODQ VRUX KLo JQGHPH JHOPH]
2UJDQLN WRSOXP VDQDWVDO UHWLPLQ E\FONWHQ KHQ] IDUNOÖODûPDGÖøÖ VDQDWÖQ \D GD
E\QQ HUNOH Lo LoH JHoWLøL IHOVHIHQLQ ELU GDOÖ RODUDN HVWHWLøLQ KHQ] RUWD\D oÖNPDGÖøÖ
WRSOXPGXU´.DSDOÖWRSOXPµGHU3RSSHU´KÖVÖPOÖNELUDUDGD\DûD\ÖûRUWDNoDEDODUÖ
RUWDNWHKOLNHOHULRUWDNVHYLQoOHULYHRUWDNNDGHUOHULSD\ODûPDJLEL\DUÖEL\RORMLNEDøODUOD
ELUELULQHWXWXQPXû\DUÖRUJDQLNELUELULPROGXøXLoLQGLUNLELUVU\\DGDELUNDELOH\L
DQGÖUÖU.DSDOÖWRSOXPKkOkELUELUOHUL\OHEDøÖLûE|OPYHPDOGHøLûWRNXûXJLELVR\XW
WRSOXPVDOLOLûNLOHUGHQLEDUHWROPD\ÖSGDGRNXQPDNRNODPDYHJ|UPHJLELVRPXWIL]LN
LOLûNLOHUGHQPH\GDQDJHOHQVRPXWELUH\OHULQVRPXWELUJUXEXGXUµ 3ODWRQ·XQ \DûDGÖøÖ G|QHPGHQ oRN |QFH GDKD ùg \]\ÖOGD ùRQ\D E|OJHVLQGH
0LOHWRV·WDIHOVHIHYHELOLPGLQVHOYHDKODNLNÖVÖWODPDODUÖWDQÖPD]ROPXûYHVDQDWELOLûVHO
DKODNVDOE\VHOYHVL\DVDOLûOHYLQL\LWLUPLûWLU<HQLWHNQLNYHELOLPVHONOWUQHWKRV·X
NDELOH WRSOXPXQXQ E\ YH HIVDQHOHU GQ\DVÖQÖQ HWKRV·X GHøLOGLU DUWÖN 3RSSHU $oÖN
7RSOXP YH 'ûPDQODUÖ·QGD YH ´.OWUOHULQ dDUSÖûPDVÖ +DNNÖQGDµ EDûOÖNOÖ \D]ÖVÖQGD
$\GÖQODQPD·QÖQ LON NH] GHQL]FLOLN YH WLFDUHWLQ JHOLûWLøL 'RøX YH %DWÖ NOWUOHULQLQ \]
\]H JHOGLøL 'RøX $NGHQL] NHQWOHULQGH |UQHøLQ 0LOHWRV·WD EDûODPÖû ROPDVÖQÖQ YH EX
HQWHOHNWHO YH WLFDUL PHUNH]OHUGHQ \D\ÖOPDVÖQÖQ ELU UDVWODQWÖ ROPDGÖøÖQÖ DQODWÖU %WQ
EXJHOLûPHOHUEXVL\DVDOYHUXKVDOGHYULPFHQQHWEDKoHVLQLQX\XPXQXER]PXûNDSDOÖ
WRSOXPXQo|Nû\OHELUOLNWHEXDoÖNWRSOXPDJHoLûLQ\DOQÖ]FDLONDGÖPÖGÖU´X\JDUOÖøÖQ
VÖNÖQWÖVÖµGX\XOPD\DEDûODPÖûWÖU
,9
.DUO53RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
,ELG
%N]&KDUOHV+.DKQ7KH$UWDQG7KRXJKWRI+HUDFOLWXV&DPEULGJH&DPELGJH8QLYHUVLW\
3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.DSDOÖ WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH KkOk \DûDPDNWD ROGXøXPX] EX
VUHoWH RUWD\D oÖNDQ ´VUNOHQPH GX\JXVXµQXQ \DUDWWÖøÖ EHOLUVL]OLN YH VL\DVDO GHøLûLP
NDUûÖVÖQGD |]HO DODQ RLNRV NDELOH WRSOXPXQXQ DOÖûNDQOÖNODUÖQÖQ HWKRV·XQXQ KkOk JHoHUOL
ROGXøX J|UQûWH JYHQOL ELU DODQ ELU VÖøÖQDN RODUDN NDOPÖûWÖU -HDQ)UDQoRLV /\RWDUG
·GH ´2LNRVµ EDûOÖøÖQÖ WDûÖ\DQ \D]ÖVÖQGD <XQDQFD·GD RLNHLRQ YH SROLWLNRQ DUDVÖQGDNL
DSDoÖNNDUûÖWOÖøDGLNNDWoHNHU2LNHLRQKDQHKDONÖGÖUNDGÖQODUoRFXNODUKL]PHWNkUODU\D
GD N|OHOHU HYFLO KD\YDQODUGÖU ´2LNHLRQ NDPXVDO ROPD\DQ KHU ûH\GLUµ
2LNHLRQ YH
SROLWLNRQDUDVÖQGDNLNDUûÖWOÖNPDKUHPYHNDPXVDODUDVÖQGDNLNDUûÖWOÖøDNDUûÖOÖNJHOLU
/\RWDUG·D J|UH WUDMHGL RLNRV·XQ EX WHNLQVL] PHNkQÖQ DODFDNDUDQOÖøÖQGD GRøPXûWXU
'RPHVWLN DODQ WUDMHGLOHULQ YD]JHoLOPH] DUNDSODQÖGÖU WUDMHGLOHULQ NRQXVX >NDSDOÖ
WRSOXPGDQ DoÖN WRSOXPD JHoLû VUHFLQGH@ DLOH LOLûNLOHULGLU ´7UDMHGL EX HNRORMLN YH
HNRWUDMLN oHUoHYH GÖûÖQGD PPNQ GHøLOGLUµ GHU /\RWDUG
%XQXQ QHGHQL NDELOH
WRSOXPXQXQ HWKRV·XQXQ GRPHVWLN DODQGD JHoHUOLOLøLQL VUGUPHVLGLU 7HNLQVL]OLøLQ
ND\QDøÖEXHWKRV·WXU
6L\DVHWLQ HVWHWLNOHûWLULOPHVLQLQ \D GD HVWHWLNoLOLøLQ VRQXFX NDELOH WRSOXPXQXQ
HWKRV·XQXQ RQDUÖOPDVÖ UHVWRUH HGLOPHVL YH \HQL\PLû JLEL VXQXOPDVÖGÖU \HQLGHQ oHYULPH
VRNXOPDVÖGÖU .DELOH WRSOXPXQXQ LOLûNLOHULQL JHUL JHWLUPH\H oDOÖûDQ YH LoH NDSDQDQ
WRSOXPODUGD
UHVWRUDV\RQ
DODQÖGÖU
RLNRV
(WLøLQ
\HûLOOHûWLULOPHVL
VL\DVHWLQ
HVWHWLNOHûWLULOPHVLQL L]OHU 2LNRV LoLQGH VDNODQÖS NRUXQDQ NDELOH WRSOXPXQXQ HWKRV·XQXQ
JHQLûOH\LS
\D\ÖOPDVÖ
NDPXVDO
DODQÖQ
GRPHVWLNOHûPHVLGLU
'RPHVWLN
PHNkQÖQ
NUHVHOOHûPHVL VUHFLQLQ ·ODUGD HNRORMLQLQ WHN ELU DLOHQLQ \DûDGÖøÖ GHYDVD ELU HY
RODUDN GûOHQHQ \HUNUHQLQ \|QHWLPL RODUDN WDQÖPODQPDVÖ\OD EDûODGÖøÖQÖ V|\OHPHN
\DQOÖûROPD]
*HoPLûWH NDELOHFL \D GD RUJDQLN WRSOXPD |\NQHQ WRSOXPODUÖQ PLPDUODUÖQÖQ
IL]LNVHO PHNkQGD g]GHû RODQÖ YH gWHNL·QL NRQXPODQGÖUÖûODUÖQGDNL |]HO DODQOD NDPXVDO
DODQÖ D\ÖUÖS EWQOHûWLUPHOHULQGHNL XVWDOÖN YH J]HOOLN 7LPHDXV·WD GLOH JHWLULOHQ 7DQUÖVDO
6DQDW·ÖQ NXWVDO JHRPHWULVLQGHQ ND\QDNODQPÖû NDELOHFL WRSOXPXQ GHøHUOHUL NXWVDO
JHRPHWUL NXUDOODUÖQD J|UH LQûD HGLOHQ NHQWOHULQ G]HQLQGH NRUXQPXûWXU $PD NDELOH
WRSOXPX LGHDVÖQÖQ VRPXWODûWÖøÖ NDELOH WRSOXPXQXQ HWKRV·XQXQ WDûÖQGÖøÖ WHN ELoLP
JHOHQHNVHO NHQW GHøLOGLU NXûNXVX] %X HWKRV HNRORMLNWHNQRORMLN WRS\DODUGD YH
NDUDEDVDQODUGDGD\DûDWÖOPDNWDGÖU0DUN:LJOH\´<HQLGHQdHYULPLQ<HQLGHQdHYULPLµ
EDûOÖNOÖ
\D]ÖVÖQGD
HNRORMLQLQ
EDûÖQGDQ
EHUL
PLPDUOÖN
]HULQH
YH
PLPDUOÖNWDQ
ND\QDNODQDQ ELU GûQPH ELoLPL ROGXøXQX V|\OHPHNWHGLU %X G|QJVHO GûQFHQLQ
EDûODQJÖFÖYHVRQX.R]PRV·XQLQVDQWUQYHFDQOÖYHFDQVÖ]WPYDUOÖNODUÖLoHUHQELU
DLOH\L EDUÖQGÖUGÖøÖ LQDQÖûÖGÖU $LOHQLQ X\XPXQX NRUXPDN LoLQ LQVDQ WUQQ \RN
HGLOPHVLJHUHNWLøLQLVDYXQDQODUGD\RNGHøLOGLU
'DKD J]HO ELU GQ\D YDDW HGHQ LGHRORMLOHU DGÖQD LQVDQ KD\DWÖQD YH LQVDQ RQXUXQD
\|QHOWLOHQ KHU VDOGÖUÖ NDUûÖVÖQGD 3RSSHU·LQ $oÖN 7RSOXP YH 'ûPDQODUÖ·QÖQ VRQXQGD DoÖN
ELUELoLPGHGLOHJHWLUGLøLX\DUÖ\Ö\HQLGHQDQÖPVÖ\RUXP
3ODWRQ·GDQ DOPDPÖ] JHUHNHQ GHUV RQXQ EL]H |øUHWPH\H oDOÖûWÖøÖQÖQ WDP
NDUûÖWÖROPDOÖGÖU3ODWRQ·XQVRV\RORMLNWDQÖVÖ\HWNLQROPDNODELUOLNWHNHQGL
JHOLûLPLVDOÖNYHUGLøLVDøDOWÖPÖQVDYDûPD\DoDOÖûWÖøÖN|WONWHQGDKDEHWHU
-HDQ)UDQoRLV/\RWDUG´2LNRVµ3ROLWLFDO:ULWLQJV/RQGRQ8&/V
,ELG
%N]0DUN:LJOH\´5HF\FOLQJ5HF\FOLQJµ,QWHUVWLFHV-RXUQDORI$UFKLWHFWXUHDQG5HODWHG
$UWV
(PHO$N|]HU³6L\DVHWLQYH(WLøLQ(VWHWLNOHûWLULOPHVL<HûLOOHûWLULOPHVLh]HULQH
ROGXøXQX NDQÖWODPDNWDGÖU 6L\DVDO JHOLûLPL GXUGXUPDN oDUH GHøLOGLU EX
PXWOXOXNJHWLUPH].DSDOÖWRSOXPXQV|]GHPDVXPOXNYHJ]HOOLøLQHDUWÖN
JHUL G|QHPH\L] &HQQHW GûP] \HU\]QGH JHUoHNOHûWLULOHPH] %LU NH]
DNOÖPÖ]D JYHQPH\H YH HOHûWLUPH \HWLOHULPL]L NXOODQPD\D EDûOD\ÖQFD ELU
NH]NLûLVHOVRUXPOXOXNODUÖPÖ]ÖQVHVLQLYHRQXQODELUOLNWHELOJL\LLOHUOHWPH\H
\DUGÖP HWPHQLQ VRUXPOXOXøXQX GX\XQFD DUWÖN ELU GDKD NDELOH VLKULQH
ND\ÖWVÖ] ER\XQ HøPH GXUXPXQD GûHPH\L] %LOPH DøDFÖQÖQ PH\YHVLQL
\L\HQOHU LoLQ FHQQHW \LWLULOPLûWLU .DKUDPDQ NDELOHFLOLN oDøÖQD JHUL JLWPHN
LoLQ QH NDGDU oDOÖûÖUVDN (QJL]LV\RQD *L]OL 3ROLVH YH URPDQWLNOHûWLULOPLû
ELU JDQJVWHUOLøH XODûPDPÖ] R NDGDU NHVLQ ROXU $NOÖQ YH GRøUXQXQ
VXVWXUXOPDVÖ\OD EDûOD\ÖQFD LQVDQÖQ RODQ KHU ûH\L HQ NDED YH ûLGGHWOL ELU
\ROGDQ \ÖNPDNOD ELWLUPHN ]RUXQGD NDOÖUÖ] 8\XPOX ELU GRøD GXUXPXQD G|Qû
\RNWXU'|QHUVHN\ROXQHQEDûÖQDKD\YDQOÖøDNDGDUG|QPHPL]JHUHNLU
´5RPDQWLNOLNµ GHU 3RSSHU ´J|NVHO ûHKULQL JHoPLûWH \D GD JHOHFHNWH DUD\DELOLU
¶GRøD\D G|Qû· \DKXW ¶JHOHFHøLQ ELU VHYJL YH J]HOOLN GQ\DVÖQD GRøUX \U\û·Q
VDYXQDELOLU IDNDW oDøUÖVÖ KHU ]DPDQ DNÖOGDQ oRN GX\JXODUÖPÖ]DGÖU <HU\]Q FHQQHW
\DSPDN \ROXQGDNL HQ L\L QL\HWOHUL ELOH DQFDN GQ\D\Ö FHKHQQHPH ³\DOQÖ] LQVDQÖQ
KHPFLQVOHULLoLQKD]ÖUOD\DELOHFHøLELUFHKHQQHPH³oHYLUPH\LEDûDUDELOLUµ
*|UQûWH
EDUÖûÖQ KNP VUGø \HU\] FHQQHWOHULQGH ELOH LQVDQODUÖQ ELU E|OP GRøXP
UDVWODQWÖODUÖQGDQND\QDNODQDQIDUNOÖOÖNODUÖ\DGDIDUNOÖGûQFHOHUL\]QGHQJ]HOOLøLYH
X\XPX NRUXPD\Ö DPDoOD\DQ ûLGGHWLQ KHGHIL RODELOL\RUODUVD HVWHWLNoLOLN JLEL HWLøLQ
\HûLOOHûWLULOPHVLQLGHVRUJXODPDNJHUHNLU
.DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
.DUO3RSSHU$oÖN7RSOXPYH'ûPDQODUÖV
´ùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
3URI'U%HUQD$UGD 7DULK |QFHVL oDøODUGD RUPDQGDQ \NVHOHQ
LONDøUÖoÖøOÖøÖKHNLPLGDYHWHGHQLONoDøUÖ
LGL
ùQVDQODUÖQ \DûDPODUÖQÖ VUGUPHN LoLQ JHUoHNOHûWLUGLNOHUL YH UHWLPOHUL VRQXFX
JHoLPOLN ELU SDUD HGLQGLNOHUL HWNLQOLNOHUGLU LûOHU %LOJLVHO \D GD WHNQLN LoHULøL LOH EX
PHVOHøL \DSPD \HWNLQOLøLQH XODûPD \ROODUÖ QH GHQOL IDUNOÖ ROXUVD ROVXQ PHVOHNOHULQL
X\JXODUNHQ
SURIHV\RQHOOHULQ
VHUJLOHPHOHUL
EHNOHQHQ
EHOLUOL
GDYUDQÖû
ELoLPOHUL
EXOXQPDNWDGÖU %X ´IRUPODUµ PHVOHNOHULQ NHQGL |]JQ \DSÖODUÖ\OD RUWD\D oÖNÖû
]DPDQODUÖ LOH YH EHONL ELU DQODPGD RQODUÖQ WDULKVHOOLNOHUL\OH GH EDøODQWÖOÖ ELoLPOHUGLU
2NX\DFDøÖQÖ] \D]Ö JQP]GH WÖEEÖQ ELU PHVOHN X\JXODPDVÖ RODUDN VHUJLOHGLøL
J|UQPQ ´Lû DKODNÖµ JLELELU SD\GDWHPHOLQGH GûQGUGNOHUL ]HULQHGLU %XJQQ
WÖEEÖQÖWDQÖPODPD\DoDOÖûPDNGHYDVDELUELOJLELULNLPLQLD\QÖ]DPDQGDWHNQRORML\LELUR
NDGDU \RøXQ ´VDQDWVDOµ \DNODûÖPÖ YH LOHWLûLP EHFHULOHUL \XPDøÖQÖ GD NDVWHWPHN
GHPHNWLU %LOLPVHO ELOJL ELULNLPL DoÖVÖQGDQ WÖS LoHULøLQL E\N ELU KÖ]OD NDWOD\DUDN
QHUHGH\VH ORJDULWPLN ER\XWODUGD DUWWÖUPDNWD RODQ YH D\QÖ ]DPDQGD \RøXQ WHNQRORML
NXOODQÖPÖQD DoÖN ELU DODQGÖU %X \D]Ö oHUoHYHVLQGH WÖEEÖQ ELOLPVHO ELOJL UHWLPL LOH LOJLOL
\DQÖ LOH NRUX\XFX KHNLPOLN EDøODPODUÖ \D]Ö\Ö oRN JHQLûOHWPHPHN ND\JÖVÖ LOH NDSVDP
GÖûÖQGDWXWXOPXûWXU'ROD\ÖVÖ\OD´LûDKODNÖµDoÖVÖQGDQWÖSGHQGLøLQGHNDVWHGLOHQWHGDYL
HGLFL WÖEEÖQ \D GD JHOHQHNVHO ´ELU KHNLP ELU KDVWDµ LOLûNLVLQLQ JQP]GH VHUJLOHGLøL
J|UQPOHU EDøODPÖQGDNL WÖSWÖU <LQH D\QÖ QRNWDGDQ KDUHNHWOH KDQJL WU KHNLP
GDYUDQÖûÖQÖQ ´DKODN GÖûÖµ VD\ÖOGÖøÖ LOH LOJLOL |UQHNOHU WDELS RGDODUÖQÖQ RQXU NXUXOODUÖ
SHUVSHNWLILQGHQJQGHPHJHWLULOHFHNWLU
8\JXODPDOÖELU(WNLQOLN2ODUDN7ÖSYH´*YHQµh]HULQH
+HNLPLQ LQVDQOD GRøUXGDQ EDøODQWÖOÖ ELU PHVOHøL YDUGÖU %X EDøODQWÖ DGÖQD ´LQVDQµ
GHQHQ YDUOÖøÖQ VHUJLOH\HELOHFHøL WP XPXOPDGÖN WP VÖUD GÖûÖ J|UQPOHUOH ELU
SURIHV\RQHO RODUDN PXKDWDS ROPD\Ö JHUHNWLUHFHN ELU \RøXQOXN WDûÖPDNWDGÖU ùQVDQ
EL\RORMLVLQLQ JHUHNWLUGLøL oHûLWOL GXUXPODU |UQHøLQ WHPHOGH IL]\RORMLN YH GRøDO ELU ROD\
ROPDNOD ELUOLNWH JQP]GH oRNoD WÖEELOHûWLULOPLû ROGXøX GûQOHQ GRøXP LoLQ
KDVWDOÖN GHQHQ HYUHQVHO ROJXQXQ SHQoHVLQH DOGÖøÖ KHU ELU ELUH\ LoLQ WUDYPD\D PDUX]
NDODQ KHU LQVDQ LoLQ KHNLP PHVOHNL ELOJL YH EHFHULVL QHGHQL\OH NHQGLVLQH \DNÖQ
EXODFDøÖ ELU SURIHV\RQHOGLU =DDIODUÖPÖ]Ö NLPVH\H EHONL NHQGLPL]H ELOH J|VWHUPHN
LVWHPH\HFHøLPL] YH EDûND NLPVHQLQ ELOPHVLQL LVWHPH\HFHøLPL] \DQODUÖPÖ]Ö KHPHQ
VDGHFH KHNLPOHUOH SD\ODûPD\D \DQDûÖUÖ] +DVWDOÖN GXUXPODUÖ QHGHQL QH ROXUVD ROVXQ
NHQGLPL]L ]D\ÖI YH \DUGÖPD PXKWDo VD\GÖøÖPÖ] \D GD |\OH GX\XPVDGÖøÖPÖ] GXUXPODU
GHøLO PLGLU" 9H EX GXUXPODUÖPÖ]Ö J|UPHVLQHWDQÖN ROPDVÖQD L]LQ YHUPHPL]H \RO DoDQ
HWNHQKHNLPOHULQEL]HYHUGLøL´JYHQGX\JXVXµGHøLOPLGLU"
7ÖS NXûNXVX] WHN ER\XWD LQGLUJHQHPH\HFHN NDGDU oRN \|QO YH LoVHO ]HQJLQOLøL
RODQ ELU HWNLQOLNWLU 2QX ELU PHVOHN ROPDQÖQ |WHVLQGH X\JXODPDOÖ ELU ELOLP D\QÖ
]DPDQGD ELU VDQDW D\QÖ ]DPDQGD ELU DOW NOWU RODUDN GD J|UPHN PPNQGU 7ÖS
$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖgøUHWLPh\HVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DODQÖ WDULKVHO HYULPL LoHULVLQGH oHûLWOL ER\XWODUÖ YH oHûLWOL QLWHOLNOHUL\OH WDQÖPODQPÖû YH
DGODQGÖUÖOPÖûWÖU gQFHOHUL LoJGVHOOLøLQ |Q SODQGD ROGXøX WÖS X\JXODPDVÖQGD ELU
]DPDQODU PLVWLN QLWHOLNOHUOH EH]HOL YH KHNLPOHULQ D\QÖ ]DPDQGD GLQ DGDPÖ QLWHOLøL
WDûÖGÖNODUÖ G|QHPOHU GH \DûDQPÖûWÖU $UGÖQGDQ WÖS X\JXODPDVÖQÖQ ODLN ELU \DSÖ\D
EUQGø KHNLPOHULQ GLQVHO |øHOHUGHQ VÖ\UÖOGÖøÖ YH J|]OHPH GD\DOÖ DPSLULN
\DNODûÖPODUÖQ JHoHUOLN ND]DQPDVÖ\OD GD DNÖOFÖ XVVDO KHNLPOLøH \|QHOLN DGÖPODUÖQ
DWÖOPD\D EDûODQGÖøÖ J|UOHELOLU 9H EXJQ QLKD\HW ELOLPVHOGHQH\VHO EDNÖûÖQ HJHPHQ
ROGXøXELU\DNODûÖPWÖSWDNLJHQHOHøLOLPLROXûWXUPDNWDGÖU
7ÖEEÖQ HYULPVHO JHOLûLPLQGH NDUûÖPÖ]D oÖNDQ KHU ELU G|QHPLQ NHQGLQH |]J
NDUDNWHULVWLNOHUL YDUGÖU NXûNXVX] +HNLP NLPOLøL GH EXQD NRûXW RODUDN GHøLûLNOLNOHU
J|VWHUPLûWLU
$QFDN
KDQJL
G|QHPGH
EXOXQX\RU
ROXUVDN
RODOÖP
EX
NLPOLøLQ
oHNLUGHøLQGH QH ROXUVD ROVXQ YD]JHoLOHPH] ELU WDNÖP |øHOHU EXOXQPDN ]RUXQGDGÖU %X
|øHOHU KHU KHNLP LoLQ RQXQ FLQVHO \|UHVHO HWQLN XOXVDO GLQVHO YH LGHRORMLN DOW
E|OPOHUL
GH
EXOXQDQ
NLûLVHO
NLPOLøLQLQ
|WHVLQGHNL
ELU
´PHVOHN
NLPOLøLµQL
WDQÖPODPDNWDGÖU +HNLPLQ GDYUDQÖûÖQÖ EHOLUOH\HQ GH RQXQ NLûLVHO NLPOLøLQLQ
oDWÖûPD\D GûWø GXUXPODUGD ELOH PHVOHNL NLPOLøLQLQ LûDUHW HWWLøL YH GH JYHQFHVL
ROGXøX GHøHUOHUL|QH oÖNDUÖS oÖNDUDPDPDVÖGÖU+HNLPL ´JYHQLOLUµ NÖODQ YH EXQDGD\DOÖ
RODUDN GD WÖS NXUXPXQX ELQOHUFH \ÖOGÖU ´D\DNWDµ WXWDELOHQ WHPHO GD\DQDN QRNWDVÖGD
KHNLP NLPOLøLQH J|OJHVLQL GûUHQ LQVDQFÖO YH ELU R NDGDU GD HYUHQVHO ELU NLPOLøLQ
LoHULøLQGH VDNOÖ ROVD JHUHNWLU %LU NXUXP RODUDN WÖEEÖQ KDQJL |]HOOLNOHUH VDKLS
SURIHV\RQHOOHUL
NHQGLVLQGHQ
VD\DFDøÖ
YH
´KHNLPµ
NDEXO
HGHELOHFHøL
LOH
LOJLOL
EHOLUOHQPLûNULVWDOL]H ROPXûLONHOHUL ELQOHUFH \ÖOGÖU EXOXQPDNWDGÖU %LU ORQFD LûOH\LûLQGH
YH NHQGL LoLQH G|QN ELU PHVOHN |]HOOLøL WDûÖGÖøÖ +LSRNUDW G|QHPLQGHQ EX \DQD RQXQ
DGÖ\OD
ELOLQHJHOHQ
KHNLP
DQWODUÖ
GD
WÖS
NXUXPXQXQ
NHQGLQGHQ
VD\GÖøÖ
SURIHV\RQHOOHUGHQ WRSOXP |QQGH ´GUVWµ ´JYHQLOLUµ ROPD ´VÖU VDNODPDµ ´LQVDQ
NLûLOLøLQH VD\JÖ GX\PDµ YH ´D\UÖPFÖOÖøD NDUûÖ GXUPDµ V|]Q DOPDVÖ GHøLO PLGLU" %X
W|UHQVHO|øHOHULVRQGHUHFH|QSODQGDRODQDQGROJXVXQGDWÖSNXUXPXQXQKHUELU\HQL
SURIHV\RQHOL ]HULQGHQ DVOÖQGD NHQGL YDUOÖøÖQÖ JYHQFH\H DOPD ND\JÖVÖ EXOXQPDPDNWD
PÖGÖU"+HNLPOHUEXULWHOLNEDøODPGDWPSRWDQVL\HOKDVWDODUÖQD´%DQDJYHQHELOLUVLQ
PHVOHNLELOJLYHEHFHULPLVHQLQL\LOLøLQLoLQNXOODQDFDøÖPµV|]QYHUPHNWHGLUOHU
+HNLPKDVWD LOLûNLVL WÖEEÖQ HYULPL ER\XQFD GHøLûLNOLøH XøUDPÖû IDUNOÖ J|UQPOHUH
EUQPûWU%XIDUNOÖ J|UQPOHUGHQELULVL KHNLPLQ HWNLQ YH KDVWDQÖQ LVH EWQ\OH
HGLOJLQ ROGXøX ´HWNLQOLNHGLOJHQOLNµ WU ELU LOLûNL ELoLPLGLU %LU LNLQFLVL KHNLPLQ
KDVWDVÖQD X\PDVÖ JHUHNHQ NXUDOODUÖ YH \DSPDVÖ JHUHNHQOHUL V|\OHGLøL GDKD GRøUXVX
|QFHOLNOH KHNLPFH EHOLUOHQPLû ELU VWUDWHML\L KDVWDQÖQ X\JXOD\DJHOGLøL ELU LOLûNL ELoLPLGLU
%X ´\RO J|VWHUPHLûELUOLøL HWPHµ RODUDN DGODQGÖUÖOPDNWDGÖU +HNLPKDVWD LOLûNLVLQLQ oQF
DQDELoLPLLVHKHNLPLQELUSURIHV\RQHORODUDNKDVWDVÖQD\DUGÖPFÖROGXøXRQXQKDVWDOÖN
VUHFLQGHNDUûÖOÖNOÖNDWÖOPDELoLPLQGHRUWD\DoÖNDQ´SD\ODûÖPFÖµLOLûNLELoLPLGLUg]HOOLNOH
WHGDYL HGLFL KHNLPOLNWH ELU EDûND GH\LûOH KHNLPKDVWD LOLûNLVLQLQ WHPHOLQL ROXûWXUGXøX
ELU G]OHPGH EX LOLûNLQLQ JYHQ WHPHOLQH GD\DQPDVÖ JHUHNWLøL DoÖNWÖU *QP]GH
SDWHUQDOLVW
ELU
LOLûNLGHQ
KHNLPLQ
\RO
J|VWHULFL
ROGXøX
YH
KHNLPLQ
KDVWDVÖ\OD
´SD\ODûÖPFÖµELULOLûNL\LVUGUHELOGLøLELUKHNLPKDVWDLOLûNLVLQHJLGLOGLøLJ|UOPHNWHGLU
7RSOXPODUÖQ NHQGL VRV\RNOWUHO |]HOOLNOHULQLQ KHNLPKDVWD LOLûNLOHULQGH GH EDûOÖFD
EHOLUOH\LFLOHUGHQ ELUL ROGXøX |UQHøLQ EX EDøODPGD ONHPL]GH GH GDKD VÖNOÖNOD KDVWDQÖQ
HGLOJLQ ROGXøX ´SDWHUQDOLVWLNµ ELU LOLûNL WUQQ RUWD\D oÖNWÖøÖ YH VWHOLN EX WU ELU
LOLûNLQLQKHPKDVWDODUKHPGHKHNLPOHUWDUDIÖQGDQJHQHOGHEHQLPVHQHUHNX\JXODQGÖøÖQÖ
J|]OHPOHPHNPPNQGU
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
<XNDUÖGD GD GLOH JHWLULOHQ KHNLPKDVWD LOLûNLVLQLQ ]HULQH LQûD HGLOGLøL JYHQ
|øHVLQLQ ]DPDQ LoHULVLQGH \HULQL ND\ÖWVÖ] NRûXOVX] ELU JYHQ \HULQH ´D\GÖQODWÖOPÖû RQDPµ
NDYUDPÖQD EÖUDNWÖøÖQÖ V|\OHPHN PPNQGU %X GXUXP EDûWD WP LQVDQOÖN DGÖQD
XWDQo H\OHPOHUL RODQ 1D]LOHULQ X\JXODPDODUÖ JLEL oHûLWOL HWNHQOHU QHGHQL\OH JYHQ
WHPHOLQLQ VDUVÖOPDVÖQD GD\DQPDNWDGÖU %LU EDûND GH\LûOH JQP]GH ´KHNLPLQ KDVWDVÖ
DGÖQD HQ L\L\L \DSDFDøÖµ GûQFHVL \HULQL ´KDVWDQÖQ NHQGL EHGHQLQH YH NHQGL VDøOÖøÖQD
LOLûNLQ HQ GRøUX NDUDUÖ YHUPHN LoLQ JHUHN GX\DFDøÖ ELOJL\L KHNLPLQ KDVWDVÖQD YHUHFHøLµ
GûQFHVLQHG|QûPûWU*QP]GHWÖSX\JXODPDVÖQGDD\GÖQODWÖOPÖûRQDPNDYUDPÖ
VRQGHUHFHPHUNH]LELUNRQXPGDEXOXQPDNWDGÖU+DVWDQÖQKDVWDOÖøÖQDYHEXQD\|QHOLN
WHGDYL\H LOLûNLQ \HWHULQFH ELOJL DOPDVÖQGDQ VRQUD NHQGLVLQH X\JXODQDFDN WHGDYLOHU
KDNNÖQGDUÖ]DJ|VWHUPHVLELoLPLQGH|]HWOH\HELOHFHøLPL]D\GÖQODWÖOPÖûRQDPNDYUDPÖLOH
ELUOLNWH KHP KHNLPLQ HWLN YH KXNXNL VRUXPOXOXNODUÖ \HQLGHQ J|]GHQ JHoLULOPH\H
EDûODQPÖû KHP GH EX WU ELU SD\ODûÖPFÖ LOLûNLQLQ HJHPHQ ROGXøX KHNLP KDVWD LOLûNLVL
WUQGH KHNLPOHULQ RWRULWHU YH SDWHUQDOLVW ELU ILJU ROPDNWDQ YD]JHoHUHN KDVWDQÖQ
NDUDUÖQD VD\JÖ GX\PDN ]RUXQGD ROGXNODUÖ NRQXVX JQGHPH JHOPLûWLU $QFDN \LQH
GH VRQ o|]POHPHGH HWLN DGÖQD GLOH JHWLULOHQ LONHOHUGHQ ´|]HUNOLN LONHVLQLµ EX LOLûNL
ELoLPLQL\RUXPODUNHQVDGHFHWHN\|QOELUELoLPGHKDVWDQÖQ|]HUNOLøLRODUDNDOJÖODPDN
KHNLPLQ|]HUNOLøLQLKLoKHVDEDNDWPDPDNJLELELU|QNDEXOKHU]DPDQYHKHUNRûXOGD
JHoHUOL VD\DELOLU PL\L]" *QON \DûDP KHNLPOHULQ NDUûÖVÖQD RQODUÖ LNLOHPOHUH GûUHQ
|\OH |]HO YH VÖUD GÖûÖ GXUXPODU oÖNDUPDNWDGÖU NL KHNLPOHU DoÖVÖQGDQ NDUDU YHUPH
VUHFLQLQ KLo GH NROD\ LûOHPHGLøLQL DQFDN ´KDVWDQÖQ L\LOLøLµQL J|]HWPHN JLEL ELU WHPHO
YDUVD\ÖPÖQDQDoÖNÖûQRNWDVÖRODUDNDOÖQDELOHFHøLQLV|\OHPHNPPNQGU
1HGHQ+HNLP2OPD\Ö6HoL\RUX]"
%LU PHVOHøLQ QHGHQ VHoLOGLøL VRUXVXQD YHULOHQ \DQÖWODU ELUGHQ ID]OD VD\ÖGD YH oRN
IDUNOÖ ER\XWODUGD RODELOLU ûSKHVL] '|QHPVHO RODUDN IDUNOÖ PHVOHNOHULQ ´J|]GHµ
ROGXøXQX YH EX UHYDoWD ROXûWDQ ND\QDNODQDQ ´L\L PHVOHNOHUµ ´L\L ROPD\DQN|W
PHVOHNOHUµ
D\UÖPÖQÖQ
\DSÖOGÖøÖQD
KHSLPL]
WDQÖN
ROPXûX]GXU
%X
EDøODPGD
YXUJXODQPDVÖ JHUHNHQ QRNWDODUGDQ ELU GLøHUL GH ´ELU PHVOHøL L\L \DSPDNµ \D GD ELU
PHVOHøL JHUHNWLøL JLEL LFUD HWPHN \HULQH KHSSHûLQGHQ JLGLOHQ ´L\L PHVOHNµ NDYUDPÖQÖQ
FD]LEHVLGLU'ROD\ÖVÖ\ODELUoRNJHQoLoLQNHQGL\HWHQHNOHUL\DûDPDEDNÖûDoÖVÖNLûLVHOYH
WRSOXPVDOEHNOHQWLOHUL\OHELUH\VHO|]HOOLNOHUL\OHX\XPOXELUELoLPGHEHOLUOHQHELOHFHNELU
PHVOHNVHoPHN\HULQH´DODPRGHµPHVOHNRG|QHPGHQHLVHRQXQSHûLQHWDNÖOÖQGÖøÖQÖ
V|\OHPHN \DQOÖû ROPD\DFDNWÖU %X QHGHQOH ]DPDQ LoLQGH IDUNOÖ PHVOHNOHULQ ELU G|QHP
NLP\D PKHQGLVOLøLQLQ WÖEEÖQ ELU G|QHP HOHNWURQLN YH ELOJLVD\DU PKHQGLVOLNOHULQLQ
ELU G|QHP LûOHWPHFLOLøLQ J|]GH PHVOHNOHU RODUDN WDQÖPODQGÖNODUÖQÖ \DûDGÖN\DûÖ\RUX]
%X EDøODPGD \DSDFDøÖPÖ] VDSWDPDODUGDQ LONL JQP]GH WÖEEÖQ JHQoOHU DoÖVÖQGDQ
´J|]GH PHVOHNOHUGHQ ELULVL ROPDGÖøÖµ \|QQGH RODFDNWÖU %LUH\VHO WXWXPODUÖQ VRV\DO
SVLNRORMLQLQ ELOLPVHO DUDûWÖUPD \|QWHPOHUL\OH RUWD\D NRQXODELOHFHøL WHPHO \DNODûÖPÖ\OD
WDVDUODQDQ oHûLWOL oDOÖûPDODU EXOXQPDNWDGÖU 7ÖS IDNOWHVLQLQ LON VÖQÖIÖQGDNL |øUHQFLOHUOH
\DSÖODQ DUDûWÖUPDODUÖQ EHOLUOHGLøL VDSWDPDODU |øUHQFLOHULQ JHQHOGH ´LGHDOLVWµ KHGHIOHUOH
WÖS PHVOHøLQH \|QHOGLNOHULQL DQFDN GDKD VRQUD LGHDOL]PLQ EX PHVOHøL \UWPHN LoLQ
X\JXQRODPD\DFDøÖJ|Uû\OHIDNOWHQLQYH\DVÖQÖIODUÖQDJHOGLNOHULQGHLGHDOL]PGHQ
YD]JHoWLNOHULQL J|VWHUPHNWHGLU %X QRNWDGDQ KDUHNHWOH WÖS IDNOWHOHULQH JLULûWH
EHOLUOL NLûLOLN |]HOOLNOHULQH VDKLS |øUHQFLOHULQ VHoLOPHVLQL |QHUHQ EX |]HOOLNOHUH VDKLS
ROPD\DQ|øUHQFLOHUHLVHWÖSHøLWLPLDOPD\ROXQXQKLoDoÖOPDPDVÖJHUHNWLøLQLGLOHJHWLUHQ
J|UûOHU GH EXOXQPDNWDGÖU \ÖOÖQGD \DSÖODQ ELU oDOÖûPDGD ´LQVDQODUÖ VHYPH YH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUGÖPHWPHLVWHøLµ´KHNLPOLøLQûHUHIOLELUPHVOHNROXûXµJLELELURUDQGD
|øUHQFLOHULQ WÖS IDNOWHOHULQL VHoPHVLQGH EDûOÖFD PRWLYDV\RQODU RODUDN EHOLUOHQPLû D\QÖ
|øUHQFLOHULQDPDoGHøHUOHUVNDODVÖQÖQEDûÖQD´NHQGLQHVD\JÖµJLELELULONH\L\HUOHûWLUPLû
ROPDVÖGD \DûDPD EDNÖû DoÖODUÖ NRQXVXQGD ILNLU YHUPHN ]HUH DQODPOÖ EXOXQPXûWXU
'DKDGûNPRWLYDV\RQODWÖEEÖVHoHQ|øUHQFLOHULQLVHNLJHQHOGHWHUFLKOHULPKHQGLVOLN
GDOODUÖQD ROXS \HWHUOL SXDQ WXWWXUDPDGÖNODUÖ LoLQ WÖS IDNOWHVLQGH RNXPDNWDGÖUODU GDKD
SUDJPDWLNGHøHUOHUHVDKLSROGXNODUÖEHOLUOHQPLûWLU
1DVÖOELU(øLWLP$OÖ\RUX]YH(WLøLQ%X6UHoWHNL<HUL
hONHPL]GH WÖS HøLWLPLQH LOLûNLQ HOHûWLUHO ELU VUHo X]XQ ELU ]DPDQGDQ EHUL
LûOHWLOPHNWHGLU 7UNL\H %\N 0LOOHW 0HFOLVL·QGH ROXûWXUXODQ ELU NRPLV\RQFD \ÖOÖQGD KD]ÖUODQDQ ´7UNL\H·GH 7ÖS (øLWLPLµ EDûOÖNOÖ oDOÖûPD ELU GXUXP GHøHUOHQGLUPHVL
\DSDUDN WÖS IDNOWHOHULQGH YHULOHQ HøLWLPLQ ONH JHUHNVLQLPOHULQH X\JXQ ROPDGÖøÖQÖ
D\UÖFD QLWHOLNVHO RODUDN GD SHN oRN JHGLN EXOXQGXøXQX VDSWDPÖûWÖU $QFDN VRQUDVÖQGD WDQH \HQL WÖS IDNOWHVLQLQ DoÖOPDVÖQD RQD\ YHUHQ GH 7%00 LUDGHVL GHøLO
PLGLU" %X QH \DPDQ oHOLûNLGLU NL YDU RODQ IDNOWHOHUGH YHULOHQ HøLWLPL PHUFHN DOWÖQD
WXWPXû NDUûÖODûWÖøÖ PDQ]DUD\Ö EHøHQPHVH GH EXQX GLNNDWH DOPDPÖû YH QHUHGH\VH YDU
RODQ
IDNOWH
VD\ÖVÖQFD
\HQL
IDNOWHQLQ
DOW\DSÖ
HNVLNOHULQH
NDUûÖQ
DoÖOPDVÖQÖ
EHQLPVH\HELOPLûWLU
7UN 7DELSOHU %LUOLøL·QLQ |QFH YH DUGÖQGDQ \ÖOÖ 0H]XQL\HW gQFHVL 7ÖS
(øLWLPL 5DSRUODUÖ·QGD \DSÖODQ GXUXP GHøHUOHQGLULOPHVL LOH XODûÖODQ VRQXoODUGDQ ELULVL
7UNL\H· GH ELOLPVHOOLøH GD\DQPD\DQ YH JHQHOGH SROLWLN JHUHNoHOHUOH WÖS IDNOWHOHULQLQ
DoÖOGÖøÖ NDU DPDFÖ JGHUHN HûLWVL]OLNOHUL DUWWÖUDQ DGLO ROPD\DQ ELoLPGH GûN SXDQODUOD
|øUHQFL DODQ \HUOHûLN WÖS IDNOWHOHULQLQ |]HOOLNOH WHPHO ELOLPOHUGH LQVDQ JF ND\QDøÖQÖ
D]DOWDQ |]HO WÖS IDNOWHOHULQLQ DoÖOPDVÖQD RQD\ YHULOPHNWH ROXûXGXU 7ÖS
HøLWLPLQLQ KHP LoHULN KHP GH \|QWHP RODUDN ONHQLQ VDøOÖN SROLWLNDVÖQGDQ NDoÖQÖOPD]
ELU ELoLPGH HWNLOHQGLøL DoÖNWÖU %|\OHFH VDøOÖN RFDNODUÖQD GD\DOÖ ELU VHYN VLVWHPL
JHOLûWLULOPHPLû ROGXøX |]HO VDøOÖN VHNW|UQQ GHQHWLPVL] RODUDN \D\JÖQODûPDVÖ NDPX
VDøOÖN VHNW|UQQ |QHPVHQPHPHVL WÖS HøLWLPLQL LoHULNEHOLUOHPHNVL]LQ HøLWLPLQ YHULOLû
\|QWHPLQH
NDGDU
WP
DoÖODUGDQ
ROXPVX]
ELoLPGH
HWNLOHPHNWHGLU
6DøOÖN
SROLWLNDODUÖQGDNL ROXPVX]OXNODU ELU \DQGDQ ONHQLQ QDVÖO ELU KHNLP WLSLQH JHUHNVLQLP
GX\GXøXQXEHOLUOHPH\L]RUODûWÖUÖUNHQX]PDQODûPD\ÖGDKHNLPOHULQ|QQGHWHNVHoHQHN
RODUDN
EÖUDNPDNWDGÖU
7ÖS
HøLWLPLQH
\HWHULQFH
ND\QDN
D\UÖOPDPDNWD
IDNOWHOHU
NDSDVLWHOHULQLQ ]HULQGH |øUHQFL DOÖUNHQ |øUHQFL EDûÖQD \DSÖODQ KDUFDPDODU GD JLGHUHN
D]DOPDNWDGÖU
7ÖS
HøLWLP
SURJUDPODUÖ
GLQDPLN
RODUDN
ELoLPOHQPHOL
VÖN
VÖN
GHøHUOHQGLULOPHOLGLU dRN D\UÖQWÖOÖ ELOJLOHU YHUPHN \HULQH WÖS |øUHQFLVLQH ´|øUHQPH\L
|øUHWPHNµWÖSHøLWLPLQLQWHPHOLûOHYLROPDOÖGÖUgøUHWLPHOHPDQODUÖQÖQ|]ONKDNODUÖQÖQ
L\LOHûWLULOHUHNWDP]DPDQOÖoDOÖûPDODUÖQÖQ|]HQGLULOPHVLJHUHNPHNWHGLU
7ÖS HøLWLPLQLQ \RøXQ ELOJL \N NDUûÖVÖQGD KHNLP DGD\ÖQÖQ JLGHUHN PHNDQLNOHûHQ
LQVDQFÖO |]HOOLNOHULQGHQ GH oRN ûH\ \LWLUHQ ELU HWNLQOLøLQ X\JXOD\ÖFÖVÖ ROPD\D EDûODGÖøÖ
KDVWDVÖQÖ GLQOHPH\HQ RQD YH JHQHOGH WRSOXPXQD \DEDQFÖODûDQ ELU SURIHV\RQHO ROGXøX
VDSWDQPDNWDGÖU %X VDSWDPD GROD\ÖVÖ\OD WÖS HøLWLPLQLQ PHVOHNL GHøHUOHU YH LOHWLûLP
EHFHULOHUL LOH LOJLOL \|QOHULQLQ E\WHo DOWÖQD DOÖQPD\D KHNLPOHULQ JQON X\JXODPDGD
\DûDQDQ GHøHU VRUXQODUÖQÖQ IDUNÖQD YDUPDODUÖQÖ VDøOD\DFDN ELU HøLWLP ELoLPLQH
JHUHNVLQLPGX\XOGXøXDoÖNWÖU
7ÖS IDNOWHOHULQLQ ROPDVÖ JHUHNHQ GRQDQÖPGDQ ROGXNoD X]DNWD EXOXQGXøX ELU
QRNWDGD D\QÖ QRNVDQODUOD EH]HOL WDEOR WÖS HWLøL YH GHRQWRORML NRQXVXQGD GD JHoHUOLGLU
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
)DNOWHOHULQ
·LQGH
EXOXQPDPDNWD
\UWOPHNWHGLU
EX
GHUVOHU
9DU
RODQ
NRQXODUÖQ
IDUNOÖ
VRUXPOXVX
X]PDQOÖN
HøLWLPOHUGH
RODELOHFHN
DODQODUÖQGDNL
HOHûWLUHO
ELU
EDNÖûOD
ELU
DQDELOLP
GDOÖ
DNDGHPLV\HQOHUFH
GHøHUOHQGLULOGLøLQGH
RQODUÖQGD DPDFD X\JXQ ROPDGÖøÖ LoHULN YH \|QWHP DoÖODUÖQGDQ ELUELUOHULQGHQ ROGXNoD
IDUNOÖROGXNODUÖJ|UOPHNWHGLU
'Q\D +HNLPOHU %LUOLøL· QLQ *HQHO .XUXOX·QGD ´7ÖEEL (WLN YH ùQVDQ +DNODUÖ
.RQXODUÖQÖQ7P'Q\DGD7ÖS)DNOWHOHUL0IUHGDWÖQD$OÖQPDVÖ.DUDUÖµDOÖQPÖûWÖU7HO$YLY·
GH(NLP·GDWRSODQDQ'+%EXNDUDUÖQÖû|\OHPDGGHOHûWLUPLûWLU
7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖQ WÖS PHVOHøLQLQ NOWU YH LûLQLQ ELU SDUoDVÖ
ROPDVÖ
7ÖEEL (WLN YHùQVDQ+DNODUÖNRQXODUÖQÖQ '+%·QLQ WDULKL \DSÖVÖ YH DPDoODUÖQÖQ
ELUSDUoDVÖROPDVÖQHGHQL\OH
'+%·QLQ WP GQ\DGDNL WÖS IDNOWHOHULQH 7ÖEEL (WLN YH ùQVDQ +DNODUÖQÖ
]RUXQOX ELU GHUV RODUDN PIUHGDWODUÖQD DOPDODUÖQÖ NXYYHWOH |QHUPHVL NDEXO
HGLOPLûWLU
$\GÖQ+HNLP2OPD+DNNÖh]HULQH
XELVXQWWUHVPHGLFLLELVXQWGXRDWKHL
+HNLP NLPOLøLWÖS IDNOWHOHULQH DGÖP DWPD\OD EDûOD\DQ \RUXFX YH ROGXNoD ]DKPHWOL
ELU |øUHQLP VUHFLQGH ELoLPOHQHQ ELU NLPOLNWLU 7ÖEEÖQ HYULPVHO JHOLûLPL ER\XQFD
KHNLPOHUL ELUoRN NH] WRSOXPVDO KDUHNHWOHULQ |QQGH EXOPD JHUHNoHOHULQGHQ ELULVL
RQODUÖQ ´D\GÖQµ |]HOOLNOHULQLQ |Q SODQGD ROPDVÖGÖU %X GXUXPX |UQHøLQ %DWÖ
2UWDoDøÖ·QGD KHNLPOHUL GLQVL] NDWHJRULVLQGH WDQÖPOD\ÖS RQODUD \|QHOLN VXoOD\ÖFÖ ELU
WDYÖUOD NDUûÖPÖ]D oÖNDQ NLOLVH PDQWÖøÖQGD DoÖNoD J|UPHN PPNQGU +HNLPOHULQ
WRSOXPVDO VL\DVDO KDUHNHWOHULQ EDûODWÖFÖVÖ \|QOHQGLULFLVL \D GD ELoLPOHQGLULFLVL ROGXøX
WDULKVHO \D GD JQFHO |UQHNOHU NXûNXVX] ONHPL]GHQ GHYHULOHELOLU +HNLPOHU DoÖVÖQGDQ
´D\GÖQ NLûL ROPDQÖQµ QH JLEL UDV\RQHOOHUL EXOXQDELOLU" %LU EL\RORMLN VUHo RODUDN
LQVDQRøOXQXQ JHOLûLPLQLQ KHPHQ KHU DûDPDVÖQD QHGHQL\OH QDVÖOÖ\OD HJHPHQ ROPDNWDQ \D
GD EXQX ELOPHNWHQ ND\QDNODQDQ ELU ´VWQONµ P \RNVD ELOJLQLQ JHWLUGLøL NDoÖQÖOPD]
´VRUXPOXOXNµ PX V|] NRQXVXGXU" <RNVD JHOHFHøL NXUPD\Ö JYHQ YH VUHNOLOLøL
VDøODPD\Ö WDQUÖVDO \D GD EHOOL ELU WRSOXPVDO G]HQH VÖNÖ VÖNÖ\D EDøODPDN \HULQH LQVDQ
]HNDVÖQÖQ |]JU HWNLQOLøLQGH DUDPDN JLEL ELU DQDKWDUD VDKLS ROXQGXøX ELOLQFL PLGLU NLûL\L
D\GÖQ\DSDQ"
<D GD ´DOGDQPDPDN YH DOGDWPDPDN LoLQ JHUHNHQ GûQVHO WLWL]OLøL J|VWHUHELOHQOHUµ
PLGLU EX WDQÖPODPD\Ö KDN HGHQOHU" +DQJL WHPHOOHQGLUPH\L NDEXO HGHUVHN HGHOLP ELU
D\GÖQ NLPOLøLQLQ \HûHUHELOPHVL YH EHVOHQHELOPHVL LoLQ JHUHNOLOLøL |QJ|UOHQ NRûXOODUD
VDKLS ROPD\Ö YH EXQODUÖQ VUGUOPHVLQL LVWHPHN GH PHVOHNL DoÖGDQ ELU KHNLP KDNNÖ
RODUDNJ|UOPHOLGLU
%X EDøODPGD D\GÖQ NLûL RODELOPH\L GRøUXGDQ HWNLOH\HFHN VRPXW NRûXOODU ]HULQGH
GXUPDN ELU ]RUXQOXOXN ROVD JHUHNWLU +HU DODQGD ROGXøX JLEL ELOJL YH HPHN \RøXQ ELU
LQVDQ HWNLQOLøL RODQ KHNLPOLøLQ GH HOEHWWH ELU FUHW NDUûÖOÖøÖ ROPDOÖGÖU &XPKXUL\HW· LQ
NXUXOPDVÖ\OD ELUOLNWH EDûOD\DQ YH ·H NDGDU VUHQ G|QHPGH KHNLP FUHWOHULQLQ
PVWHûDU G]H\LQGH EHOLUOHQPLû ROGXøXQX LOJLQo ELU VDSWDPD RODUDN EHOLUOHPHN
GXUXPXQGD\Ö] %XJQ ONHPL]GH VD\ÖODUÖ ELQL EXODQ KHNLPOHULQ NDGDUÖQÖQ
NDPX DODQÖQGD oDOÖûWÖøÖQÖ J|] |QQH DOÖUVDN 86' NDUûÖOÖøÖ D\OÖN FUHWOHULQ
KHNLPOHULQ EHOLUOL ELU DNDGHPLN ELOLPVHO G]H\L \DNDODPDODUÖ YH D\GÖQ NLPOLøLQL
VUGUHELOPH\L VDøODPDN LoLQ \HWHUOL ROPDGÖøÖ DoÖNWÖU · GDQ JQP]H NDGDU WP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDPX oDOÖûDQODUÖ LoLQGH FUHWOHUL HQ D] DUWDQ PHVOHN JUXEX KHNLPOLNWLU KHPûLUHOLN YH
|øUHWPHQOLN LNLQFL YH oQF VÖUD\Ö DOPDNWDGÖU +HNLPOHUH \|QHOLN X\JXODQPDNWD RODQ
GûNFUHWSROLWLNDVÖRQODUÖLNLQFLoQFLûOHUEXOPD\DDûÖUÖX]PDQODûPD\DEL\RORMLN
VÖQÖUODUÖQÖ ]RUODPD SDKDVÖQD ID]OD PHVDL\H Q|EHWH NDOPD\D YH EHQ]HUL ELUH\VHO oÖNÖû
\ROODUÖ EXOPD\D \|QHOWPHNWHGLU %XQXQ ELUWDNÖP ROXPVX] VRQXoODUÖ EXOXQPDNWDGÖU
.DPX DODQÖQGD YHULOHQ VDøOÖN KL]PHWLQLQ YH WÖS HøLWLPLQLQ DNVDPDVÖ PRWLYDV\RQXQ
GûPHVL YHULPOLOLøLQ D]DOPDVÖ \DQÖ VÖUD HWLN GÖûÖ o|]POHUH EDûYXUXOPDVÖGD EXQODUGDQ
LON DNOD JHOHQOHUGLU $VOÖQGD WHPHOGHNL HQ |QHPOL VRQXo ´KHNLP HPHøLQLQ XFX]ODWÖOPÖû
ROPDVÖµ GHøLO PLGLU" %|\OHFH KHP NDPXGD YH KHP GH WP DOGDWÖFÖ J|UQPQH NDUûÖQ
|]HOVHNW|UGHNLKHNLPFUHWOHULQLQGûNWXWXOPDVÖV|]NRQXVXROPDNWDGÖU
8\JXODPDGDQ.LPLgUQHNOHU
7ÖS X\JXODPDVÖ NHQGLQL IDUNOÖ ELoLPOHUGH RUWD\D NR\DELOHQ IDUNOÖ J|UQPOHUL RODQ
ELU X\JXODPDGÖU *QP]GH DNDGHPLN RUWDPGDNL WÖS X\JXOD\ÖFÖODUÖQÖQ KHP VDøOÖN
KL]PHWL UHWPHN KHP DUDûWÖUPD \DSPDN KHP GH WÖS HøLWLPLQL \UWPHN JLEL o \|QO
ELU LûOHYOHUL YDUGÖU %HQ]HU WDEOR HøLWLP YHUHQ GHYOHW KDVWDQHOHULQGH GH ELU |OoGH
JHoHUOLGLU $QFDN KHNLP ROPDN RUWDN SD\GDVÖ WHPHO DOÖQÖQFD ´VDøOÖN KL]PHWL UHWPHNµ
GÖûÖQGD NDODQ HWNLQOLNOHUH EXUDGD \HU YHULOPH\HFHNWLU 'ROD\ÖVÖ\OD HøLWLP YH DUDûWÖUPD
ER\XWODUÖQGD \DûDQDQ VRUXQODU LOH EX ER\XWODUÖQ HWLN DoÖGDQ HOH DOÖQPDVÖ EX \D]ÖQÖQ
NRQXVXGHøLOGLU
%XUDGD
JQON
WÖS
X\JXODPDVÖQGD
NDUûÖODûÖODQ
YH
KHNLP
RGDODUÖQÖQ
RQXU
NXUXOODUÖQFD WDUWÖûÖODUDN VRQXoODQGÖUÖODQ ROD\ODU ]HULQGHQ |UQHNOHU YHULOHFHNWLU %XJQ
KDQJLKHNLPH\OHPLQLQGHRQWRORMLNYHGDKDJHQLûDQODPGDGDHWLNDoÖGDQELUVXo\DGD
HQ D]ÖQGDQ ROXPVX] EXOXQGXøXQD LOLûNLQ 7ÖEEL 'HRQWRORML 1L]DPQDPHVL 7'1
HOLPL]GHNL WHN oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU 6|] NRQXVX PHWLQ WDULKOLGLU YH
GROD\ÖVÖ\OD
ONHPL]LQ
·OL
\ÖOODUÖQÖQ
WÖS
DQOD\ÖûÖQÖ
\DQVÖWPDNWD
KHPHQ
VDGHFH
PXD\HQHKDQH KHNLPOLøLQL YH GROD\ÖVÖ\OD WHGDYL HGLFL WÖEEÖ HNVHQLQH DOPÖû YH GRøDO
RODUDN KHNLP KDVWD LOLûNLVLQL GH SDWHUQDOLVWELoLPGH WDQÖPOD\DQ ELU \DNODûÖPD VDKLSWLU
%XJQ JQON WÖS X\JXODPDVÖQGD NDUûÖODûÖODQ YH ´HWLN GÖûÖµ NDEXO HGLOHQ NLPL
GXUXPODUÖQ 7'1·GH \HUL \RNWXU E|\OH GXUXPODUGD W]N DoÖNoD \HWHUVL] NDOPDNWD
´ROVD ROVDµ PDQWÖøÖ LOH YDU RODQ PDGGHOHULQ UXKXQXQ LûDUHW HWWLøL YDUVD\ÖODQ ELoLPGH
o|]P
UHWLOPH\H
oDOÖûÖOPDNWDGÖU
g]HOOLNOH
·OL
\ÖOODUGDQ
EDûOD\DUDN
7'1·QLQ
JQFHOOHûWLULOPHVLQH \|QHOLN GLOHNOHULQ V|] NRQXVX HGLOGLøLQL YH EX \|QGH 77%·QLQ
EHOLUJLQELUoDEDLoHULVLQGHROGXøXQXJ|]OHPOHPHNPPNQGU
$QNDUD7DELS2GDVÖ·QÖQKHNLPOHUKDNNÖQGD\ÖOODUÖQDDLWVRUXûWXUPDODUÖ\OD
LOJLOLELUDUDûWÖUPDGDDoÖODQVRUXûWXUPDODUÖQûLND\HWVDKLSOHULQLHQID]ODRUDQÖQGD
KDVWD YH KDVWD \DNÖQODUÖ JUXEXQXQ ROXûWXUGXøX VDSWDQPÖûWÖU 'DKD VRQUD
PHVOHNWDûODUÖQ ELUELULQH \|QHOLN ûLND\HW EDûYXUXODUÖ YH DUGÖQGDQ 6DøOÖN %DNDQOÖøÖ
KDVWDQHOHU YH NDPX NXUXPODUÖQÖQ ûLND\HWOHUL JHOPHNWHGLU <DNÖQPD EDûYXUXODUÖQÖQ
RQD\VÖ] oDOÖûPD KDVWD\D N|W PXDPHOH GHRQWRORML W]øQH D\NÖUÖOÖN PDOSUDNWLV YH
PHVOHNWDûD N|W PXDPHOH EDûOÖNODUÖ DOWÖQGD WRSODQGÖøÖ EHOLUOHQPLûWLU ´+DVWD\D N|W
PXDPHOHµ LOH NDVWHGLOHQ |UQHNOHU DVNHUOH oDWÖûPÖû VL\DVL WXWXNOX\D WÖEEL KL]PHW
YHUPHPHN KDVWD\Ö J|UPHNVL]LQ EDûNDODUÖQÖQ \D]ÖOÖ EDûYXUXODUÖQD GD\DQDUDN WHûKLV
NR\PDN JLEL ROD\ODU \HU DOPÖûWÖU 0HVOHN LoL N|W GDYUDQÖû |UQHNOHUL DUDVÖQGD EX
oDOÖûPDGD VDSWDQDQ VRUXûWXUPD NRQXODUÖ ´KHPûLUH\H YH PHVOHNWDûD WRNDW DWPDNµ
´PHVOHNWDû FDPLDVÖ LoLQGH DûDøÖOD\ÖFÖ GDYUDQÖûODUGD EXOXQPDNµ JLEL |UQHNOHUGLU
0DOSUDNWLV EDûOÖøÖ DOWÖQGD ´VQQHW VRQXFX VDNDW NDODQ oRFXNµ ´XOWUDVRQRJUDILN
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
LQFHOHPHGH NDOS VHVOHUL VDSWDQPDVÖQD NDUûÖQ |O GRøDQ EHEHNµ EHQ]HUL GRV\DODU
EXOXQPDNWDGÖU 7'1·\H D\NÖUÖOÖN EDûOÖøÖ DOWÖQGD GD ´PXD\HQHKDQHGH LODo VDWÖûÖµ
´\DSÖOPD\DQ
WHWNLNOHULQ
\DSÖOGÖ
J|VWHULOHUHN
NDPX
NXUXPXQGDQ
KDNVÖ]
ND]DQo
VDøODQPDVÖµ JLEL |UQHNOHU VDSWDQPÖûWÖU %XQXQ \DQÖQGD 77% <NVHN 2QXU .XUXOX
GRV\DODUÖQÖQ LQFHOHQPHVL\OH ·GD \D\ÖQODQDQ ELU oDOÖûPDGD \ÖOODUD J|UH KHNLP
VD\ÖVÖQGDNL DUWÖûD RUDQOD JHOHQ GRV\D VD\ÖVÖQÖQ ROGXNoD GûN EXOXQGXøX EX GRV\DODUD
NRQX
RODQ
KHNLPOHULQ
G|UWWH
oQQ
X]PDQ
KHNLP
ROGXøX
YH
oRøXQXQ
PXD\HQHKDQHGH oDOÖûWÖøÖ HQ VÖN J|UOHQ ROJXODUÖQ GD ´GHRQWRORML\H D\NÖUÖ GDYUDQÖûODUµ
´Lû\HULKHNLPOLøLLOHLOJLOLROJXODUµ´DVJDULFUHWHX\PDPDµ´ELOLPGÖûÖDOGDWÖFÖQLWHOLNWH
WDQÖYHWHGDYLµYH´\DûDPDYHVDøOÖøD|]HQYHVD\JÖJ|VWHUPHPHNµROGXøXVDSWDQPÖûWÖU
&LYDQHU EX oDOÖûPDVÖQGD ROJXODUÖ JUXSODQGÖUDUDN LQFHOHGLøLQGH HQ VÖN ´WÖEEL HWLN
LKODOOHULµ LOH NDUûÖODûÖOGÖøÖQÖ YH EXQODUÖQ LoLQGH GH HQ oRN ´KDVWD KDNODUÖ LKODOOHULµ LOH
´KDNVÖ]
oÖNDUµ
VDøODPD\D
\|QHOLN
KHNLPOHUH
LOLûNLQ
GRV\DODUÖQ
EXOXQGXøXQX
EHOLUOHPLûWLU
ùOHUL\H<|QHOLNgQHULOHU
+HUNHVGQ\D\ÖGHøLûWLUPHNWHQV|]HGHU
KLoNLPVHNHQGLQLGHøLûWLUPHNOHEDûODPD]
<XNDUÖGD|]HWOHQHQWDEOR\DEDNÖQFDJ|UGNOHULPL]L´L\Lµ\DGD´PHPQXQOXNYHULFLµ
RODUDN WDQÖPOD\DELOLU PL\L]" ´<D NkUOÖOÖN G]HQL \D HWLNµ ELoLPLQH G|QûHQ ELU
UHDOLWHQLQ YDUOÖøÖQÖ KHU JQ KLVVHGHUHN YH D\QÖ ]DPDQGD HQ ID]OD VDøOÖN KL]PHWL DOPD\Ö
JHUHNWLUHQNHVLPLQEXONHQLQHQ\RNVXOLQVDQODUÖROGXøXQXGDNHVLQOLNOHELOHUHNVDøOÖN
VLVWHPLQGHNL LûOHPH\LûOHUGHQ VÖNÖQWÖ GX\DQ KDVWDODUÖQ NDUûÖVÖQD KHGHI RODUDN oÖNPDN
]RUXQGD NDODUDN KHNLPOLN \DSPDQÖQ QH GHQOL Jo ROGXøX R NDGDU DoÖN NL 7ÖS DODQÖQGD
\DûDQDQODUÖQ EHOLUOL LONHOHUL PHVOHN \DûDPÖQGD JHoHUOL YH X\JXODQÖU NÖODELOPHN YH EXQX
GHQHWOH\HELOPHN
DGÖQD
EHQ]HUOHULQL
|WHNL
PHVOHNOHU
LoLQ
GH
\DNODûÖN
ELoLPGH
EXODFDøÖPÖ]Ö WDKPLQ HGHELOLUL] $QFDN ELU EDûND DoÖ EL]OHUH EX ONHGH ´PDQ]DUD L
XPXPLµQLQoRNGDKDN|WROGXøX|\OHG|QHPOHULQGH\DûDQPÖûROGXøXQXKDWÖUODWÖ\RU
NL E|\OHFH XPXWVX]OXøD NDSÖOPDPÖ]Ö HQJHOOL\RU úX DQ LoLQGH EXOXQGXøXPX] WDEOR\X
GDKDROXPOXELU\|QHoHNHELOPHNDGÖQDoÖNÖû\ROODUÖQÖQWP\OHNDSDOÖROPDGÖøÖQÖNHQGL
EDNÖû DoÖPÖ]GDQ V|\OH\HELOLUL] +HNLPOHULQ YDU RODQ |]ON KDNODUÖQÖQ L\LOHûWLULOPHVL\OH
oDOÖûPDNRûXOODUÖQÖQG]HOWLOPHVL\OHX\JXODPDODUÖQGDKDJ|]|QQGHRODFDøÖWRSOXPVDO
VRUXPOXOXøXPX]XQ JLGHUHN GDKD GD VRUJXODQDFDøÖ DPD KHU GXUXPGD KHNLPOHULQ EX
PHVOHøL \DSÖ\RU ROPDNWDQ GROD\Ö PHPQXQL\HW GX\DFDøÖ ELU XIND \HONHQ DoPDPÖ]ÖQ
]RUXQOXROGXøXJ|UO\RU7ÖEEÖQJHOLûPH\HG|QN\DSÖVÖYHWHNQRORMLDNWDUÖPÖQÖQoRN
\RøXQ\DûDQÖ\RUROPDVÖ\DNÖQ]DPDQODUGD´ELOLPNXUJXµJLELDOJÖODGÖøÖPÖ]ROD\ODUÖQELU
´UHDOLWHµ RODUDN NDUûÖPÖ]D oÖNPDVÖ JLEL QHGHQOHUOH ´WÖEEÖQ HWLN DoÖGDQ VRUJXODQPDVÖµ
NHQGLQH oRN JHUHNVLQLP GX\XODQ ELU NRQXGXU 8OXVDO G]H\GH ELU HWLN GDQÖûPD
NXUXOXQXQROXûWXUXOPDVÖVWSROLWLNDODUROXûWXUDELOPHNLoLQJHUHNOLJ|UQPHNWHGLU
6LYLOWRSOXP|UJWOHULQLQJLGHUHN|QSODQGDHWNLVLQLKLVVHWWLUHQUROOHULQLQQHWOHûPHVL
YH E|\OHFH Lû DKODNÖ NRQXVXQGD EHOLUOL ELU G]H\L \DNDOD\DELOPHQLQ KHNLPOHULQ PHVOHN
|UJW RODUDN 7UN 7DELSOHU %LUOLøLQLQ \HWNLVLQGH YH GHQHWLPLQGH EXOXQDQ ELU DODQ
RODUDNWDQÖPODQPDVÖ]RUXQOXOXNWXU+HNLPRODUDNoDOÖûDELOPHNLoLQ77%\HVLROPDQÖQ
]RUXQOXWXWXODFDøÖELUG]HQOHPHVHUEHVWoDOÖûDQODUGÖûÖQGDLVWH\HQKHNLPLQ\HROGXøX
YH E|\OHFH GROD\OÖ ELoLPGH NHQGL PHVOHøLQH \DEDQFÖODûPD VRQXFXQX GD JHWLUHQ
JQP] WÖS RUWDPÖQÖ GHøLûWLUPHNWH NDWNÖGD EXOXQDELOHFHN JLEL J|UQPHNWHGLU \ÖOÖQGD 77% 2ODøDQ *HQHO .XUXOX·QGD NDEXO HGLOHQ DQFDN JHUHNOL ´\DVDOµ VUHoOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KHQ] JHoPHPLû RODQ 7ÖS 0HVOHN (WLøL ùONHOHUL PHWQLQLQ W]N DGÖQÖ DOPDVÖ WDULKOL 7ÖEEL 'HRQWRORML 1L]DPQDPHVLQH J|UH JQP] WÖS X\JXODPDVÖQD oRN GDKD
X\JXQJHUHNVLQLPOHUHNDUûÖGDKDGRQDQÖPOÖROPDPÖ]ÖVDøOD\DFDNWÖU
3HOOHJULQR·\D
J|UH
´.LûLOHU
PRUDO
|]QHOHUGLU
YH
NHQGL
GDYUDQÖûODUÖQGDQ
VRUXPOXGXUODU $QFDN KHSLPL]LQ NHQGLPL]L SDUDQÖQ QQ JFQ YH SUHVWLMLQ EDûWDQ
oÖNDUÖFÖ HWNLOHULQH NDUûÖ NRUXPD |GHYLPL] YDUGÖUµ %HOLUOL ELU PHVOHN JUXEXQXQ PHVOHøH
LOLûNLQ ROXûWXUGXøX NRUXGXøX PHVOHN \HOHULQH HPUHGLFL YH RQODUÖ EHOLUOL ELU ûHNLOGH
GDYUDQPD\D]RUOD\DQNLûLVHOHøLOLPOHULVÖQÖUOD\DQ\HWHUVL]YHLONHVL]\HOHULQLPHVOHNWHQ
GÖûOD\DQ PHVOHN LoL UHNDEHWL G]HQOH\HQ YH KL]PHW LGHDOOHULQL NRUXPD\Ö DPDoOD\DQ
PHVOHNLLONHOHUEWQRODUDNWDQÖPODQDQPHVOHNLHWLN\XNDUÖGDGLOHJHWLULOHQ|GHYLPL]L
\HULQH JHWLUPHPL]H \DUGÖPFÖ RODFDNWÖU 0HVOHNL HWLN ELU PHVOHN JUXEXQXQ HVHUL RODUDN
NDEXOHGLOHELOHFHøLQHJ|UHELUJUXSQHGHQOLJoONXUXOPXûLVHHWLNLONHOHULGHRGHQOL
HWNLOLROPDNWDGÖU
<XNDUÖGD WÖS HøLWLPL LoHULVLQGH WÖS HWLøLQLQ \HUL\OH LOJLOL VDSWDPDODU EDøODPÖQGD ONH
G]H\LQGHWÖSHWLøLQHLOLûNLQELUoHNLUGHNPIUHGDWÖQEHOLUOHQPHVLELU]RUXQOXOXNRODUDN
J|UOPHNWHGLU %X PIUHGDW LoHULVLQGH ROPD]VD ROPD]ODUÖQ VDSWDQPDVÖ oHUoHYHVLQGH
WP WÖS IDNOWHOHULQGH EHQ]HU ELU SURJUDPÖQ \UWOPHVLGH JHUHNOLGLU %|\OHFH HQWHJUH
ELU WÖS HøLWLPL \DNODûÖPÖQGD PH]XQL\HW |QFHVL ER\XQFD WÖS HWLøL LOH LOJLOL NRQXODUÖQ
ELUELULQH NRûXW YH RODELOGLøLQFH LûOHYVHO ELoLPGH HOH DOÖQPDVÖ PPNQ RODELOHFHNWLU
$\UÖFD
KHNLPOHULQ
HøLWLPLQLQ
WÖS
IDNOWHVL
\ÖOODUÖ\OD
VÖQÖUOÖ
NDODPD\DFDøÖ
KHS
VDSWDQDJHOHQ ELU ROJXGXU +HNLPLQ PHVOHN \DûDPÖ ER\XQFD NHQGLQL \HQLOHPHN YH
EXQXQ \DQÖ VÖUD ELOGLNOHULQL PHVOHNWDûODUÖQD |øUHWPHNOH GH ´\NPOµ ROGXøX GLOH
JHWLULOPHNWHGLU
7RSOXPXQ
KHNLPGHQ
EHNOHQWLVL
RQXQ
´QLWHOLNOLµ
ROXûX
]HULQH
RGDNODQPÖûWÖU %X QLWHOLN WHN ER\XWOX ROPD\ÖS KHP ´PRUDOµ KHP GH ´SURIHV\RQHOµ
QLWHOLN ROVD JHUHNWLU %LU EDûND V|\OH\LûOH KHNLPGHQ PHVOHN X\JXODPDVÖQÖ GUVWoH
JHUoHNOHûWLUPHVLYHRQDWLFDULELU|]HOOLNYHUPHPHVLQLQ\DQÖVÖUD\NVHNELOJLYHEHFHUL
G]H\LQGH EXOXQPDVÖ GD EHNOHQPHNWHGLU %LU KHNLPLQ ´PRUDOµ YH ´SURIHV\RQHOµ
QLWHOLNOL ROXûX RQXQ HUGHPLGLU +HNLP EX QLWHOLNOHULQL NRUXGXøX RQODUÖ \LWLUPHGLøL
VUHFH WRSOXPXQ EHNOHQWLOHULQL NDUûÖOD\DELOHFHNWLU 2\VD NHQGLQL \HQLOHPH\HQ HGLQGLøL
GHQH\LPOHUL ELU ELOJL VLVWHPDWLøL LoHULVLQGH EWQOHûWLUPH\HQ \HQL VRUXQODU NDUûÖVÖQGD
\HQL DUD\ÖûODUD \|QHOPH\HQ KHNLP V|] NRQXVX QLWHOLNOHULQGHQ |GQOHUYHUHUHN ]DPDQOD
´HUGHPLQL
\LWLUPHNµ
QRNWDVÖQD
JHOHFHNWLU
+HNLPLQ
JQON
HWNLQOLøLQLQ
NRQXVX
JQP]H JHOLQFH\H NDGDU EWQ DKODN VLVWHPOHULQGH HQ \NVHN GHøHUOHULQ EDûÖQD
\HUOHûWLULOHQ ´LQVDQµ GÖU +HNLPLQ ELOLPVHO PHVOHNL YH PRUDO QLWHOLNOHULQL KHS JQQ
EHNOHQWLOHUL G]H\LQGH WXWPDVÖ LOH DQFDN EX \NVHN GHøHUH X\JXQ ELU KL]PHW UHWLPL
PPNQGU%XDPDoVUHNOLX]XQVROXNOXELUoDED\ÖJHUHNWLUHFHNWLU
.D\QDNoD
$UGD % ´+HNLPLQ (øLWLPL YH .HQGLQL <HQLOHPH 6RUXPOXOXøXµ $QNDUD
hQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ
$UGD % ´&XPKXUL\HW '|QHPL )DNOWH 7ÖS (øLWLPL <DNODûÖPODUÖµ 6DøOÖN
%LOLPOHUL $UDûWÖUPD 'HUJLVL $QNDUD 7DELS 2GDVÖ \ÖOÖ
$OWDQ*QDOS·OLN|GO
%HUQD$UGD³µùû$KODNÖµ$oÖVÖQGDQ7ÖS1HUHGH\L]"1HUH\H*LGL\RUX]"
$UGD % ´5RNHDFK 6NDODVÖ LOH ELU dDOÖûPD 7ÖS gøUHQFLOHULQLQ 0HVOHøH
<|QHOLPOHULYH'HøHU6LVWHPOHULµ$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL0HFPXDVÖ
$UGD%´7ÖEEL(WLN(øLWLPL(OHûWLUHOELU'HøHUOHQGLUPHµ7ÖEEL(WLN
$UGD % ´(WLN $oÖGDQ +HNLP +DNODUÖµ $QNDUD hQLYHUVLWHVL 7ÖS )DNOWHVL
%DûDUDQ ) ´hQLYHUVLWHOL *HQoOHULQ 'HøHUOHULµ 8OXVDO 6RV\DO %LOLPOHU.RQJUHVL
&LYDQHU 0 ´7UN 7DELSOHUL %LUOLøL <NVHN 2QXU .XUXOX·QD <DQVÖ\DQ
0HFPXDVÖ
V$QNDUD
2OJXODUGD 7ÖEEL (WLN ùKODOOHULQLQ ùQFHOHQPHVLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN
'HUQHøL<D\ÖQÖ1R(G%$UGDV$QNDUD
'RZQLH 5 6 0DFQDXJKWRQ - &OLQLFDO -XGJHPHQW (YLGHQFH LQ 3UDFWLFH 2[IRUG
*|NVHO)$´+HNLP$QGÖµ7UNL\H.OLQLNOHUL
8QLYHUVLW\3UHVV
*|NVHO)$'HRQWRORML5HSHWLWRU\XPX%DVÖP$QNDUD
7UN 7DELSOHUL %LUOLøL 0H]XQL\HW gQFHVL 7ÖS (øLWLPL 5DSRUX .DWNÖGD EXOXQDQODU
$ND\GÖQ 0 $NVDNRøOX * $UGD % $UÖRøXO 2 %XOXW $ &RûNXQ % 'RøDQ <
)LGDQ'.DODoDd.ÖOÖod2NWD\úg]WHN=6DoDNOÖRøOX)6D\HN)6D\HNù
7RSX]RøOX$(Gù6D\HN%.ÖOÖoVD\ID$QNDUD+D]LUDQ
7UN7DELSOHUL%LUOLøL0H]XQL\HWgQFHVL7ÖS(øLWLPL5DSRUX<D\ÖQDKD]ÖUOD\DQODU%
.ÖOÖoù6D\HN77%\D\ÖQÖ$QNDUD
gUV < ´*HoPLûWH YH *QP]GH +HNLP+DVWD ùOLûNLOHULµ 7ÖS 'Q\DVÖ g]WUN + $UGD % ´$QNDUD 7DELS 2GDVÖ·QÖQ G|QHPLQGHNL
VRUXûWXUPD GRV\DODUÖ\OD LOJLOL DQDOLWLN ELU oDOÖûPDµ ,,, 7ÖEEL (WLN 6HPSR]\XPX
%LOGLULOHUL%L\RHWLN'HUQHøL<D\ÖQÖV<g.0DWEDDVÖ$QNDUD
g]WUN 2 ´+HNLPLQ .LPOLøLµ $72 +HNLPGHQ +HNLPH 1LVDQ+D]LUDQ
3HKOLYDQ ù ´<|QHWVHO gUJWVHO YH 0HVOHNL (WLN $oÖVÖQGDQ 7ÖEEL (WLN YH 7ÖS
(WLøL (øLWLPLµ 7ÖS (WLøL $UDûWÖUPDODUÖ %L\RHWLN 'HUQHøL <D\ÖQÖ 1R (G %
$UGDV$QNDUD
5H]OHU $* ´$WWLWXGH FKDQJHV GXULQJ PHGLFDO VFKRRO $ UHYLHZ RI WKH
OLWHUDWXUHµ-RXUQDORI0HGLFDO(GXFDWLRQ
0HG\DGD.ODVLN(WLN.RGODU%LUùOO]\RQPX"
'Ro'U=DNLU$YûDU $PHULNDQ HGHEL\DWÖQGDQ GLOLPL]H DNWDUÖODQ +RUDFH 0F &R\·XQ ´*D]HWHFL·QLQ
gOPµURPDQÖQGD URPDQÖQNDKUDPDQÖ0LNH'RODQ·ÖQûDKVÖQGDLONHOLELUJD]HWHFLQLQ
|OPQH |OGUOPHVLQH NDGDU X]DQDQ PFDGHOHVL GLOH JHWLULOLU 0LNH 'RODQDQ
JD]HWHFLOLN VHUYHQL EDWÖ WRSOXPODUÖQGD RUWD\D NRQXODQ JHUHN NODVLN YH JHUHNVH
JQP] LOHWLûLP RUWDPÖQGDQ QHû·HW KHPHQ KHPHQ EWQ HWLN NRGODUÖQ LKODOL YH
VDYXQPDVÖQD ELUHU FDQODQGÖUPDOÖ |UQHN JLEL JHoHU 5RPDQÖQ LON VD\IDODUÖ NDKUDPDQÖQ
PHG\D \|QHWLFLOHUL WDUDIÖQGDQ ÖVUDUOD JL]OHQPHN LVWHQHQ ELU ´GRøUXµ KDEHULQ KDOND
GX\XUXODELOPHVL LoLQ LûLQL ND\EHWPH\L GDKL J|]H DODFDN NDGDU LONHOL WDYÖUODUÖ LOH
EDûODUNHQ WDKPLQ HGLOHFHøL ]HUH VRQ VD\IDODUÖ GD RQXQ \LQH ´NDWÖDKODNLµ GXUXûX
QHGHQL\OH |OGUOPHVL\OH RUWD\D oÖNDU 5RPDQÖQ VRQXQGD DGHWD |OGUOHQVDGHFH 0LNH
'RODQGHøLOD\QÖ]DPDQGDPHG\DDKODNÖGÖU
ùOHWLûLPWDULKoLVL%DOGLQL0F/XKDQ·GDQ2QJ·D,QQÖV·GHQ+DYHORFN·DNDGDULOHWLûLP
VRUXQODUÖ\OD LOJLOHQPLû EWQ GûQUOHULQ LQVDQODUÖQ ELUELUOHUL LOH LOHWLûLP NXUGXNODUÖ
PHG\DQÖQRQODUÖQGûQûELoLPOHULQLYHEXQXQVRQXFXRODUDNGRøUXGDQYH\DGROD\OÖ
ELU ûHNLOGH LoLQGH \DûDGÖNODUÖ WRSOXPX HWNLOHGLNOHUL J|UûQGH ELUOHûWLNOHULQL DNWDUDUDN
LOHWLûLP GQ\DVÖQÖQ \DNÖQ YH X]DN JHoPLûLQGH ]DPDQ LoHULVLQGH ELUELULQL L]OH\HQ o
WHPHO GHYULPH LûDUHW HGHU %XQODU ´FKLRJUDILN GHYULPµ ùg <]\ÖOGD \D]ÖQÖQ
EXOXQPDVÖQÖ
L]OH\HQ
´*XWHQEHUJ
GHYULPLµ
<]\ÖO
RUWDODUÖQGD
PDWEDDQÖQ
EXOXQPDVÖQÖL]OH\HQ´HOHNWULNHOHNWURQLNGHYULPLµGLU·O\ÖOODUÖQRUWDODUÖQDGRøUX
WHOJUDI YH GDKD VRQUDVÖQGD UDG\R YH WHOHYL]\RQXQ EXOXQPDVÖ $QFDN NLWOH LOHWLûLP
DUDoODUÖQÖQ\DGDPHG\DODUÖQRUWD\DoÖNÖûÖ\D\JÖQODûPDVÖYH|]HOOLNOH´JD]HWHFLOLNµDGOÖ
ELU PHVOHøLQ GRøXûX YH |QHP ND]DQPDVÖ O \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûODUÖQD
UDVWODU
*D]HWHFLOLN PHVOHøLQLQ RUWD\D oÖNPDVÖ |QHP ND]DQPDVÖ YH JHOLûPHVL\OH ELUOLNWH
EDûWD NXUXPVDOODûPD ROPDN ]HUH WHNHOOHûPH PHG\D VDKLSOHULQLQ PHG\D GÖûÖ LûOHUH
JLUPHVL HNRQRPLN YH VL\DVL oÖNDU DODQODUÖQD \|QHOPHVL JLEL JHQHO YH \DODQ KDEHU
PDQLSODV\RQ \|QOHQGLUPH DPDoOÖ KDEHU |]HO KD\DWODUÖQ JL]OLOLøLQLQ LKODOL NLûLVHO
oÖNDUODU NDPX \DUDUÖQÖQ J|] DUGÖ HGLOPHVL YE JLEL ELU GL]L PHVOHøH |]HO VRUXQODU
EDûJ|VWHUPLû EXQODUÖQ o|]P LoLQ |QFHOLNOH KXNXNL G]HQOHPHOHU DNOD JHOPLû
\DSÖOPÖû EX G]HQOHPHOHULQ \HWHUVL]OLøL VDNÖQFDODUÖ YH |]HOOLNOHGH ¶EDVÖQ |]JUOø·
NDYUDPÖHWUDIÖQGDHWLNNRGODUJHOLûWLULOPHVLJHUHøLRUWD\DoÖNPÖûWÖU0HG\DNXUXOXûODUÖQÖQ
NHQGLOHUL YH\D VW PHVOHN NXUXOXûODUÖQÖQ RNXUXQ JYHQLQL ND]DQPDN YH NRUXPDN
DPDFÖ\OD RUWD\D NR\GXøX ¶HWLN NRGODU· WHPHOGH JD]HWHFLOLN PHVOHøLQLQ NRUXQPDVÖ
oDEDODUÖQGDQGRøPXûWXU (WLNNDYUDP0HVOHN$KODNÖYH¶0HG\D$KODNÖ(WLNL·
5DG\RYH7HOHYL]\RQhVW.XUXOXh\HVL
+RUDFH0F&R\*D]HWHFLQLQgOPoHY$KPHW$OWDQ%LOJL<D\ÖQHYL$QNDUD
0DVVLPR%DOGLQLùOHWLûLP7DULKL$YFÖRO%DVÖQ<D\ÖQùVWDQEXO
.RUNPD]$OHPGDU0HG\D*FYH'HPRNUDWLN.XUXPODU$ID<D\ÖQODUÖùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$QODPÖ WRSOXPODUD KDWWD NLûLOHUH J|UH GHøLûPHNOH ELUOLNWH HWLN ELUH\ GDYUDQÖûODUÖ\OD
LOJLOL
NXOODQÖODQ
DKODN
WHULPOHULQL
DKODNL
\DUJÖODUÖ
LQFHOHPHNWH
ELUH\OHULQ
DKODNL
WXWXPODUÖQÖQ DUGÖQGD \DWDQ \DUJÖODUÖ HOH DOPDNWDGÖU /DWLQFH ¶HWKLFXV·WDQ JHOHQ
V|]FøQ GLOLPL]GHNL NDUûÖOÖøÖ LVH ¶W|UHELOLP· RODUDN RUWD\D NRQPXûWXU EXQD J|UH
´7|UHELOLP L\LN|W \DUDUOÖ\DUDUVÖ] VRUXQODUÖ LQFHOH\HQ W|UHVHO ELU GDYUDQÖû \DVDVÖ
JHOLûWLUHQLQFHOHPHGDOÖGÖUµ %LUEDûND\D]DULVHEXWDQÖPÖGDKDJHQLûELUoHUoHYHGHûX
ûHNLOGH LIDGH HWPHNWHGLU ´ùQVDQ GDYUDQÖûODUÖQÖQ QDVÖO ROPDVÖ JHUHNWLøLQL LQFHOH\HQ
GLVLSOLQµ $QFDN |]JO HWLN NXUDOODUÖ GDLPD ELU NOWUQ GLQL LQDQoODUÖQD VRV\DO QRUPODUÖQD
WDULKL ûDUWODUÖQD YH HNRQRPL IHOVHIHOHULQH EDøÖPOÖGÖU %X QHGHQOHGLU NL HWLN LONHOHULQH
J|QGHUPH \DSÖOÖUNHQ VWDQGDUGÖQ X\JXODQGÖøÖ VLVWHPL J|] |QQGH EXOXQGXUPDN E\N
|QHPWDûÖPDNWDGÖU -RQDKWDQ *ORYHU LVH HWLN LONHOHUL ELU DQODPGD ELOLPVHO NXUDPODUD EHQ]HWPHNWH YH
EHOOL ELU RWRULWH HOL\OH EHOLUOHQPHGLNOHULQH YXUJX \DSPDNWDGÖU ´%LOLP YH HWLN DODQÖQGDNL
LONHOHU ELU \DQGDQ oRN |QHPOL VRQXoODU HOGH HGLOLUNHQ ELU \DQGDQ GD EX oDOÖûPDODUÖQ
KHP ELU \DQÖOPD SD\ÖQÖQ ROGXøX KHP GH VRQVX]OXøXQXQ NDEXO HGLOGLøL ELU VUHoWH
LQVDQ
DNOÖQÖQ
YH
LQVDQ
GHQH\LPOHULQLQ
ELUELUOHULQL
HWNLOHPH
EHFHULOHUL
\ROX\OD
NHûIHGLOPHVLGLUµ $OWXQ LOHWLûLP HWLøLQL HOH DOÖUNHQ ROD\D ´PHVOHN DKODNÖµ SHQFHUHVLQGHQ \DNODûPDNWD
YHPHVOHNPHQVXSODUÖQÖQX\PDN]RUXQGDROGXNODUÖSHNoRNNXUDOÖQ\DVDODUNDSVDPÖQGD
EHOLUWLOHUHN PHVOHNOHULQ LFUDVÖ VÖUDVÖQGDNL GDYUDQÖûODUÖQ NDPX \DUDUÖ LoLQ NRQWURO DOWÖQD
DOÖQPD\D oDOÖûÖOGÖøÖQÖ EXQXQ \DQÖ VÖUD ELU GH \D]ÖOPÖû YH\D \D]ÖOPDPÖû ROVD ELOH
EDøOD\ÖFÖOÖøÖ\DVDODUG]H\LQGHROPD\DQNXUDOODUÖQEXOXQGXøXQXYHEXQODUÖPHVOHNDKODN
NXUDOODUÖ PHVOHN LONHOHUL RODUDN WDQÖPOD\DELOHFHøLPL]L EHOLUWPHNWHGLU %X LONHOHULQ HQ
HVNLVL YH HQ QOV NXûNXVX] NL KHNLPOLN PHVOHøLQH EDûODUNHQ GRNWRUODU WDUDIÖQGDQ
HGLOHQ´+LSRNUDW\HPLQLµGLU
0HVOHNDKODNÖNRQXVXQGD(PLOH'XUNKHLP·ÖQJ|UûYHGûQFHOHULGHEXEDøODPGD
|QHP WDûÖPDNWDGÖU 'XUNKHLP·H J|UH WRSOXPVDO KD\DWÖ G]HQOH\HQ DKODN YH KXNXN
NXUDOODUÖQÖQRUWDNELUQRNWDVÖEXOXQPDNWDGÖUPH\\LGH\DSWÖUÖP0H\\LGHGHDKODNÖQ
WHPHO XQVXUXGXU %X QRNWDGD ´$KODNÖQ |WHNL DODQODUÖQD J|UH PHVOHN DKODNÖQÖQ JHQHO
|]HOOLøL QHGLU"µ YH ´+HU PHVOHN DKODNÖQÖQ NXUXOPDVÖ YH QRUPDO RODUDN LûOHPHVL LoLQ
]DUXUvRODQûDUWODUQHOHUGLU"µVRUXODUÖ]HULQGHGXUDQ'XUNKHLPPHVOHNDKODNÖQÖQWHPHO
D\ÖUW HGLFL |]HOOLøLQLQ ´NDPX YLFGDQÖQÖQ RQD J|VWHUGLøL LOJLVL]OLNµ ROGXøXQX EHOLUWLU
'ROD\ÖVÖ\OD 'XUNKHLP·D J|UH ´PHVOHN DKODNÖ FHPL\HWLQ EWQ X]XYODUÖ DUDVÖQGD RUWDN
ROPDGÖøÖLoLQEXNXUDOODUDX\XOPDPDVÖJHQHOWHSNLGRøXUPD]µ
7RSOXPXQLOJLVL]OLøLQH
NDUûÖ EX NXUDOODUÖQ LûOH\LûLQH QH]DUHW HGHFHN ELU WDNÖP JUXSODUD LKWL\Do EXOXQPDNWDGÖU
1XWWDOO-RKQ$KODNh]HULQH7DUWLûPDODUoHY$EGXOODK<ÖOPD]$\UÖQWÖ<D\ÖQODUÖùVWDQEXO
V
'HPLUD\.HPDO7HPHO7UNoH6|]ON%DVNÖùQNÖODS.LWDEHYLùVWDQEXOV
%OEO$5ÖGYDQùOHWLûLPYH(WLN.RQ\DV
0DOWHVNL79+DEHUFLOLøLQGH(WLN<DSÖ.UHGL<D\ÖQODUÖùVWDQEXOV
*ORYHU-RQDWKDQ&DXVLQJ'HDWKDQG6DYLQJ/LYHV+DUPRQGVZRUWK3HQJXLQV
GHQ
DNWDUDQ$QGUHY%HOVH\YH5XWK&KDGZLFN0HG\DYH*D]HWHFLOLNWH6RWXQODUoHY1XUoD\
7UNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXOV
$OWXQ$EGXUUH]]DN7UNL\H·GH*D]HWHFLOLNYH*D]HWHFLOHUd*'\D\ÖQÖ$QNDUDV
'XUNKHLP(PLOH0HVOHN$KODNÖoHY0HKPHW.DUDVDQ0(%\D\ÖQÖ$QNDUDV
DNW$OWXQDJHV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
$\QÖ PHVOHNWHQ ELUH\OHULQ YH\D NXUXOXûODUÖQ ELU DUD\D JHOPHVL\OH NXUXODQ PHVOHNL
JUXSODUÖQ PHVOHN DKODN NXUDOODUÖQÖQ X\JXODQPDVÖQGD |QHPOL URO YDUGÖU %X NXUDOODU QH
NDGDU VDøODP YH WHûNLODWOÖ NXUXOPXû ROXUODUVD PHVOHN DKODNÖ DoÖVÖQGDQ YLFGDQODU
]HULQGHNLRWRULWHVLGHRGHQOLID]ODROXUPHVOHNDKODNÖGDRNDGDUJHOLûLUYHVD\ÖOÖU
*D]HWHFLOLøLQ \]\ÖOÖQ VRQX YH \]\ÖOÖQ EDûÖQGDQ LWLEDUHQ KHU JHoHQ JQ
|QHPLQL DUWÖUDQ ELU PHVOHN RODUDN RUWD\D oÖNPDVÖ\OD ELUOLNWH LûLQ \DSÖOPDVÖ YH PHVOHN
JUXEX \HOHULQLQ NHQGL DUDODUÖQGD YH PHVOHN JUXEXQXQ \HOHUL DUDVÖQGD WRSOXPXQ JHUL
NDODQ E|OPOHUL LOH LOLûNLOHULQLQ G]HQOHQHELOPHVL LoLQ ELU WDNÖP NXUDOODUÖQ JHUHNOLOLøL
]HULQGH GXUXOPD\D EDûODQPÖûWÖU ùON NXUDO RODUDN WD NDPX DKODNÖQÖQ GD EDûWD JHOHQ
NXUDOÖ RODQ ´GRøUXOXNGUVWONµ LONHVL RUWD\D NRQXOPXûWXU
=H\QHS $OHPGDU EX LON
NXUDOD LOLûNLQ RODUDN $%' JD]HWHFLOHULQLQ KDVVDVL\HWOHULQL LIDGH HGHUNHQ WDUWÖûPDODUGDQ
X]DN NDOPDN LVWH\HQOHULQ NHVLQ RODUDN NDEXO HWWLNOHUL LNL DQD NXUDOÖQ GRøUXOXN YH
KDNNDQL\HW ROGXøXQX YXUJXODU YH $VVRFLDWHG 3UHVV $MDQVÖ·QÖQ ûX WHPHO NXUDOÖQÖ
KDWÖUODWÖU ´+DEHUL |QFH DO IDNDW RQGDQ |QFH GRøUX DO JHW LW ILUVW EXW ILUVW JHW LW
ULJKWµ
%XHOEHWWHNLRNDGDUNROD\ELUûH\GHøLOGLUDQFDNKHUJD]HWHFLYH\D\ÖQRUJDQÖ
LoLQE\N|QHPWDûÖPDNWDGÖU*HOLûHQKDEHUOHUGHKDEHUL|QFHGHQDOPDQÖQKDWDSD\ÖQÖ
DUWÖUGÖøÖ ]DPDQÖ GRøUX NXOODQDPDPDQÖQ GD KDEHUL DWODPD WHKOLNHVL \DUDWWÖøÖ JHUoHøLQH
UDøPHQ GRøUXOXN YHKDNNDQL\HW NXUDOODUÖQÖQ LKODOL KDEHULQ GHøHULQLGûUHQ HQ |QHPOL
IDNW|UOHURODUDNRUWD\DoÖNPDNODGÖU
0HG\DHWLøLYH\D|]GHQHWLPNRQXODUÖQD\DNODûÖPODUGDE|\OHELUVÖQÖUODPDQÖQ´EDVÖQ
|]JUOøµ oHUoHYHVLQGH QH DQODPD JHOHFHøL EDVÖQ |]JUOøQQ JHOHQHNVHO VÖQÖUODPD
oDEDODUÖQD ELU \HQLVL ROXS ROPDGÖøÖ WDUWÖûPDODUÖ \DûDQPDNWDGÖU $QFDN .RUNPD]
$OHPGDU·ÖQ \DNODûÖPÖ\OD ´(WLN J|UHFH |]JU ELoLPGH oDOÖûDQ JD]HWHFLOHULQ DUWDQ oHûLWOL
EDVNÖODUD NDUûÖ NHQGLOHULQL YH PHVOHNOHULQL NRUXPDN RNXUXQ JYHQLQL ND]DQPDN
DPDFÖ\OD X\PD\D V|] YHUGLøL NXUDOODU RODUDN RUWD\D oÖNPÖûWÖU %DûND ELU GHøLûOH NLWOH
LOHWLûLPL DODQÖQGDNL HWLN DQOD\ÖûÖ EDVÖQ |]JUOøQ JHOHQHNVHO RODUDN VÖQÖUODPD HøLOLPL
LoHULVLQGHNL GHYOHWH NDUûÖ PFDGHOHGHQ GHøLO VHUPD\HQLQ DUWDQ HJHPHQOLøLQLQ \DUDWWÖøÖ
VRUXQODUDNDUûÖJD]HWHFLOLNPHVOHøLQLQNRUXQPDVÖoDEDODUÖQGDQGRøPXûWXUµ
%HVWH\YH&KDGYLFNPHG\DHWLøLNRQXVXQX\DNODûÖPODUÖQGD´NDOLWHµER\XWXQDYXUJX
\DSPDNWDGÖUODU
*D]HWHFLOLøLQ
KDWDOÖ
X\JXODPDODUÖQGDQ
PHQ
HGLOLS
JD]HWHFLOHULQ
\DSWÖNODUÖQGDQ VRUXPOX WXWXOPDODUÖQÖ VDøOD\DFDN ELU GDYUDQÖû NRGX ]HULQGH GXUPDQÖQ
EDVÖQGD NDOLWHQLQ NRQWURO\OH LOJLOL ELU EDûODQJÖo RODELOHFHøL ]HULQGH GXUDQ \D]DUODU
VRUXQXQ NRGXQ LoHULøLQLQ QH RODFDøÖ JHQLû ELU DODQD \D\ÖODQ LONHOHUOH PL RODFDøÖ \RNVD
GDKDNDSDOÖD\UÖQWÖOÖWDQÖPODPDODUODPÖEHOLUOHQHFHøLROGXøXQXLIDGHHWPHNWHGLUOHU\DQL
NÖVDFDVÖ VÖQÖU oL]JLVLQLQ QHUHGHQ JHoHFHøLQL PHUDN HWPHNWHGLUOHU
<LQH \D]DUODUFD EX
QRNWDGD VRUXQXQ ELU EDûND ER\XWX RODUDN GD ´NRGXQ ROXPOX PX ROXPVX] PX HWLN
ROPD\DQ ELU GDYUDQÖûÖ |QOHPH\H PL \RNVD HWLN GDYUDQÖûÖQ JHOLûWLULOPHVLQH PL \|QHOLN
RODFDøÖµ]HULQGHGXUXOPDNWDGÖUgUQHøLQ´\DODQV|\OHPHµLOH JHUoHøLV|\OHµ D\QÖûH\
'XUNKHLPDJHV
$OWXQDJHV
$OHPGDU=H\QHS2\XQXQ.XUDOÖ%DVÖQGDg]GHQHWLP%LOJL<D\ÖQHYL$QNDUDV
$OHPGDU.RUNPD]$JHV
%HOVH\$&KDGZLFN50HG\DYH*D]HWHFLOLNWH(WLN6RUXQODUoHY1XUoD\7NRøOX$\UÖQWÖ
<D\ÖQODUÖùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHøLOGLU 6HVVL] NDODUDN \RUXP \DSPD\DUDN NRQX\X GHøLûWLUHUHN \DODQ V|\OHPHNWHQ
NDoÖQÖODELOLUDPD\DODQÖV|\OHPL\RUROPDNQHJQONKD\DWWDQHGHJD]HWHFLOLNWH\HWHUOL
ELU LONHOLOLN RODUDN J|UOHPH]
(Q VRQ RODUDN WDUWÖûÖODQ NRQX HWLN ELU GDYUDQÖû
NRGXQXQ KDQJL WHPHOH GD\DQDFDøÖ ]HULQGH RGDNODQPDNWDGÖU <D]DUODUD J|UH ´HWLN
\DOQÖ]ELUGDYUDQÖûNRGXGHøLOGLUDUWÖ\DGDHNVL\DSWÖUÖPODUÖRODELOLU<DOQÖ]FDL]OHQPHVL
JHUHNHQ NXUDOODUGDQ GD LEDUHW GHøLOGLU 'DKD oRN LQVDQ GDYUDQÖûODUÖQÖQ GRøUXODUÖ YH
\DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NXUXPODUD GD\DQDUDN QHVQHOOLN YH WDUDIVÖ]OÖNOD
X\JXODQPDVÖ\ODLOJLOLGLUµ
%XEDøODPGD]LNUHGLOPHVLQGH\DUDUEXOXQDQELU|QHPOLoDOÖûPDGD6LHEHUW3HWHUVRQ
YH 6FKUDP·ÖQ ´%DVÖQÖQ '|UW 7HRULVLµGLU WDULKOL EX HVHULQ |QHPL LOHWLûLP
VLVWHPOHULQLQ GD\DQGÖUÖOGÖøÖ GûQVHO WHPHOOHULQ NDUûÖODûWÖUPDOÖ RODUDN LQFHOHQPHVL
oDOÖûPDODUÖQÖQ HQ oRN ELOLQHQOHUGHQ ROPDVÖQGDQ YH VRQUDNLOHUH ND\QDNOÖN HWPHVLQGHQ
GROD\ÖGÖU ùOHWLûLP VLVWHPOHULQLQ QRUPDWLI WHPHOOHULQL ´RWRULWHUµ ´OLEHUDOµ ´6RY\HW
.RPQLVWµYH´WRSOXPVDOVRUXPOXOXNµNXUDPODUÖEDûOÖNODUÖDOWÖQGDG|UWDQDNDWHJRULGH
GH DODQ 6LHKHUU YH DUNDGDûODUÖQÖQ EX \DNODûÖPÖ JHQHO RODUDN NDEXO J|UPûWU
%X
HNLSWH \HU DODQ 6FKUDPP·ÖQ 5LYHUV YH &KULVWLDQV·OD ELUOLNWH NDOHPH DOGÖNODUÖ .LWOH
ùOHWLûLPLQGH6RUXPOXOXNDGOÖHVHUOHULGH\LQHD\QÖ\DNODûÖPÖWDûÖPDNODGÖU<D]DUODUDJ|UH
ùON
JD]HWHFLOHU
RWRULWHU
ELU
WRSOXPGD
IDDOL\HW
J|VWHUPHN
]RUXQGD
NDOPÖûODUGÖ %|\OH ELU VLVWHPGH LOHWLûLP DKODNÖQÖQ HVDVODUÖ VRQ GHUHFH
DoÖNWÖU
2OXPVX]
ELU
LIDGH\OH
RWRULWHOHULQ
J|]QGH
GHYOHWH
YH
YDWDQGDûODUÖQD ]DUDU YHUHELOHFHøL GûQOHQ KLo ELU HVHU \D\ÖQODQDPD]GÖ
'DKD ROXPOX ELU LIDGH\OH WP \D\ÖQFÖOÖN OWXINDU GHYOHWLQ E\NOøQH
NDWNÖGD EXOXQPDN ]RUXQGD\GÖ YH EX VRQXo LWLEDUL\OH LQVDQÖQ D]DPL
ID\GD\D YH PXWOXOXøD XODûPDVÖQÖ VDøOD\DFDNWÖ %HOLUJLQ RODQ ûH\ LQVDQÖQ
NHQGL EDûÖQD NDUDU YHUPHPHVL\GL oQN KHU ]DPDQ RQXQ DGÖQD NDUDU
YHUHFHNKDNHPJ|UHYLVWOHQHQELURWRULWHPHYFXWWX
<LQH D\QÖ \D]DUODU JHOLûHQ WLFDUHW VRQXFXQGD \HQL ELU VÖQÖIÖQ GRøGXøXQX EX VÖQÖIÖQ
HNRQRPLNJFGROD\ÖVÖ\ODVL\DVHWHRUWDNROGXøXQXGROD\ÖVÖ\ODGHPRNUDWLNNDWÖOÖPÖHVDV
DODQ OLEHUDO ELU \DNODûÖPÖP RUWD\D oÖNWÖøÖQÖ V|\OHPHNWHGLU /LEHUDO \DNODûÖP ILNLUOHULQ
GHYOHW NRQWURO ROPDNVÖ]ÖQ VHUEHVWoH LIDGH HGLOPHVL J|UûQGHGLU %XQD J|UH
WRSOXPGDNL WP IDUNOÖ ILNLUOHU EDVÖQ \ROX\OD |]JUFH VHVOHULQL GX\XUDELOHFHNOHU YH EX
ûHNLOGH IDUNOÖ EDNÖû DoÖODUÖQÖQ DoÖNoD oDUSÖûPDVÖ VRQXFX KDON GRøUX\X \DQOÖûWDQ D\ÖUW
HGHELOHFHNWLU
$QFDN·OÖ\ÖOODUGDQLWLEDUHQOLEHUDOEDVÖQWHRULVLoRN\RøXQHOHûWLULOHUOH\]\]H
JHOPH\H EDûODPÖûWÖU 7HRULQLQ ûSKH\OH NDUûÖODQPDVÖQD NDGDU XODûDQ EX HøLOLPGH
PHG\DGD WHNHOOHûPHOHULQ oRN |QHPOL URO ROPXûWXU g\OH NL EX WHRUL\H GX\XODQ
\DNODûÖPODU
X]DQWÖVÖ
RODUDN
NDEXO
HGLOHQ
GRøDO
KXNXN
\DNODûÖPÖQD
GD
J|OJH
GûUPûWU $NLW VHUEHVWLVL \D GD VHUEHVW V|]OHûPH HVDVÖ ]HULQH NXUXOX GRøDO KXNXN
\DNODûÖPÖYHOLEHUDOPRGHOVHUEHVWSL\DVDX\JXODPDVÖQDGD\DQDQELUDU]WDOHSGHQJHVLQL
<DJHV
<DJHV
.D\D5DûLWùOHWLûLP6LVWHPOHUL$QNDUDV2NWD\0DKPXW.LWOHùOHWLûLP$UDoODUÖQÖQ
8OXVODUDVÖ6RUXPOXOXøXYHùOHWLûLP$KODN.XUDOODUÖùh6%(<D\ÖQODQPDPÖû'RNWRUD7H]LùVWDQEXO
V
5LYHUV:6FKUDPP:&KULVWLDQV&*5HVSRQVLELOLW\LQ0DVV&RPPXQLFDWLRQ1HZ<RUN
DNW02NWD\DJWV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
|QJ|UPHNWH\GL 'ROD\ÖVÖ\OD DU] WDOHS PHNDQL]PDVÖQD GD\DQDQ VHUEHVW V|]OHûPH NXUDOÖ
WP WRSOXPVDO VRUXQODUÖ o|]POHU YH DGLO ELU KXNXN G]HQLQH XODûPDPÖ]D YHVLOH
ROXUGX %XQGDQ KDUHNHWOH EDVÖQGD JHUHN LûoL YH LûYHUHQ YH JHUHNVH SL\DVD ûDUWODUÖQÖQ
D\QÖ HVDVD J|UH LûOHGLøL J|Uû LOHUL VUOPHNOH\GL 2OD\D PHG\D DKODNÖ SHQFHUHVLQGHQ
EDNÖOGÖøÖ ]DPDQ VRPXWD LQGLUJHQHFHN GXUXP û|\OH\GL ´%LU WDUDIWDQ ILNLUOHULQ |]JU
GRODûÖPÖ LOH GHPRNUDWLN oRøXOFXOXN VDøODQDFDN GLøHU \DQGDQ GD WRSOXPVDO LKWL\DoODUD
FHYDS YHUPH\HQ JD]HWHOHU DU] YH WDOHS VLVWHPL JHUHøL GRøDO RODUDN SL\DVDGDQ
oHNLOHFHNWLµ
dDOÖQDQODUDoÖVÖQGDQGD\LQHoRøXOFXOXNYHSL\DVDûDUWODUÖLoHULVLQGHNHQGL
J|UûOHULQH X\JXQ PHG\D RUJDQODUÖQGD oDOÖûPD YH DNLW VHUEHVWLVLQH GROD\ÖVÖ\OD Lû
GHøLûWLUHELOPHKDNNÖQDVDKLSROPDKDNNÖGRøPDNWD\GÖ
1H YDU NL WRSOXPVDO \DSÖGDNL GHQJHVL]OLNOHU YH LûYHUHQLQ oDOÖûDQODUÖQD J|UH JoO
NRQXPX VHUEHVW V|]OHûPH |]JU LUDGH\H GD\DQDQ DU] YH WDOHS GHQJHVL HûLWOLN YE
NDYUDQÖODQ VRQ GHUHFH DQODPVÖ] NÖOPÖûWÖ
%WQ EX JHOLûPHOHUGHQ GROD\ÖGÖU NL
YDWDQGDûODUÖQD NDUûÖ \NPOONOHU WDûÖ\DQ ´PGDKDOHFLµ YH ´VRV\DO GHYOHWµ DQOD\ÖûÖQÖ
GRøXUDQEXJHOLûPHOHUPHG\DDODQÖQGDGDNDUûÖOÖNEXOPDNWDJHFLNPHGL
0HG\D VHNW|UQGHNL WHNHOOHûPH HøLOLPOHUL GÖû HNRQRPLN YH PDGGL oÖNDUODU
UHNODPFÖODUÖQHWNLVLE\NVHUPD\HQLQYDUOÖøÖQÖKLVVHWWLUPHVLYHEDVÖQÖGHQHWLPDU]XVX
oRøXOFXOXN YH oDOÖûDQODU DoÖVÖQGDQ DNLW VHUEHVWLVLQL RUWDGDQ NDOGÖUPÖûWÖ /LEHUDO
\DNODûÖPÖQ |QJ|UGø YH\D JHWLUGLøL WHGELUOHU GH ]DWHQ JHQHOOLNOH PHG\D VDKLSOHULQLQ
KDNODUÖQÖ NROOD\DQ DPD EX DODQGD oDOÖûDQ JD]HWHFL YH oDOÖûDQODUÖQ VRUXQODUÖQD J|]
\XPDQ RQODUÖQ |]JUONOHULQLQ NÖVÖWODQPDVÖQÖ FLGGL ELU SUREOHP RODUDN J|UPH\HQ ELU
WHPHOH GD\DQÖ\RUGX %WQ EXQODU WHSNL RODUDN \HQL ELU \DNODûÖP ELoLPLQLQ RUWD\D
oÖNPDVÖQD DUDFÖOÖN HWWL 6RV\DO VRUXPOXOXN DQOD\ÖûÖ RODUDN LIDGH HGHFHøLPL] EX VUHoWH
LOHWLûLPL G]HQOH\HQ ELU WDNÖP NXUDOODUÖQ EDVÖQ NRQVH\OHULQLQ DQWLWU|VW \DVDODUÖQÖQ YH
GHYOHWLQ DOGÖøÖ ED]Ö WHGELUOHULQ ROXûWXUXOPDVÖ KXVXVX JQGHPH JHOGL <ÖOÖQGD
$PHULND %LUOHûLN 'HYOHWOHULQGH NXUXODQ +XWFKLQV .RPLV\RQX UDSRUXQGD \HU DOGÖøÖ
ûHNOL\OHVRV\DOVRUXPOXOXNDQOD\ÖûÖQÖQDQDHVDVODUÖûXûHNLOGHLGL
*HOHQHNVHO EDVÖQ |]JUOø GûQFHVL LOH RQXQ JHUHNOL NÖOGÖøÖ D\UÖOPD]
SDUoDVÖRODQVRUXPOXOXNDUDVÖQGDELUoHOLûNLYDUGÖU
6RUXPOXOXN \DVDODUD VD\JÖ JLEL NHQGL EDûÖQD |]JUONOHU |QQGH ELU
HQJHO GHøLOGLU 7DP WHUVLQH SR]LWLI ELU |]JUOøQ JHUoHN ELU LIDGHVL
RODELOLU$QFDNEXVRUXPOXOXNND\ÖWVÖ]NDOPD|]JUOøQHWHUVGûHU
6|]GH
EDVÖQ
ROXûWXUGXøXQD
|]JUOøQQ
EX
JQOHUGH
EX
WU
oRN
WRSOXPVDO
VÖN
WDQÖN
VRUXPVX]OXN
|UQHøL
ROXQPDNWDGÖU
%DVÖQ
\DQOÖûOÖNODUÖQÖQ YH WXWNXODUÖQÖQ |]HW kOkQ GÖûÖQD WDûÖS NDPXVDO WHKOLNH
KDOLQH JHOGLøLQL ELOPHOLGLU %DVÖQ \DQOÖû \DSDUVD DOGDWWÖøÖ NDPXR\XGXU
.LûLOHUH WDQÖGÖøÖ JLEL EDVÖQD GD KDWD \DSPD KDNNÖQÖQ WDQÖQPDVÖ EXQGDQ
E|\OHPPNQGHOLOGLU
%XQD J|UH PHG\D VDKLSOHUL YH oDOÖûDQODUÖ WRSOXPXQ EHNOHQWLOHULQL \HULQH JHWLUPH\L
ELU \NPOON RODUDN NDEXOOHQPHOLGLUOHU 6HUEHVW SL\DVD YH UHNDEHW ûDUWODUÖQGD
<DJH
2NWD\0DJWV
$NW5.D\DDJHV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PH\GDQD JHOHELOHFHN DNVDNOÖNODU NDPXVDO LKWL\DoODUÖ NDUûÖOD\DFDN PHNDQL]PDODUOD
G]HOWLOPHOLGLU
0HG\D\Ö
WRSOXPVDO
DPDoODUGDQ
X]DNODûWÖUDQ
EDVNÖODUÖ
RUWDGDQ
NDOGÖUDELOPHN LoLQ GHYOHULQ VHNW|UH PDOL YH HNRQRPLN \DUGÖPODU oRøXOFXOXøXQ
VDøODQPDVÖQD KL]PHW HGHQ |]HO KL]PHW YH NROD\OÖNODUÖQ WHPLQL PHG\D RUJDQODUÖQD
\|QHOLN |]HO WDULIHOHU |QFHOLNOHU YH D\UÖFDOÖNODU JHWLULOPHVL D\UÖFD PHG\DQÖQ YH
oDOÖûDQODUÖQÖQ KDN YH |]JUONOHULQL NRUX\DQ |]HO NDQXQODU YH DQWLWHNHO NDQXQODUÖ
oÖNDUÖOPDVÖ EDVÖQ NRQVH\OHULQLQ ROXûWXUXOPDVÖ |]HO NRPLV\RQODUÖQ YH SDUODPHQWR
NRPLV\RQODUÖQÖQ G]HQOHQPHVL JLEL ELUoRN WHGELU VLVWHPLQ HVDVÖQÖ ROXûWXUPDNWDGÖU
.H]DLOHWLûLPNXUXOXûODUÖQGDoDOÖûDQODUÖQPHVOHNLVWDQGDUWODUÖQÖQGD|]GHQHWLPHVDVODUÖ
GDKLOLQGHRUWD\DNRQPDVÖGDEXQXQELUSDUoDVÖGÖU
$JHH$XOWYH(UQHU\·QLQPHG\DGDVRV\DOVRUXPOXOXøXELoLPOHQGLULUNHQEHûNRQWURO
PHNDQL]PDVÖ |QJ|UHQ \DNODûÖPODUÖ GD |QHP WDûÖPDNWDGÖU %X PHNDQL]PD VX\D DWÖODQ
WDûODUÖQLoLFHKDONDODUoÖNDUPDVÖQGDROGXøXJLELELUELULQHGHøPHGHQLoLFHJHoPLûVRV\DO
NRQWUROKDONDODUÖQGDQROXûPDNWDGÖU(QLoWHNLNoNKDONDELUH\OHULQ\DQL\D\ÖQFÖODUÖQ
PXKDELUOHULQ HGLW|UOHULQ PHG\D VDKLSOHULQLQ KDEHU PGUOHULQLQ ILOP YH YLGHR
HGLW|UOHULQLQ YE NLûLVHO PHVOHNL VWDQGDUWODUÖQÖ YH DKODNL WHFUEHOHULQL VLPJHOHPHNWHGLU
.LûL KHU ûH\GHQ |QFH NHQGL YLFGDQÖQD YH LQDQoODUÖQD NDUûÖ VRUXPOXGXU %X NLPLOHULQ
NHQGLOHULQL oHYUHOH\HQ GLøHU G|UW KDOND\Ö J|] |QQGH WXWPDVÖ JHUHNPHNWHGLU ùNLQFL
KDOND\Ö WHNHU WHNHU PHG\D NXUXOXûODUÖQÖQ NHQGL NXUXPVDO YH |]HO VWDQGDUWODUÖ YH DKODNL
NXUDOODUÖ ROXûWXUPDNWDGÖU +HU NXUXOXûXQ NHQGLOHULQH |]J NÖVWDVODUÖ YH GHøHUOHQGLUPH
XVXOOHUL EXOXQPDNWDGÖU EXUDODUGD oDOÖûDQODU GD WDPDPÖ\OD EX NXUDOODUD EDøOÖ NDOPDOÖGÖU
hoQF KDONDGD ONH G]H\LQGH \HUOHûLN PHVOHNL DKODN NXUDOODUÖ YDUGÖU 'RøDO RODUDN
ONHGHEXNXUDOODU]HULQGHELUDQOD\ÖûELUOLøLEXOXQXU%XQDPHG\DVHNW|UQGHNLIDUNOÖ
LOHWLûLP DUDoODUÖQÖQ UDG\R WHOHYL]\RQ JD]HWH GHUJL UHNODPFÖOÖN VLQHPD YH EHONL
ûLPGLOHUGH ùQWHUQHW XOXVDO G]H\GH JHWLUGLNOHUL VSHVLILN VWDQGDUWODUÖ GD GDKLOGLU
'|UGQF KDOND GHYOHWLQ YH VRV\DO VLVWHPLQ LOHWLûLPLQH LOLûNLQ WHPHO IHOVHIHOHUL YH
KXNXNXQ NR\GXøX VÖQÖUODPDODUÖ J|VWHULU (Q GÖûWDNL KDOND LVH \DQL EHûLQFL KDOND LVH
WRSOXPXQ QH WU KDEHUOHUH WROHUDQV J|VWHUHFHøLQL YH\D J|VWHUPH\HFHøLQL LIDGH HGHQ
VÖQÖUODPDODUÖ LoHULU %LU |UQHNOH KHU WRSOXPGD PVWHKFHQOLN DQOD\ÖûÖ IDUNOÖOÖNODU DU]
HWPHNWHGLU
0HG\D DKODN NRGODUÖ YH\D LONHOHUL LVH EX SHUVSHNWLIWHQ KDUHNHWOH JHQHO DQODPGD
\DVDO G]HQOHPHOHUH WHNDEO HWVLQ YH\D HWPHVLQ PHVOHNWH RODQODUÖQ X\PDN GXUXPXQGD
EXOXQGXøX GDYUDQÖû NXUDOODUÖQÖ LIDGH HWPHNWHGLU 'DU DQODPGD LVH PHVOHøLQ NHQGL
NHQGLVLQH UHWWLøL YH \HOHULQLQ X\PDODUÖ JHUHNHQ NXUDOODU PDQ]XPHVLGLU %X NRGODUÖQ
ND\QDøÖ PHVOHNL \HWHQHNOHU PDKNHPH NDUDUODUÖ EDVÖQ ûHUHI GLYDQODUÖ YH\D EDVÖQ
NRQVH\OHUL
YE
PHVOHN
|UJWOHUL
ROGXøX
JLEL
EL]DWLKL
PHG\D
NXUXOXûODUÖQÖQ
NHQGLOLNOHULQGHQVWOHQGLNOHUL\NPOONOHURODELOLU
%DVÖQ DKODN NRGODUÖQÖ YH\D LONHOHULQL G|UW JHQHO NDWHJRUL LoHULVLQGH GHøHUOHQGLUPHN
GHPPNQGU
D +HU PHVOHNWH ROGXøX JLEL \DOQÖ]FD EDVÖQ PHVOHøLQGH RODQODUÖ YH PHVOHN |UJWOHULQL
LOJLOHQGLUHQ NRGODUGÖU %XUDGD PHVOHN UQQQ \FHOWLOPHVL PHVOHN oÖNDUODUÖQÖQ
NRUXQPDVÖ ILNUL KDNODUD VD\JÖ \D]Ö DûÖUPD \DVDøÖ YH RUWDN ]LKQL\HW J|VWHUPH
]RUXQOXOXøXJLELNXUDOODUÖVÖUDODQDELOLU
2NWD\0DJWV
$NW2NWD\0DJWV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
E +HU WUO LIVDW JLULûLPOHULQL UHGGHWPH JHUoHøLQ DUDQPDVÖ KDEHULQ \RUXPGDQ D\UÖOPDVÖ
GRøUXROPD\DQKDEHUOHULQG]HOWLOPHVL]RUXQOXOXøXPDQHYLGLQLGX\JXODUDVD\JÖOÖROPD
EDûNDODUÖQÖQKDNODUÖQDVD\JÖOÖROPDJLELKDONODLOLûNLOHULG]HQOH\HQNXUDOGÖU
F .LûL\OH RODQ LOLûNLOHUGH X\JXODQDQ NXUDOODU +DNDUHW YH V|YPHQLQ GLQ ÖUN HWQLN N|NHQ
VL\DVDOWHUFLKFLQVL\HWYEQHGHQOHUOHD\UÖP\DSÖOPDVÖQÖQ\DVDNODQPDVÖYV
G 'HYOHW YH XOXVODUDUDVÖ WRSOXOXNOD LOLûNLOHUL EHOLUOH\HQ NXUDOODU %DVÖQ |]JUOøQ YH
PHVOHNL VÖUODUÖ VDYXQPD LQVDQ KDNODUÖ EDUÖû XOXVODUDUDVÖ LûELUOLøL DQOD\ÖûÖQGDQ \DQD WDYÖU
WDNÖQPDYE
0HG\D$KODNÖ%DøODQÖPGD(OH$OÖQDQ7HPHO6RUXQODU
0HG\D DKODNÖ DQOD\ÖûÖ LOH ELUOLNWH ´EDûWD NDPX \DUDUÖ NDYUDPÖQÖQ LoHULøLQLQ QH
RODFDøÖ ROPDN ]HUH ´EDVÖQ |]JUOøµ PHG\D GHQHWLPLQGH KXNXNL YH |]GHQHWLP
\ROODUÖ YH JQP]GH \HQL ELU \RO RODUDN EHOLUJLQOHûHQ ´RUWDN GHQHWLP EDEÖQGD
WHNHOOHûPH YH PHG\D VDKLSOHULQLQ SDWURQODUÖQÖQ EDVÖQ GÖûÖ LûOHUGH IDDOL\HW J|VWHUPHVL
NRQXODUÖVÖNOÖNODWDUWÖûÖOPD\DEDûODPÖûWÖU
D.DPX<DUDUÖ
.DPX \DUDUÖQÖQ QH ROXS ROPDGÖøÖ NDPX \DUDQPD KDQJL KDOOHUGH V|] NRQXVX
HGLOHFHøL YH EX NDYUDPÖQ PHG\D HWLN NRGODQÖQ LKODO LoLQ \HWHUOL ELU JHUHNoH WHûNLO HGLS
HWPH\HFHøL]HULQGHoRNGHULQYHDQODPOÖWDUWÖûPDODU\UWOPûWU
%XNRQXGDNLWDUWÖûPDODUÖQLNLWHPHOER\XWXYDUGÖU%LULFLVLNLûLOHULQ|]HOKD\DWODUÖQD
PGDKDOHLNLQFLVLLVHGHYOHWVÖUUÖQLWHOLøLQGHNLELOJLOHULQDNWDUÖOPDVÖGÖU
g]HOOLNOH ELULQFL ER\XWOD LOJLOL RODUDN NDPX \DUDUÖQÖQ VÖQÖUÖQÖQ QHUH\H NDGDU RODFDøÖ
NRQXVXQGD REMHNWLI ELU VÖQÖUODPD EXOXQPDPDNOD ELUOLNWH |]HO KD\DWD LOLûNLQ KDEHU
\RUXP YH J|UQWOHULQ VXQXPXQGD JL]OL NDPHUD JL]OL VHV YH ND\ÖW G]HQL WHOH REMHNWLI
YE \|QWHPOHUOH X]DNWDQ KDEHU YHUPHNVL]LQ J|UQW DOPDQÖQ YH GXGDN RNXPD
\|QWHPL\OH NRQXûPDODUÖ DNWDUPDQÖQ JHQHO RODUDN HWLN GÖûÖ J|UOGø YH NLPL ONHOHUGH
EXNRQXODUÖQKXNXNLG]HQOHPHOHUHNRQXROGXøXELOLQPHNOHGLU
'HYOHWVÖUODUÖQÖQLIûDVÖQRNWDVÖQGDGD\LQHKHPKXNXNLKHPGHHWLNNXUDOODUGHYUH\H
JLUPHNOHGLU $QFDN \LQH EXUDGD GD QH\LQ KDQJL ûDUWODU DOWÖQGD GHYOHW VÖUUÖ NDEXO
HGLOHFHøLGLU gUQHøLQ GHYOHWLQ NDQXQODUGD \HUL ROPD\DQ H\OHP YH LûOHPOHULQLQ
EXOXQPDVÖ KDOLQGH JD]HWHFLOHU EXQX |øUHQGLNOHUL ]DPDQ WRSOXPD DNWDUDPD\DFDNODU
PÖGÖU"
%X EDøODPGD EDKVHGLOPHVL JHUHNHQ ELU GLøHU KXVXV LVH \D]PDPDQÖQ WHUVLQH ´PLOOL
oÖNDUODU V|] NRQXVX ROGXøX ]DPDQ DFDED JD]HWHFLOHU R GRøUXOWXGD PÖ KDEHU
\DSPDOÖGÖUODU"µVRUXVXQXQFHYDEÖGÖU
E%DVÖQg]JUOø$FÖVÖQGDQ+XNXNLYH(WLN'HQHWLPg]GHQHWLPYH2UWDN
'HQHWLP
0HG\D GHQHWLPLQGH HWLN LONHOHULQ ELU \HUGH ´JD]HWHFLQLQ YH\D PHG\D RUJDQÖQÖQ
NHQGL DU]XVXQD EÖUDNÖOPÖû ROPDVÖ LONHOHULQ PXWODN ELU \DSWÖUÖPÖ VDøOD\DPDPDVÖ oRøX
NH] HWLN NRGODUÖQ KXNXNL PHWLQOHUGH GH NDUûÖOÖN EXOPDVÖ VRQXFXQX GRøXUPDNWDGÖU
+XNXNL GHQHWLPGH \DSWÖUÖPODUÖQ NHVLQ YH ED]HQ GH DøÖU ROPDVÖ YH ED]Ö ]DPDQODUGD GD
KNPHWOHUOH EDVÖQ DUDVÖQGDNL LOLûNLQLQ WDQ]LPLQGH NXOODQÖOPD LKWLPDOLQL GRøXUPDVÖ
'DQÖûPDQ$KPHWDJPDNW02NWD\DJWV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHG\DQÖQ |]JUON DODQÖQÖQ GDUDOWÖOGÖøÖ ELoLPLQGH \RUXPODQDELOPHNWHGLU *LUJLQ ELU
KDEHULQYHULOPHVLQGHYHJD]HWHFLQLQKDEHUYHUPHKDNNÖQÖNXOODQPDVÖQGDNDPX\DUDUÖQÖ
WHVSLWOH J|UHYOL \DUJÖFÖQ GDYD NRQXVX KDEHULQ RNX\XFXQXQ PDUD]L PHUDN GX\JXODUÖQÖ
WDWPLQHPL\RNVDVWQDKODNLYHKXNXNLGHøHUOHULQNRUXQPDVÖQDPÖ\|QHOLNROGXøXQX
DUDûWÖUPDN YH RQD J|UH NDPX \DUDUÖQÖQ ROXS ROPDGÖøÖ VRQXFXQD YDUPDN GXUXPXQGD
EXOXQGXøXQXV|\OHPHNWHGLU
!
+XNXNLG]HQOHPHOHUYHGROD\ÖVÖ\OD\DUJÖVDOGHQHWLPGHJHWLULOHQVWDQGDUWODUGDJHQHO
RODUDN ´PHVDM LoLQ ELOJL WRSODQPDVÖQGD YH EX ELOJLOHULQ VHoLOHUHN PHVDM KDOLQH
JHWLULOPHVLQGH X\XOPDVÖ JHUHNHQ SR]LWLI VWDQGDUWODUGÖUµ GL\HQ 9XUDO LOHWLûLPFLOHULQELOJL
WRSODPD VÖUDVÖQGD VH\UHN WH ROVD ELOHUHN \D GD ELOPH\HUHN \DVD GÖûÖ GDYUDQÖûODUGD
EXOXQGXøXQDGLNNDWoHNPHNWHYH´EXQODUNLûLKDNODUÖQDGRNXQPDKDWDOÖ\D\ÖQ\DSPD
D\UÖFDOÖNKDNNÖQÖN|W\HNXOODQPDWLFDULJYHQOLøLVDUVPDoDOÖQPÖûGRNPDQNXOODQÖPÖ
EDûNDVÖQÖQ HVHULQL NHQGLVLQH PDO HWPH \D GD |\OH ELU GRNPDQÖ NXOODQPD KDEHU
ND\QDøÖQÖ NDQÖWOD\DPDPD SURJUDPODUÖQ ûLGGHW YH VHNV LoHUPHVL JLEL GDYUDQÖûODUµ
!
RODUDNVÖUDODPDNWDGÖU
gWH \DQGDQ KXNXNL G]HQOHPHOHU YH \DUJÖVDO GHQHWLP GÖûÖQGDNL \ROODU LVH ]DWHQ
PHG\DQÖQ NHQGLVL WDUDIÖQGDQ KHP RNX\XFX NLWOHVL\OH LOLûNLOHULQL L\LOHûWLUPHN YH KHP GH
PHG\DQÖQ PGDKDOH DOWÖQGD NDOPDVÖQÖ |QOHPHN DPDFÖ\OD JHOLûWLULOPLû \ROODU RODUDN
RUWD\D
oÖNPÖûWÖU
*QP]GH
|]GHQHWLP
\DQL
\D\ÖQ
NXUXOXûXQXQ
WRSOXPVDO
VRUXPOXOXN GRøUXOXN JHUoHNoLOLN KDNNDQL\HW REMHNWLIOLN YH WDUDIVÖ]OÖN J|UHYOHUL
X\DUÖQFD \|QHWLPLQL NHQGLVLQLQ EHOLUOH\HFHøL NDPXVDO \D\ÖQFÖOÖN YH ONHVLQLQ NDQXQODUÖ
YH WDUDI ROGXøX XOXVODUDUDVÖ \DVDO G]HQOHPHOHUH WHUV GûPHPHN LoLQ KDEHU SURJUDP
YH\D GLøHU \D\ÖQODUÖQÖ J|]HWOHPH NRQWURO YH G]HQOHPH VRUXPOXOXøXQXQ \DQÖ VÖUD ELU
GH RUWDN GHQHWLP RODUDN LIDGH HGHELOHFHøLPL] \D\ÖQ NXUXOXûX LOH \D\ÖQ NXUXOXûXQXQ
GÖûÖQGDNL ELU RUJDQ NRQVH\ NXUXO YH\D VLYLO WRSOXP NXUXOXVX WDUDIÖQGDQ \D\ÖQODUÖQ
LoHULNOHULQH LOLûNLQ NRQWURO G]HQOHPH YH J|]HWOHPH VRUXPOXOXøX DQOD\ÖûÖ JHOLûPLûWLU
%XUDGD JHQHO RODUDN NDPX NXUXPODUÖ XODûÖODFDN KHGHIOHUL WD\LQ HWPHNWH YH EX
GRøUXOWXGD JHUHNOL GHWD\ODUÖQ WHVSLW YH UHWLOPHVL VHNW|U oDOÖûDQODUÖQD YH\D GLøHU LOJLOL
WDUDIODUDEÖUDNÖOPDNWDGÖU
F0HG\DGD7HNHOOHûPH<RøXQODûPD0HG\DQÖQYH3DWURQODUÖQÖQ%DVÖQ'ÖûÖ
ùûOHUL
0HG\DGD WHNHOOHûPH YH\D \RøXQODûPD IDUNOÖ PHG\D VHNW|UOHULQGH D\QÖ JUXS YH\D
ûLUNHW oÖNDUODUÖQÖQ ELULNPHVLQL LIDGH HWPHNWHGLU *HQHOOLNOH LNL ûHNLOGH ROPDNWDGÖU
%LULQFLVL NHQGL \D]Ö LûOHUL NDGURVXQD VDKLS PHG\D RUJDQÖ VD\ÖVÖQGD D]DOPD LNLQFLVL LVH
ELUGHQoRNPHG\DQÖQNRQWUROQQELUNLûLYH\DELUJUXSHOLQHJHoPHVLGLU
!
ùNLQFLJUXS
LVH NHQGL LoHULVLQGH IDUNOÖ ELoLPOHUGH WH]DKU HGHELOPHNWHGLU dDSUD] VDKLSOLN FURVV
RZQHUVKLS RODUDN LIDGH HGHELOHFHøLPL] EDVÖQ UDG\R YH WHOHYL]\RQ VHNW|UOHUL DUDVÖQGD
KLVVHDOÖPÖVDWÖPÖDNWDUÖPÖQÖQ\DQÖVÖUD\DWD\HQWHJUDV\RQKRUL]RQWDOLQWHJUDWLRQ\ROX\OD
ELUûLUNHWYH\DJUXEXQD\QÖPHG\DVHNW|UQGHELUGHQoRN\D\ÖQRUJDQÖQÖNRQWUROHWPHVL
YH\D GLNH\ HQWHJUDV\RQ YHUWLFDO LQWHJUDWLRQ LOH ELU ûLUNHWLQ YH\D JUXEXQ PHG\D
VHNW|UQGH GDøÖWÖPGDQ UHWLP VUHFLQH NDGDU GHøLûLN E|OPOHUL NRQWURO HWPHVL \D GD
*LUJLQ$WLOOD<D]ÖOÖ%DVÖQGD+DEHUYH+DEHUFLOLN(WLNLùQNÖODS<D\ÖQHYLùVWDQEXOV
9XUDO6DFLGH.LWOHùOHWLûLPGH'HQHWLP6WUDWHMLOHUL%LOLP<D\ÖQODUÖ$QNDUDV
.RUNPD]$OHPGDU´%DVÖQGD7HNHOOHûPH)UDQVDgUQHøLµ$ù7ù$ùOHWLûLP'HUJLVLV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
oRN WDUDIOÖ PHG\D HQWHJUDV\RQX PXOWLPHGLD LQWHJUDWLRQ \ROX\OD ELU ûLUNHW YH\D JUXEXQ
ELUoRNPHG\DVHNW|UQGHSD\YHV|]VDKLELROPDVÖELoLPLQGHJHUoHNOHûHELOPHNWHGLU
*D]HWHOHULQ WHOHYL]\RQ YH UDG\RODUÖQ HNRQRPLN ûDUWODUD D\DN X\GXUPDGD oHNWLNOHUL
JoONOHU \D\ÖQ KD\DWODUÖQÖ VUGUPHOHULQL GRøDO RODUDN HWNLOHPHNWH |]HOOLNOH GH \D]ÖOÖ
EDVÖQGD ELU WDNÖP JD]HWHOHU \D NDSDQPDNWD YH\D HO GHøLûWLUPHNWHGLU %X HO GHøLûLPOHUL
JHQHOOLNOH EDûND \D\ÖQ RUJDQODUÖQD GD VDKLS RODQ ´SDWURQODUDµ GRøUX ROPDNWD EX
SDWURQODU JD]HWHOHULQ YH\D GLøHU PHG\DODUÖQÖQ PHYFXW \|QHWLP YH \D]Ö LûOHUL
NDGURODUÖQÖ PXKDID]D HWPHN \HULQH ´KDYX]µ VLVWHPL LOH EWQ \D\ÖQ RUJDQODUÖQÖ
´EHVOHPHNWHGLUµ'ROD\ÖVÖ\OD\D\ÖQRUJDQODUÖQGDKDEHUOHUGHQ\D\ÖQSROLWLNDODUÖQDNDGDU
SHNoRNEHQ]HUOLNOHUGRøPDNWDGÖU
7HNHOOHûPHQLQ LON HWNLVL GRøDO RODUDN EDVÖQ oDOÖûDQODUÖQD NDUûÖ GRøPDNWDGÖU
7HNQRORML\H G|QN E\N \DWÖUÖPODU \DSÖOÖUNHQ EDVÖQ oDOÖûDQODUÖQÖQ VD\ÖODUÖQGD VUHNOL
ELUD]DOWPD\ROXQDJLGLOPHNWHGLU
0HG\D LûOHWPHFLOLøLQLQ GH GLøHU LûOHWPHOHU JLEL NkUOÖOÖN YH YHULPOLOLN HVDVÖ ]HULQGH
\DûÖ\RU ROPDVÖ WHNQRORMLN YH PDOL UHNDEHW RUWDPÖQGD ´JD]HWHFL PHG\D SDWURQXµ WLSLQL
GH WHKGLW HGHQ ELU XQVXU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU gWH \DQGDQ PHG\DQÖQ
NDPXR\X YH LNWLGDUODU QH]GLQGH E\N ELU Jo ROXûWXUPDVÖ GD \HQL HNRQRPLN DQOD\Öû
oHUoHYHVLQGH ´SDWURQODUÖQµ PHG\D\D EDNÖûÖQÖ GHøLûWLUPLûWLU ´3DWURQODUµ SHN oRN
´ûH\LQµ \DQÖQGD ELU GH ´PHG\D SDWURQXµ ROPD\Ö UHNDEHW YH Jo R\XQXQXQ ELU SDUoDVÖ
RODUDN J|UPH\H EDûODPÖûODUGÖU %X ûHNLOGH GQ\DQÖQ ELUoRN ONHVLQGH ROGXøX JLEL
7UNL\H·GHGHPHG\DSDWURQOXøX\HULQL´SDWURQXQPHG\DODUÖQDµEÖUDNPÖûWÖU
$QFDN PHG\D LûOHWPHFLOLøLQLQ KHU ûH\H UDøPHQ SDKDOÖ ELU XøUDû ROPDVÖ PHG\D
VDKLSOHULQLQ\HU\HUSUDWLNo|]POHUEXOPDODUÖQÖQ\ROXQXDoPÖûWÖU
%XQODUÖQ EDûÖQGD ORWDU\D X\JXODPDVÖ JHOPHNWHGLU *D]HWH\L JD]HWH RODUDN YH\D
WHOHYL]\RQX WHOHYL]\RQ RODUDN L]OHWWLUPHGH RUWD\D oÖNDQ JoONOHU EHOOL VD\ÖODUGD NXSRQ
NDUûÖOÖøÖ\DQLRVUHoWHJD]HWH\LYH\DV|]NRQXVXPHG\D\ÖWDNLSHWPH]RUXQOXOXøXHY
DUDED ELOJLVD\DU YH\D EDûND oHNLOLûOHUOH KHGL\H GDøÖWDUDN VDøODPD JLEL SUDWLN ELU o|]P
ELoLPL JHOLûWLUPLûWLU
!
5DG\R YH WHOHYL]\RQODUGD ELU WDNÖP oHNLOLûOHU QHWLFHVLQGH
NDWÖOÖQDQ YH ND]DQÖOGÖøÖ WDNGLUGH E\N PDGGL |GOOHU YHULOHQ SURJUDPODU GD EX
NDSVDPDGDKLOHGLOHELOLU
%LU GLøHU ´oÖOJÖQµ X\JXODPD LVH SURPRV\RQODUGÖU 3URPRV\RQ X\JXODPDODUÖQGD
RNX\XFX L]OH\LFLQLQ \LQH NXSRQ ELULNWLUPH YE \NPOONOHUL EXOXQPDNOD ELUOLNWH
oHNLOLû YH NXUD ROPDNVÖ]ÖQ KHUNHVLQ ´KHGL\HOHULQLµ DOPD ûDQVÖ EXOXQPDNWDGÖU %X
X\JXODPDGD ELU G|QHP EWQ GQ\D\Ö VDUPÖû DQFDN SHN oRøX KXNXNL G]HQOHPHOHU
ROPDN]HUHEXoÖOJÖQOÖøÖQ|QQQDOÖQPDVÖLoLQoDEDJ|VWHULOPLûWLUhONHPL]GHGH
VD\ÖOÖ
7NHWLFLQLQ
.RUXQPDVÖ
+DNNÖQGD
.DQXQ·OD
SURPRV\RQX\JXODPDODUÖQDVÖQÖUOÖOÖNODUJHWLULOPLûWLU
ELUOLNWH
PHG\D
RUJDQODUÖQÖQ
gWH\DQGDQPHG\DQÖQWHNEDûÖQDELUJoROPDVÖELUoRNONHGHEXJFHVDKLSRODQ
SDWURQODUD
EDVÖQ
ROXûWXUPXûWXU
GÖûÖ
$QFDN
VHNW|UOHUGH
ELUoRN
NROD\
ONH
YH
EDVÖQ
UDNLSVL]
Lû
SDWURQODUÖQÖQ
\DSDELOPH
EDVÖQ
GÖûÖ
LPNDQODUÖ
VHNW|UOHUH
7UNL\H·GHGHJHoWLøLPL]\ÖOODUGDoÖOJÖQOÖNER\XWXQDYDUDQEXWUX\JXODPDODUROPXûWXU%X
NRQXGDEN]7XWDU+LOPL<]\ÖOGD7UN%DVÖQÖ$QNDUD
.ÖOÖQo7DQÖO%DVÖQGD3URPRV\RQ8\JXODPDOUÖù72<D\ÖQÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DoÖOPDODUÖQÖQ YH |]HOOLNOH GH GHYOHW LOH EX WU LOLûNLOHUH JLUPHOHULQLQ |QQ WÖND\DQ
KXNXNLG]HQOHPHOHUHJLWPLûWLU
0HG\D$KODNÖh]HULQH']HQOHPHOHUGH*HQHO.DEXO*|UPûùONHOHU.ODVLN
ùONHOHU
%LOLQHQ LON \D]ÖOÖ EDVÖQ DKODN \DVDODUÖ RODQ )UDQVD YH ùVYHo·WHNL G]HQOHPHOHULQ
DNDELQGH ELUoRN ONHGH EDVÖQÖQ NHQGL NHQGLVLQL NRQWURO YH GHQHWLPLQL YH PHVOHNL
JHOLûPH\L KHGHIOH\HQ NXUDOODU RUWD\D NRQPXûWXU
!
%XJQ KHPHQ KHPHQ EWQ
ONHOHUGHPHG\DQÖQX\PDVÖJHUHNHQELUWDNÖP´HWLNNRGODUµPHYFXWEXOXQPDNODGÖU
%X HWLN NRGODUÖQ X\JXODQÖS X\JXODQPDGÖøÖ YH\D LKODOLQL WHVSLW YH JHUHNOL WHGELUL
DOPDNOD J|UHYOL RODQ LNL WHPHO PHVVHVH EXOXQPDNWDGÖU %XQODUGDQ LONL EX HWLN
NXUDOODUÖQ SHN oRøXQX RUWD\D NR\DQ YH NDEXO HGHQ PHVOHNL |UJWOHU JHQHOOLNOH LOHWLûLP
NRQVH\OHUL ELU GLøHUL LVH PHG\D RUJDQODUÖQÖQ NHQGL LoOHULQGH X\JXODPD\D NR\GXNODUÖ
RPEXGVPDQX\JXODPDVÖGÖU
*HUHN PHVOHNL |UJWOHQPHOHU RODQ LOHWLûLP NRQVH\OHUL YH EHQ]HUL \DSÖODQPDODUÖQ
JHUHNVH PHG\D RUJDQODUÖQÖQ NHQGLOHULQLQ E\N |OoGH NDPXR\X EDVNÖVÖ ûLND\HWOHUL YH
PHPQXQL\HWVL]OLNOHUL GLNNDWH DOÖQDUDN YH \DûDQDQ VRUXQODUÖQ ÖûÖøÖQGD RUWD\D NR\GXNODUÖ
LONHOHU HWLN NRGODU DUDVÖQGD E\N |OoGH EHQ]HûPHOHU EXOXQPDNWDGÖU hONHOHULQ
VRV\DO HNRQRPLN VL\DVDO YH NOWUHO IDUNOÖOÖNODUÖQD UDøPHQ PHG\DODUÖQÖQ EX NDGDU
EHQ]HûLN HWLN NRGODU HWUDIÖQGD EXOXûDELOPHOHUL PHG\DQÖQ HWNLOHULQLQ YH VRUXQODUÖQÖQ
EHQ]HûLNOLøLGûQFHVLQLGHEHUDEHULQGHJHWLUPHNWHGLU%\N|OoGHRUWDNRODQEXHWLN
NRGODUÖQEHOOLEDûOÖODUÖûXûHNLOGHGLU
D'RøUXOXN'UVWON.XUDOÖ
%DVÖQ DKODNÖQD LOLûNLQ G]HQOHPHOHULQ KHPHQ KHSVLQGH HQ |QFH VÖUDODQDQ LONH
KDEHUOHULQ GRøUX YH GUVW ELU ûHNLOGH VXQXOPDVÖGÖU +DEHULQ ED]Ö XQVXUODUÖQÖQ
DWODQÖODUDNYH\DNDVÖWOÖELUûHNLOGHHNVLNEÖUDNÖODUDNYH\D\DQOÖû\|QOHQGLULOHUHNYHULOPHVL
HWLN NXUDOODUOD EDøGDûPDPDNWDGÖU gQHPOL JHUoHNOHUL KDVÖU DOWÖ HWPHPHN NDGDU EL]GH
´DVSDUDJDVµ
RODUDN LIDGH HGLOHQ ´X\GXUPDµ KDEHU GH KRûJ|UOHPH] *D]HWHFLQLQ
KDEHUL LOH LOJLOL XQVXUODUÖ NHVLQ ELU ûHNLOGH GRøUXODPDNVÖ]ÖQ \D]PDVÖQÖQ VRQXFXQGD
E\NPDøGXUL\HWOHURUWD\DoÖNPDNWDGÖU
$PHULNDQ *D]HWH (GLW|UOHUL &HPL\HWL·QLQ \ÖOÖQGD NDEXO HWWLøL ´*D]HWHFLOLN
.XUDOODUÖQGDµ ´2NX\XFX\D JYHQ WHONLQ HWPHN WP QLWHOLNOL JD]HWHFLOLN ELoLPOHULQLQ
WHPHOLQL WHûNLO HGHU ù\L QL\HW NXUDOÖQÖQ JHUHøL JD]HWH GUVW ROPD\D PHFEXUGXU %LU
gUQ)UDQVÖ]%DVÖQ$KODN<DVDVÖ·GHNDEXOHGLOGL8OXVDO*D]HWHFLOHU6HQGLNDVÖ
WDUDIÖQGDQNDEXOHGLOHQEX\DVDYH·GDLNLNH]J|]GHQJHoLULOHUHNGHøLûWLULOGL<LQH
ùVYHo·WH8OXVDO%DVÖQ.XOXE·WH<D\ÖQ.XUDOODUÖDGÖDOWÖQGDELUDKODNYHGDYUDQÖû\DVDVÖ
RUWD\DNR\GX$PHULND*D]HWH(GLW|UOHUL&HPL\HWL\ÖOÖQGD´*D]HWHFLOLN.XUDOODUÖµDGÖ
DOWÖQGDHWLNNRGODUÖRUWD\DNR\DUNHQ%UH]LO\D·GDD\QÖ\ÖO8OXVDO*D]HWHFLOHU.RQJUHVLWDUDIÖQGDQ
|QHULOHQEDVÖQ\DVDVÖNDEXOHGLOPHGL$%'·GHD\UÖFD·WH8OXVDO<D\ÖQFÖODU%LUOLøLNXUXOGX
%XELUOLN·GDELU´8\JXODPD6WDQGDUWODUÖpKD]ÖUODGÖYH\ÖOÖQGD\HQLGHQJ|]GHQ
JHoLULOHUHN´5DG\R.RGHNVLµDGÖQÖDOGÖ·GHELUOLN´7HOHYL]\RQ.RGHNVLµQLKD]ÖUODGÖ
\ÖOÖQGD)LQODQGL\D·GD%DVÖQúHUHI'LYDQÖNÖVDELUDKODN\DVDVÖNDEXOHWWL\ÖOÖQGD\HQLELU
DKODN\DVDVÖNDEXOHGLOGLYH.LWOHùOHWLûLP.RQVH\LNXUXOGX.RQVH\·HKHPJD]HWHFLOHUYH
\D\ÖQFÖODUYHKHPGH)LQODQGL\D5DG\R79NXUXOXûXLûWLUDNHWWLùWDO\D·GD·GH8OXVDO%DVÖQ
.RQVH\LWDUDIÖQGDQPDGGHOLN´0HVOHN$KODNÖ3UHQVLSVLSOHULµROXûWXUXOGX)$OPDQ\D·GD
·GH'HUJL<D\ÖQFÖODUÖ'HUQHøLELUEDVÖQDKODN\DVDVÖRUWD\DNR\GX7UNL\H·GHLVH
\ÖOÖQGD%DVÖQúHUHI'LYDQÖ·QÖNXUDUDNLONNH]ELUEDVÖQDKODN\DVDVÖROXûWXUXOGX
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
JD]HWHQLQGLNNDWYHWLWL]OLNJ|VWHUPHGHNLYH\DEXWHPHOQLWHOLNOHUHRODQKDNLPL\HWLQGHNL
EDûDUÖVÖ]OÖøÖDVODDIIHGLOHPH]µ
GHQPHNWHGLU
<LQH $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU ´&HPL\HWL 6LJPD 'HOWD &KLµQLQ NR\GXøX
LONHOHU GH EX EDNÖPGDQ E\N |QHP WDûÖPDNWDGÖU ´.HVLQOLN YH QHVQHOOLNµ EDûOÖøÖ
DOWÖQGD ´7RSOXPX NDUûÖ L\L QL\HW YH LQDQo JD]HWHFLOLøLQ WHPHOLGLUµ GL\H EDûOD\DQ EX LONH
ûXûHNLOGHGLU
*HUoHN HQ |QHPOL DPDoWÖU +DEHU YHUPHGH QHVQHOOLN EDûND ELU
DPDoWÖU %X XODûPD\D oDEDODGÖøÖPÖ] ELU VWDQGDUWWÖU %DûDUDQODUD VD\JÖ
GX\DUÖ] +DWD YH \DQOÖûOÖN |]U NDEXO HWPH] *D]HWH \|QHWLFLOHUL
\D\ÖQODGÖNODUÖ KDEHULQ LoHULøLQGHQ WDPDPHQ KDEHUGDU ROPDOÖGÖU )RWRøUDI
YH J|UQWOHU ROD\Ö WDP RODUDN \DQVÖWPDOÖ NRQX\OD LOJLVL] D\UÖQWÖ\Ö |QH
oÖNDUPDPDOÖGÖU
+DEHU
LOH
J|UûOHULQ
DoÖNODQPDVÖ
ELUELULQGHQ
D\UÖOPDOÖGÖU +DEHU WP |]QHO J|UûOHUGHQ D\UÖOPÖû ROPDOÖ YH ROD\ÖQ KHU
\|QQ VHUJLOHPHOLGLU *HUoHøLQ ELOLQoOL RODUDN oDUSÖWÖOGÖøÖ SDUWL]DQ
\D\ÖQFÖOÖN$PHULNDQJD]HWHFLOLNUXKXQDD\NÖUÖGÖU*D]HWHFLOHUWRSOXPVDO
ROD\ODU
YH
NRQXODU
]HULQGH
o|]POHPH
\RUXP
YH
\D\ÖQ
\DSPD
VRUXPOXOXNODUÖQÖ NDEXO HGHUOHU <LQH EX NRQXODUGD V|] VDKLEL ROGXøXQX
ELOGLNOHUL NLûLOHULQ J|UûOHULQL DNWDUPD\Ö NDEXO HGHUOHU 6DYXQPD \D GD
\D]DUÖQNHQGL\RUXPODUÖQDD\UÖODQ\D]ÖODUGDEXGXUXPEHOLUWLOPHOLGLU
0HG\DQÖQ VHEHEL KHU ROXUVD ROVXQ \DODQ \DQOÖû YH \|QOHQGLUPH DPDoOÖ KDEHU
J|UQW YE \D\ÖQODUÖQGD EWQ KDWDODUÖQÖ \DQOÖûODUÖQÖ NDEXO HGHUHN G]HOWPH\H JLWPHVL
YH
D\UÖFD
VRUXPOXODU
KDNNÖPOD
JHUHøLQL
\DSPDVÖ
RUWDN
ELU
LONH
RODUDN
RUWD\D
oÖNPDNWDGÖU
E7DUDIVÖ]YH2EMHNWLI2OPD.XUDOÖ
+DEHUOHULQ
VXQXPXQGD
PXKDELULQ
YH\D
HGLWRU\DQÖQ
NLûLVHO
YH\D
NXUXPVDO
\DNODûÖPODUÖQÖQ URO R\QDPDPDVÖ E\N |QHP WDûÖPDNWDGÖU +DEHU LOH GûQFH
DUDVÖQGDNLIDUNÖQQHWELUûHNLOGHRUWD\DNRQPDVÖEXLONHDoÖVÖQGDQGDYD]JHoLOPH]GLU
h]HULQGH HQ ID]OD WDUWÖûÖODQ EX LONH LOH LOJLOL RODUDN 6LJPD 'HOWD &KL |UJWQQ
\XNDUÖGD ]LNUHGLOHQ J|UûQH HN RODUDN )UDQVÖ] /H 0RQGH·QLQ oDOÖûDQODUÖQD \DQVÖ] YH
REMHNWLIRODELOPHOHULLoLQûDUWNRûWXøXKLoELUSDUWL\H\HROPDPDLONHVLGLNNDWoHNLFLGLU
dQN JD]HWHQLQ PXKDELU \D]DU YH\D HGLW|UOHULQ ELU SDUWLQLQ \HVL ROPD GXUXPXQGD
VL\DVL KDEHU YH \RUXPODUÖQGD REMHNWLI RODPD\DFDNODUÖ JLEL ELU HQGLûHVL EXOXQPDNWDGÖU
%XHQGLûH\LWDûÖ\DQJD]HWHQLQ\D\ÖQoL]JLVLYHKLWDSHWWLøLRNX\XFXSURILOLLWLEDUL\OHEHOOL
ELU VL\DVL WHUFLKLQLQ EXOXQGXøX GD GLNNDWH DOÖQÖUVD EX NXUDOÖQ WDûÖGÖøÖ DQODPÖ
NDYUD\DELOPHNNROD\ODûÖU
gWH \DQGDQ NXUDOD LOLûNLQ RODUDN (GJDU ´*D]HWHFLOLN QHVQHO RODPD] dQN
JD]HWHFLOLøLQ
QHVQHO
RODELOPHVL
ELU
H\OHP
ELoLPLQGHNL
ROD\ÖQ
KDEHU
RODUDN
DNWDUÖOPDVÖQGDQ |QFH ER]XODPD\DFDN ELoLPGH \RUXPODQPÖû ROPDVÖ JHUHNLUµ J|UûQ
LOHUL VUPHNWHGLU dQN 2·QD J|UH KDEHU DNWDUÖPÖ ELU WRSOXPVDO ROD\ÖQ DQODPÖQÖ
VDSWDU KHU QH NDGDU EX DQODP NHVLQOH\LFL ROPDVD GD KDEHU DNWDUÖPÖ ELU \RUXPODPD
VUHFLQGHNL XøUDNWÖU YH VHoLOHQ |]JO \RUXP JD]HWHFLOHULQ YH RNX\XFXODUÖQ XIXNODUÖ
2NWD\0DJWV
$OHPGDU=H\QHSDJHV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHøLQFH ´\DQOÖµGÖU +DEHU \DSÖODQ H\OHPLQ LFUDFÖODUÖ H\OHPLQ \RUXPODQPDVÖQGD EHOOL
ELU URO R\QDUODU DPD \RUXPODUÖ D\UÖFDOÖNOÖ GHøLOGLU
<LQH EX EDøODPGD 7DOX ´EDVÖQ
WDULKLQLQ HQ HVNL PLWOHULQGHQ ELUL RODUDNµ EHOLUWWLøL REMHNWLIOLN NRQXVXQGD ´J|UPH
ELoLPLQLQ V|] NRQXVX ROGXøX KHU GXUXPGD LVH ¶J|UQHQGHQ ID]ODVÖ· YH\D ¶J|UQHQGHQ
EDûNDVÖ· \D GD ¶J|UQHQLQ |WHVL· YDUGÖUµ GHUNHQ LODYH HWPHNWH ´VDGHFH R NDGDU GHøLO
*|UPH
%LoLPLQLQ
NDUGHûL
J|VWHUPH
ELoLPLGLU
g\OH\VH
¶J|VWHULOHQGHQ
ID]ODVÖ
J|VWHULOHQGHQ EDûNDVÖ J|VWHULOHQLQ |WHVL· ROPDOÖGÖUµ %X J|UûOHULQL VÖUDODGÖNWDQ VRQUD
´REMHNWLIOLN N|NHQLQGHNL \DQVÖ]OÖN WDUDIVÖ]OÖN PDGGLOLN QHVQHO YDUOÖN ûH\OHUL ROGXøX
JLELJ|UPHNJLELPDQDODUÖDoÖVÖQGDQELUPHG\DSDODYUDVÖQGDQEDûNDELUûH\GHøLOGLU%LU
J|UPH ELoLPL RODUDN LVH GRøUX 0HG\D KHU ELU \D\ÖQ RUJDQÖ KHU JD]HWHFL R PDQDGD
REMHNWLIWLUµ
V|]OHUL\OH ROD\ÖQ LURQLN \|QQ YH REMHNWLIOLøLQ ´J|UPHPH ELoLPLµQL
|]HOOLNOH7UNEDVÖQÖDoÖVÖQGDQHOHDOVDJHUHNRUWD\DNR\PDNWDGÖU
<DQOÖ
KDEHUFLOLN
JHOPHNWHGLU
'Öû
JHQHOOLNOH
SROLWLNDODUD
GÖû
KDEHUOHUGH
X\XPOX
RODUDN
YH
VL\DVL
KD]ÖUODQDQ
KDEHUOHUGH
KDEHUOHULQ
JQGHPH
WHPHOLQGH
HNRQRPLN LGHRORMLN YH VL\DVL oÖNDUODU V|] NRQXVXGXU 8OXVODUDUDVÖ KDEHU GDøÖOÖPÖQÖQ
GHQJHVL]OLøLDoÖVÖQGDQROD\DEDNÖOGÖøÖ]DPDQ
JHOLûPLûONHOHUGHQD\QÖ]DPDQGDKDEHU
YH KDEHUOHûPH WHNHOLQL HOLQGH WXWDQ EDøÖPOÖ ONHOHUH \|QHOLN ELU \|QOHQGLULFL YH \DQOÖû
ELOJL GLVLQIRUPDWLRQ YH oDUSÖWPD GLVWRUWLRQ J|UOPHNWHGLU %XQODU GDKD oRN VDYDû
WHU|UL]PVDOJÖQKDVWDOÖNGRøDODIHWKDEHUOHULQGH\DûDQPDNWDGÖU
gWH \DQGDQ Lo KDEHUOHUGH ELOKDVVDVL\DVL YH LNWLVDGL SL\DVDODUGD \DQOÖ KDEHUFLOLN V|]
NRQXVXRODELOPHNWHGLU
%X EDøODPGD KDEHULQ LoHULøLQH PGDKDOH \ROX LOH PDQLSXOH HGLOPHVLQH GH
GHøLQPHNOH \DUDU EXOXQPDNWDGÖU 0DQLSODV\RQ KHP EDVÖQ HWLøL KHP GH EDVÖQ
|]JUOø LOH oHOLûPHNWHGLU dQN X\JXODPDGD JHQHOOLNOH \D KDEHUL \D]DQ PXKDELUH
YH\D YHUHQ NXUXOXûD HWNL V|] NRQXVXGXU 0HG\DGD WHNHOOHûPH V|] NRQXVX ROGXøX
GXUXPODUGD PHG\D SDWURQ YH \|QHWLFLOHULQLQ HPLU YH J|UûOHUL GRøUXOWXVXQGD
JHUoHNOHûHQ YH VÖNOÖNOD |UQHNOHULQH UDVWODQDELOHFHN EX LKODOLQ EDVÖQ |]JUOøQH NDUûÖ
GLUHN ELU PGDKDOH ROGXøX GD NXûNXVX]GXU %OEO PDQLSODV\RQX ELU QHYL |UWO
VDQVURODUDNGDLIDGHHWPHNWHGLU
F+DEHUYH<RUXP$\UÖPÖ.XUDOÖ
+DEHU YH \RUXPODU DUDVÖQGD ELU D\UÖPÖQ ROPDVÖ ]RUXQOXOXøX EXOXQPDNWDGÖU %X GD
KDEHUOHULQ \DQOÖ \D]ÖOGÖøÖQD \|QHOLN NXûNXODUD VHEHS ROPDNWDGÖU %X NRQXGD $YUXSD
.RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ %DVÖQ 0HVOHN ùONHOHUL·QGH
G]HQOHPHOHUJHWLULOPLûWLU%XQDJ|UH
0DGGH *D]HWHFLOLøLQ WHPHO DKODNL \NPOONOHULQGHQ ELULVL KDEHU LOH
\RUXP DUDVÖQGD EHOLUJLQ ELU D\UÖP oL]LOPHVL YH EXQODUÖQ NDUÖûWÖUÖOPDVÖQÖQ
$QGUHZ(GJDU1HVQHOOLN<DQOÖOÖNYH+DNLNDW$%LOVH\(&KDGZLFNDJHV
7DOX8PXU'LSVL].X\XùOHWLûLP<D\ÖQODUÖùVWDQEXOV7DOX3DXO0*/HY\·QLQ
¶6DP<DIHV.RPSOHNVL·QLGH]LNUHWPHNWHGLU(IVDQH\HJ|UH+]1XK·XQ\D]DU¶*HPLFL1XK·
GL\HDNWDUPÖûRøXOODUÖQGDQ+DPRQXELUJQoÖUÖOoÖSODNX\XUNHQJ|UU.DUGHûOHUL6DP·OD
<DIHV·HKDEHUYHULU%XLNLVLEDEDODUÖQÖ|\OHJ|UPH\LUHGGHGHUOHURQDEDNPDGDQJHULJHUL
\U\HUHN]HULQHELUûH\DWDUYHoÖSODNOÖøÖQÖ|UWHUOHU/HY\EX¶J|UPHELoLPL·QH¶6DPYH<DIHV
.RPSOHNVL·DGÖQÖYHUPHNWHGLU
%XNRQXGDEN]=H\WLQOL0XUDW8OXVODUDUDVÖ+DEHU'HQJHVL]OLøL5HEHO<D\ÖQFÖOÖNùVWDQEXO
%EO5ÖGYDQDJHV
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
|QOHQPHVLGLU+DEHUJHUoHNOHUHYHYHULOHUHGD\DOÖELOJLOHQGLUPHGLU<RUXP
LVH\D]DQÖQ\D\ÖQOD\DQÖQYH\DPHG\DûLUNHWLQLQGûQFHOHULQLLQDQoODUÖQÖ
YH
NLûLVHO
\DUJÖODUÖQÖ
LoHULU
0DGGH
+DEHU
\D\ÖPÖ
JHUoHNOHUH
GD\DQGÖUÖOPDOÖ YH GRøUXOXøX LVSDWODQDELOLU ROPDOÖGÖU +DEHULQ VXQXPXQGD
YH EHWLPOHPHVLQGH WDUDIVÖ] GDYUDQÖOPDOÖGÖU +DEHU EDûOÖNODUÖ YH |]HWOHUL
PPNQ ROGXøX NDGDU HOGHNL YHULOHUL \DQVÖWPDOÖGÖU 0DGGH <RUXPODU
JHQHOGûQFHOHUYH\DJQONROD\ODU]HULQH\DSÖODELOLU <RUXPVEMHNWLI
ROGXøX LoLQ GRøUXOXøX ]HULQH HOHûWLUL \DSÖODPD] %XQXQ \HULQH EL]OHU
\RUXPODUÖQ GUVW YH DKODNL ROPDVÖQÖ VDøODPDOÖ\Ö] 0DGGH .LûL YH
NXUXOXûODUOD LOJLOL ROD\ODU ]HULQH \DSÖODQ \RUXPODU JHUoHNOHUL YH YHULOHUL
oDUSÖWPDPDOÖYHJL]OHPHPHOLGLU
$%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ \DNODûÖPÖ GD \XNDUÖGDNL G]HQOHPH\OH
SDUDOHOOLNDU]HWPHNWHGLU'HUQHøLQHWLNNRGODUÖDUDVÖQGD´JD]HWHFLOHUKDEHUYH\RUXPX
ELUELULQGHQ D\ÖUPDOÖGÖU $QDOL] YH \RUXPODU DoÖNoD EHOLUWLOPHOL YH EXQODU JHUoHøL YH\D
KDEHULQEDøODPÖoDUSÖWÖOPDPDOÖGÖUµGHQLOPHNWHGLU
G0HVOHN6ÖUUÖ+DEHU.D\QDøÖQD6D\JÖYH6DGDNDW.XUDOÖ
*D]HWHFLQLQ KDEHU ND\QDøÖ LVWHPHGLøL YH L]LQ YHUPHGLøL PGGHWoH RQXQ NLPOLøLQL
DoÖNODPDPDVÖ LOH LOJLOL LONHGLU +DWWD ED]Ö ONHOHUGH EX DODQGDNL G]HQOHPHOHU HWLN
NRGODUÖQ oRN oRN |WHVLQH WDûÖQPÖû NDQXQODUOD YH\D ùVYHo·WH ROGXøX JLEL DQD\DVD LOH
WHPLQDW DOWÖQD DOÖQPÖûWÖU $\UÖFD JD]HWHFL\H KDEHU ND\QDNODUÖ WDUDIÖQGDQ JL]OL NDOPDVÖ
YH\DEHOOLELUVUHLoLQDoÖNODQPDVÖJHFLNWLULOPHVLLoLQYHULOHQELOJLOHUGHGHEXHWLNNXUDO
JHoHUOLGLU
*D]HWHFLOHULQ PDKNHPH YH\D EDûND ELU WDKNLN PHYNLL |QQGH GDKL JL]OL NDOPDVÖ
ND\GÖ\ODYHULOHQELOJLOHULYH\DND\QDøÖQÖDoÖNODPDVÖKRûJ|UOPHPHNWHGLU
<LQH JD]HWHFLQLQ Lû GHøLûWLUPHVL GXUXPXQGD HVNL SDWURQXQD Lû\HULQH YH oDOÖûPD
DUNDGDûODUÖQD DLW VÖUODUÖ GD VDNODPDVÖ EX HWLN NRG HWUDIÖQGD G]HQOHQPLûWLU %X
EDøODPGD $PHULNDQ *D]HWHFLOHU &HPL\HWL WDUDIÖQGDQ RQD\D NRQXODQ HWLN NRG ûX
ûHNLOGHGLU ´*D]HWHFLOHU PDKNHPHGH YH\D GLøHU DGOL YH\D WDKNLNDW PHUFLL |QQGH
PDKUHP
ND\GÖ\OD
YHULOHQ
ELOJLOHUL
YH\D
JL]OL
ELOJLOHULQ
ND\QDNODUÖP
DoÖNODPD\Ö
UHGGHFHNOHUGLU *D]HWHFLQLQJL]OLOLøH VD\JÖ J|UHYL Lû GHøLûWLUPHVLGXUXPXQGD GDKL HVNL
SDWURQX\ODSD\ODûWÖøÖVÖUODUÖGDNDSVDPDNWDGÖUµ
%D]Ö ONHOHUGH LVH ELOJLOHULQ N|W\H NXOODQÖOPDVÖ EX HWLN NRGXQ LKODOL DQODPÖQÖ
WDûÖPDNWDGÖU *D]HWHFLQLQ \D]Ö LOH YH\D EDûND ELU \ROOD ûDKVD |]HO RODUDN YHULOPLû YH\D
VDGHFH JD]HWH \|QHWLPLQLQ ELOPHVL JHUHNHQ ELOJLOHQ DoÖNODPDVÖ YH KDWWD EXQX VDGHFH
JD]HWH GDKLOLQGH \DSPÖû ROPDVÖ ELOH HWLN NRGXQ LKODOL RODUDN GHøHUOHQGLULOPHNWHGLU
<LQH JD]HWHFLQLQ ELU GHYOHW VÖUUÖQÖ \DSÖODQ J|UHYOH LOJLOL JL]OL KXVXVODUÖ HQGVWUL\HO
VÖUODUÖYH\D NLûLVHO|]JUON DODQÖQD JLUHQPDKUHP NRQXODUÖ \D\ÖQODPDVÖ YH\D EDûND ELU
\ROODDoÖNODPDVÖGDJL]OLOLøLLKODOLOHULVLQHJLUPHNWHGLU
H0DKUHPL\HWYH\Dg]HO+D\DWÖQ*L]OLOLøLQH6D\JÖ.XUDOÖ
$NWDUDQùUYDQ6DJP
2NWD\0DJWV
%XNRQXGDHQLOJLoHNLFLYHoDUSÖFÖ|UQHN0DFDULVWDQ$KODN<DVDVÖ·GÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3HN oRN ONH |]HO KD\DWÖQ JL]OLOLøLQL NDQXQODUOD WHPLQDW DOWÖQD DOÖQPÖûWÖU %XQD
UDøPHQ ELUoRN ONHGH PHG\D HWLN NRGODUÖ RUWD\D NRQXOXUNHQ |]HO KD\DWÖQ JL]OLOLøLQLQ
NRUXQPDVÖSUHQVLELQH|QFHOLNYHULOPLûWLUg]HOKD\DWÖQJL]OLOLøLQLRUWDGDQNDOGÖUDFDNWHN
LVWLVQD´NDPX\DUDUÖµQÖQEXOXQGXøXGXUXPODUGÖU
$QFDN ´NDPX \DUDUÖµ NDYUDPÖQGDQ KDUHNHWOH JHWLULOHQ LVWLVQDGDQ GROD\ÖGÖU NL
PHG\D
NDUûÖVÖQGD
LQVDQODUÖQ
|]HO
KD\DWÖQÖQ
JL]OLOLøL
NXUDOÖ
|QHPOL
|OoGH
]HGHOHQPHNWHGLU%XUDGD|QSODQDoÖNDQVRUXûXROPDNWDGÖU$FDEDNDPX\DUDUÖQÖQYH
|]HOKD\DWÖQJL]OLOLøLQLQVÖQÖUÖQHGLU"
$YUXSD .RQVH\L 3DUODPHQWHUOHU 0HFOLVL WDUDIÖQGDQ NDEXO HGLOHQ ´%DVÖQ 0HVOHN
ùONHOHULµQLQ PDGGHVL ´.LûLOHULQ |]HO KD\DWODUÖQÖ VDNOÖ WXWPD KDNNÖQD VD\JÖ
J|VWHULOPHOLGLU 'HYOHW LOH LOJLOL LûOHUGH J|UHYOL LQVDQODU GHYOHW LûOHULQL HWNLOHPHGLøL
VUHFH |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQD VDKLSWLUOHU %X JLEL LûOHUGH J|UHYOL EXOXQDQ
LQVDQODU VÖUI EX \]GHQ |]HO KD\DWODUÖQÖ JL]OL WXWPD KDNNÖQGDQ PDKUXP NDODPD]ODUµ
GHUNHQ ùQJLOWHUH·GH %DVÖQ úLND\HWOHULQL L]OHPH .RPLV\RQX %DVÖQ .RQVH\L \HULQH
NXUXOPXûWXUGD|]HOKD\DWDLOLûNLQRODUDN´%LUH\LQNHQGLL]QLROPDNVÖ]ÖQ|]HOKD\DWÖQD
GLO X]DWPDN YH EX NRQXGD VRUJXODPDN |]HO PHNkQODUÖQGDQ WHOH REMHNWLIOH UHVLP
oHNPHN JHQHOGH \DNÖûÖNVÖ] NDEXO HGLOPHNOH EX WU ELU GDYUDQÖû DQFDN NDPX oÖNDUÖ V|]
NRQXVX ROGXøXQGD KDNOÖ NÖOÖQPDNWDGÖUµ .RPLV\RQ·D J|UH ELUH\LQ HYL YH RQXQ ELU
SDUoDVÖ RODQ EDKoH YH HN \DSÖODU |]HO PHNkQ RODUDN NDEXO HGLOPHNWH \DQÖQGDNL DODQ \D
GD SDUN EXQXQ GÖûÖQGD NDOPDNWDGÖU $\UÖFD RWHO YH KDVWDQHOHULQ RGDODUÖ GD |]HO PHNkQ
NDSVDPÖQGD EXOXQPDNWDGÖU /DG\ 'LDQD·QÖQ \ÖOÖQGD SDSDUD]]L GL\H DQÖODQ
JD]HWHFLOHUGHQ NDoDUNHQ WUDILN ND]DVÖ JHoLULS |OPHVL ]HULQH DQÖODQ .RPLV\RQ |]HO
KD\DWDODQÖQÖGDKDGDJHQLûOHWHQNDUDUODUDOPÖûWÖU%XQDJ|UH
,VUDUOÖ WDNLS VRQXFX HOGH HGLOHQ IRWRøUDIODU \D\ÖQODQPDPDOÖGÖU (GLW|UOHULQVHUEHVWoDOÖûDQJD]HWHFLYHIRWRøUDIoÖODUGDQJHOHQPDO]HPHQLQ
KDQJL \ROGDQ JHOGLøLQL |øUHQPHOHUL JHUHNPHNWHGLU 0HG\DWLN ELU ROD\
PH\GDQD
JHOGLøLQGH
JHUHNWLUGLøLQGHQ
ID]OD
JD]HWHFLOHU
ROD\
NDOPDPDOÖGÖU
\HULQGH
*HQo
NDPX
oÖNDUÖQÖQ
LQVDQODU
PHG\DQÖQ
VDOGÖUÖVÖQD PDUX] NDOPDGDQ HøLWLPOHULQL UDKDWOÖNOD \DSDELOPHOLGLU 5ûWQ LVSDW HWPHPLû NLûLOHULQ KLND\HOHULQH EDVÖQ WDUDIÖQGDQ SDUD
|GHQPHPHOLGLU %LU oRFXøXQ |]HO KD\DWÖ\OD LOJLOL KDEHU \D\ÖPODQDELOLU
DQFDN EXQXQ VRPXW ELU QHGHQL ROPDOÖGÖU (øHU WHN QHGHQ oRFXøXQ DQQH
\D GD EDEDVÖQÖQ QO ELU NLûL ROPDVÖ\VD KDEHU \D\ÖQODQPDPDOÖGÖU .LûLOHULQ |]HO DODQODUÖQD WHFDY] HGLOHPH] h]QW DQODUÖQGD NLûLOHUOH
LOJLOL\D]ÖODFDNKDEHUOHULQLQFHOLNOHNDOHPHDOÖQPDVÖJHUHNLU
%X EDøODPGD JL]OL NDPHUD JL]OL VHV ND\GÖ YH KDWWD LQVDQODUÖ X]DNWDQ NDPHUD\D
ND\GHGHUHN DUDODUÖQGDNL NRQXûPDODUÖ RUWD\D oÖNDUPDN LoLQ GXGDN RNXPD \ROXQD JLWPH
JLEL \|QWHPOHUH EDûYXUXOPDVÖ GD PHG\D HWLøL oHUoHYHVLQGH KRû NDUûÖODQDPD] %LOKDVVD
ONHPL]GH |]HO WHOHYL]\RQODUÖQ VDQVDV\RQHO KDEHU \DSDELOPHN LoLQ EDûYXUGXøX JL]OL
NDPHUD \|QWHPL\OH LOJLOL $PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ J|Uû
|QHPOLGLU %XQD J|UH ´ (OGH HGLOHFHN HQIRUPDV\RQ oRN E\N ELU |QHPH VDKLSVH
KD\DWL ELU NDPX oÖNDUÖ V|] NRQXVX LVH YH KDONÖ |QHPOL ELU ]DUDUGDQ NRUX\DFDNVD %X
KDEHUL HOGH HGHELOPHN LoLQ GLøHU WP DUDûWÖUPD \|QWHPOHUL NXOODQÖOPÖû LVH YH EDûDUÖVÖ]
ROXQPXû LVH (QIRUPDV\RQXQ DoÖøD oÖNDUÖOPDVÖ\OD |QOHQHQ ]DUDU EX \|QWHPOH
YHULOHQ]DUDUGDQGDKDE\NVHµJL]OLNDPHUDNXOODQÖPÖELU|OoGHKRûNDUûÖODQPDNWDGÖU
ùUYDQ6OH\PDQ0HG\DYH(WLNKWWSZZZELDQHW2UJDUDVWÖUPDKWP
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
$QFDN ùUYDQ·ÖQ GHGLøL JLEL JL]OL NDPHUD NXOODQÖPÖ DUDûWÖUPDFÖ JD]HWHFLOLN |GO
ND]DQPDN UHNDEHWWH |QH JHoPHN YH E\N UDWLQJ \DSPDN KDEHUL ]DPDQGDQ YH
SDUDGDQ WDVDUUXI HWPHN LoLQ NXOODQÖOPDPDOÖGÖU
+DEHUH NRQX NLûLOHULQ \DSWÖNODUÖQÖQ
DKODNLROPDPDVÖJD]HWHFLOHULQDKODNROPD\DQ\|QWHPOHUNXOODQPDODUÖQÖKDNOÖoÖNDUPD]
H(OHûWLUL6ÖQÖUÖQÖ$ûPDPDùIWLUD+DNDUHW.|WOHPHYH0HVQHWVL]
ùGGLDODUGDQ.DoÖQPD.XUDOÖ
0HG\DQÖQ KDEHU YH \RUXPODUÖQGD NLûLQLQ RQXUXQX \D GD DKODNL NDUDNWHULQL KHGHI
DODQ GD\DQDNVÖ] VXoODPDODUD \HU YHUPHPHOLGLU <LQH NDVÖWOÖ LIWLUD NDUDODPD YH
NoOWF LIDGHOHU NXOODQPD YH WHPHOVL] LWKDPODUGD EXOXQPD HQ FLGGL PHVOHN HWLN
LKODOOHULDUDVÖQGD\HUDOPDNWDGÖU
%LULQFL 8OXVDO YH 3DQ$PHULNDQ %DVÖQ .RQJUHVL·QLQ \ÖOÖQGD NDEXO HWWLøL
´*D]HWHFLQLQ 2Q (PULµQGH ´$GÖQD OD\ÖN ELU JD]HWHFL LIWLUD NDUDODPD RQXU NÖUÖFÖ
VXoODPDODU YH WHPHOVL] LWKDPODUÖ HQ FLGGL PHVOHNL VXoODU RODUDN NDEXO HGHUµ
GHQLOPHNWHGLU%XNXUDOSHNoRNONHQLQHWLNNRGXQGD\HUDOPÖûEXOXQPDNWDGÖU
I&HYDSYH']HOWPH+DNNÖQD6D\JÖ.XUDOÖ
0HG\D RUJDQODUÖ KDNNÖQGD ELUWDNÖP LGGLDODU RUWD\D DWÖODQ VXoODPDODUGD EXOXQXODQ
NLPVHOHUH ´FHYDS KDNNÖ YH G]HOWPH KDNNÖµ WDQÖPDN ]RUXQGDGÖU %X NXUDO DVOÖQGD
GRøUXOXNGUVWON NXUDOÖ REMHNWLI YH \DQVÖ] ROPD NXUDOÖ YH HOHûWLUL VÖQÖUÖQÖ DûPDPD
LIWLUD KDNDUHW YH PHVQHWVL] LGGLDODUGDQ NDoÖQPD NXUDOÖ LOH GH GRøUXGDQ LOJLOLGLU &HYDS
KDNNÖ ELUH\OHULQ NHQGLOHUL LOH LOJLOL LGGLD YH LWKDPODUD NDUûÖ \DNODûÖPÖP YH WHN WDUDIOÖ
ELOJLOHQLOPHVLQLQ |QOHQPHVLQL LIDGH HGHUNHQ G]HOWPH KDNNÖ GD KDNNÖQGD \DODQ YH\D
\DQOÖûELOJLOHUKDEHUOHUYHULOHQLQVDQODUÖQEXQDPXNDELOGRøUXODUÖDQODWDELOPHVLKDNNÖQÖ
NDSVDU %X KDNODU ELUH\OHULQ JoO ELU EDVÖQD NDUûÖ VDKLS ROGXøX HQ HWNLOL VLODK RODUDN
NDEXOHGLOPHNWHGLU
&HYDS YH G]HOWPH KDNODUÖQÖQ NXOODQÖOPDVÖ NRQXVXQGD G]HQOHPHOHU oRN HVNL
WDULKOHUH GD\DQPDNWDGÖU &HYDS YH G]HOWPH KDNNÖQÖQ WDQÖQPDVÖ LOH LOJLOL LON WDOHSOHUH
)UDQVÖ] ùKWLODOL·QLQ KHPHQ DNDELQGH \D\ÖQ RUJDQODUÖQÖQ KHUNHVOH LOJLOL RODUDN
LVWHGLNOHUL JLEL \D]ÖS oL]PHVL ]HULQH )UDQVÖ] 0LOOL 0HFOLVL·QH VXQXODQ ELU NDQXQ
|QHULVLQGH UDVWODQPDNWDGÖU $QFDN 0HFOLV EX WDOHEL NDEXO HWPHPLû NDQXQXQ oÖNPDVÖ
WDP \ÖO VRQUD \ÖOÖQGD JHUoHNOHûPLûWLU
gWH \DQGDQ PHVOHN DKODN NRGODUÖ
DUDVÖQDJLUPHVLLVHEXWDULKWHQGDKDVRQUD\DUDVWODPDNWDGÖU3UDJ·GD\ÖOÖQGDNDEXO
HGLOHQ8OXVODUDUDVÖ%DVÖQ'HUQHNOHUL%LUOLøL,83$$KODN<DVDVÖ·QDJ|UH´ùVPLQHOD\ÖN
ELU JD]HWHFL VRQUDGDQ JHUoHN YH\D GRøUX ROPDGÖøÖ DQODûÖODQ KDEHUOHUL J|QOO RODUDN
G]HOWPHNOH \NPOGUµ
GHQLOPLûWLU <LQH %LUOHûPLû 0LOOHWOHU WDUDIÖQGDQ ùUYDQ6DJP
:DVKLQJWRQ3RVWHGLW|UOHULQGHQ%HQMDPLQ%UDGOHHJL]OLNDPHUDODUVHVYHND\ÖWFLKD]ODUÖ
NXOODQDUDNJHUoHNOHûWLULOHQELUKDEHUHQLoLQ3XOLW]HUgGOYHULOPHGLøLQL´'UVWROPD\DQ
\|QWHPOHUOHKDEHUWRSOD\DQJD]HWHOHUGUVWONDGÖQDVDYDûWÖNODUÖQÖQDVÖOV|\OH\HELOLUOHU"3ROLVOHU
JD]HWHFLNLPOLøLQHJLUGLNOHULQGHRQODUÖDøÖUELUûHNLOGHHOHûWLUL\RUX]SHNLD\QÖ\|QWHPLEL]QLoLQ
NXOODQPÖ\RUX]µV|]OHUL\OHDoÖNODPDNWDGÖU$NWDUDQ6,UYDQDJP
2NWD\0DJWV
ùoHO.D\ÖKDQ.LWOH+DEHUOHûPH+XNXNXùVWDQEXOV
2NWD\0DJWV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\ÖOÖQGDNDEXOHGLOHQELUXOXVODUDUDVÖDQODûPDGDEXOXQPDNWDGÖU%XDQODûPDQH\D]ÖN NL
EXJQHNDGDUVDGHFHRQGHYOHWWDUDIÖQGDQLP]DODQPÖûWÖUYHEXQODUGDQGD\DOQÖ]FDLNLVL
$YUXSD ONHVLGLU )UDQVD YH <XJRVODY\D $QFDN DUDODUÖQGD 7UNL\H·QLQ GH EXOXQGXøX
ELUoRN ONHGH FHYDS YH G]HOWPH KDNNÖQÖQ HWLN NRGODU DUDVÖQGD EXOXQXOPDVÖ\OD
\HWLQLOPHPLûYHD\UÖFDNDQXQODG]HQOHQPLûWLU
$PHULNDQ 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL·QLQ HWLN NRGODUÖQGD ´+DEHU PHG\DVÖ
VXoODQDQDFHYDSKDNNÖYHUPHNVL]LQNLûLQLQRQXUXQX\DGDDKODNLNDUDNWHULQLKHGHIRODQ
GD\DQDNVÖ]VXoODPDODUD\HUYHUPHPHOLGLUµ
GHQPHNWHGLU
J.LûLVHOdÖNDUODUÖQYHdHN'HIWHUL*D]HWHFLOLøLQLQ5HGGL.XUDOÖ
%WQ GQ\DGD PHVOHN |UJWOHUL WDUDIÖQGDQ RUWD\D NRQXODQ HWLN NRGODU LoHULVLQGH
\HU DODQ NXUDOODUGDQ ELULVL GH SDUDOÖ KDEHUFLOLN EDûWD ROPDN ]HUH |]HO YH W]HO
NXUXOXûODUGDQ KDEHU \DSPD PXNDELOL KHGL\HOHU YH\D VH\DKDW LPNDQODUÖ HOGH HGLOPHVLQH
L]LQYHULOPHPHVLGLU
g]HOYHW]HONLûLOHUGHQJD]HWHFLOHUHJHOHQKHGL\HVH\DKDWYEûH\OHULQDVOÖQGDRNLûL
YH\D NXUXPOD LOJLOL RODUDN PHG\DGD ROXPOX ELU KDEHU VDWÖQ DOPD\Ö KHGHIOHGLøL WDUDIVÖ]
ROPDODUÖJHUHNHQJD]HWHFLOHULQEXWUoÖNDUODUÖNDEXOHWPHNOHELUOLNWHWDUDIVÖ]OÖNODUÖQDGD
J|OJH GûUPû RODFDNODUÖ JLEL ELU HQGLûH KHPHQ EWQ GQ\DGD HWLN NXUXOODU
WDUDIÖQGDQSD\ODûÖOPDNWDGÖU
$%' 3URIHV\RQHO *D]HWHFLOHU 'HUQHøL WDUDIÖQGDQ EX KXVXVWD JHOLûWLULOHQ LONH
û|\OHGLU ´*D]HWHFLOHU DUPDøDQODUÖ L\LOLNOHUL EHGDYD JH]LOHUL YH |]HO PXDPHOHOHUL
UHGGHWPHOLYHJD]HWHFLGUVWOøQ]HGHOH\HFHNLNLQFLLûVL\DVDOEDøODQWÖNDPXJ|UHYL
YHVLYLOWRSOXPNXUXOXûODUÖQGDKL]PHWJLELLûOHUGHQNDoÖQPDOÖGÖUµ
%DWÖ PHG\DVÖQÖ X]DQ VUH NHPLUHQ SDUDOÖ KDEHUFLOLN dHN 'HIWHUL *D]HWHFLOLøL LVH
KDEHU ND\QDNODUÖQD NRQXûPDODUÖ YH ELOJL YHUPHOHUL NDUûÖOÖøÖ SDUD |GHQPHVL DQODPÖQD
JHOPHNWHGLU %XQXQ HQ E\N VDNÖQFDVÖ KDEHULQ SDUD LOH HOGH HGLOHQ ELU PHWD KDOLQH
G|QûWUOPHVLGLU ùQJLOWHUH %DVÖQ úLND\HWOHUL .RPLV\RQX EX NRQXGD D\UÖFD ELU
VÖQÖUODQGÖUPD JHWLUPLûWLU .RPLV\RQ VXo LûOHPLû NLûLOHUH YH\D EXQODUÖQ \DNÖQODUÖQD
DQODWDFDNODUÖ |\NOHU YHUHFHNOHUL HQIRUPDV\RQ YH IRWRøUDIODU LoLQ SDUD |GHQPHPHVLQL
LVWHPHNWHGLU úD\HW LOJLOL PDWHU\DOLQ NDPX oÖNDUODUÖ DoÖVÖQGDQ PXWODN \D\ÖQODQPDVÖ LFDS
HGL\RUVDYHEXQXQLoLQSDUDWDOHSHGLOL\RUVD|GHPH\DSÖODELOHFHøLQLV|\OHPHNWHGLU
+DEHUH GRøUXGDQ NRQX RODQODUD KLo ELU ûHNLOGH |GHPH \DSÖOPDPDVÖ DPD KDEHUL
\RUXPOD\DQ NRQXPGDNL X]PDQODUD YH GHYOHWWH J|UHY \DSPÖû NLûLOHULQ DQÖODUÖQD EHOLUOL
RUDQGD|GHPH\DSÖODELOHFHøL\ROXQGDJHQHOELUNDQDDWEXOXQPDNWDGÖU
K.XUXPVDO3DWURQdÖNDUODUÖQ*HUoHNOHULQgQQH*HoLULOPHPHVL.XUDOÖ
*QP]GH
ELUoRN
ONHGH
PHG\D
SDWURQODUÖ
PHG\D
GÖûÖQGD
LûOHUOH
GH
XøUDûPDNWDGÖU %XQODUÖQ ]DPDQ ]DPDQ VDKLS ROGXNODUÖ PHG\D RUJDQODUÖ DUDFÖOÖøÖ\OD
PHG\D GÖûÖQGDNL LûOHULQH NROD\OÖN VDøODPD \ROXQD JLWWLNOHUL GH ELOLQHQ ELU JHUoHNWLU
%XQXQLoLQGLUNLJ|UHYL\DOQÖ]FDNDPXQXQELOPHKDNNÖQDKL]PHWRODQJD]HWHFLOHULQEX
WULOLûNLOHUHJLUPHPHOHULJHUHNPHNWHGLU
<LQH EX EDøODPGD UHNODP YHUHQOHULQ oÖNDUODUÖ GRøUXOWXVXQGD KDEHU \DSÖOPDVÖ YH\D
JHUoHNOHULQ JL]OHQPHVL GH HWLN NRGODUOD EDøGDûPDPDNWDGÖU %X NRQXGD \LQH $%'
3URIHV\RQHO *D]HWHFLOHU &HPL\HWL·QLQ ]LNUHGLOPHVLQGH \DUDU EXOXQDQ ELU LONHVL YDUGÖU
%XQDJ|UH´*D]HWHFLOHUUHNODPFÖODUÖQYH|]HOoÖNDUoHYUHOHULQLQNHQGLOHKOHULQGHKDEHU
ùUYDQ6DJP
%N]ùUYDQ6DJP
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
EHNOHQWLOHULQL UHGGHWPHOL EXQODUÖQ KDEHUOHU ]HULQGH HWNLGH EXOXQPDODUÖQD NDUûÖ
NR\PDOÖGÖUODUµ
%X NXUDOODUD UDøPHQ QH \D]ÖN NL PHG\DGD UHNODP NDUûÖOÖøÖ KDEHU \D\JÖQGÖU +DWWD
\LQH NDQXQL G]HQOHPHOHUOH \DVDN ROPDVÖQD UDøPHQ PHG\DGD ´JL]OL UHNODPµ YH\D
´|UWOUHNODPµGHGLøLPL]KDEHUIRUPDWÖQGDUHNODP\D\ÖQODPDDOÖûNDQOÖøÖYH\D\|QWHPL
RUWDGDQNDOGÖUÖODPDPDNWDGÖU
Ö7HU|UL]PúLGGHWYH3RUQRJUDIL\H.DUûÖ7DYÖU$OPD.XUDOÖ
7HU|U WHU|UL]P VXo YH VXo |UJWOHUL\OH LOJLOL KDEHUOHULQ VXQXPXQD LOLûNLQ RODUDN
ELUoRN ONHGH JHUHN PHVOHN |UJWOHULQLQ HWLN NRGODUÖ YH JHUHNVH KXNXNL G]HQOHPHOHU
\ROX\ODVÖQÖUOÖOÖNODUYHVRUXPOXOXNODUJHWLULOPLûWLU
$%' 3URIHV\RQHO *D]HWHFLOHU &HPL\HWL 6LJPD 'HOWD &KL ´VXo \D GD N|W
GDYUDQÖûODUD |]HQGLULFL \D\ÖQ \DSÖOPDPDOÖGÖUµ LONHVL\OH JHQHO ELU VÖQÖUODPD JHWLULUNHQ EX
ONHQLQ HQ E\N NLWOH LOHWLûLP JUXSODUÖQGDQ ELULVL RODQ &%6 1HZV WHU|U ROD\ODUÖQÖQ
NDPXR\XQD GX\XUXOPDVÖ LOH LOJLOL NHQGL SHUVRQHOLQLQ X\PDVÖ JHUHNHQ NXUDOODUÖ RUWD\D
NR\PXûWXU$QDKDWODUÖ\ODEXNXUDOODU
D7HU|UH\OHPOHULQLQ\DQVÖWÖOPDVÖVÖUDVÖQGDWHU|ULVWOHULQWDOHSOHULPPNQ
ROGXøXQFD EDVÖQ PHQVXSODUÖQÖQ V|]OHUL LOH DNWDUÖOPDOÖGÖU 'RøUXGDQ
GRøUX\DWHU|ULVWLQDø]ÖQGDQYHULOPHPHOLGLUE=RUXQOXOXNGRøXUDQKDOOHU
GÖûÖQGDNXUXOXûXQEDûNDQYH\D\DUGÖPFÖVÖQÖQX\JXQJ|UPHVLGXUXPXQGD
PDOXP NDoÖUPD YH DOÖNR\PD ROD\ODUÖ FDQOÖ \D\ÖQOD DNWDUÖOPDPDOÖGÖU F
%DVÖQ PHQVXSODUÖ WHU|ULVWOHULQ UHKLQHOHUL EXOXQGXUGXNODUÖ \HUL ELOPHOHUL
KDOLQGH H\OHPFLOHUOH WHPDVD JHoPH\H oDOÖûPDPDOÖ EX JLEL oDOÖûPDODUÖQ
NDPX J|UHYOLOHULQFH \HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDOÖGÖUODU G %DVÖQ
PHQVXSODUÖ LOH SROLV ROD\ÖQ KHPHQ EDûÖQGD NDUûÖOÖNOÖ RODUDN JHUHNWLøL
]DPDQ EDûYXUXODFDN \HWNLOL LVLPOHUL YHUPHOLGLUOHU H +HUKDQJL ELU WHU|U
ROD\ÖQÖQ \DQVÖWÖOPDVÖ R JQQ GLøHU KDEHUOHULQL RUWDGDQ NDOGÖUPD\DFDN
ûHNLOGHGHQJHOLRODUDNDNWDUÖOPDOÖGÖU
$%' YH EDûWD ùQJLOWHUH ROPDN ]HUH ELUoRN %DWÖ ONHVLQGH WHU|U KDEHUOHULQLQ
VXQXPXQD LOLûNLQ RODUDN \DûDQDQ GHQH\LPOHUGHQ ND\QDNODQDQ |QHPOL ELU KDVVDVL\HW
EXOXQPDNWDGÖU ùQJLOWHUH·QLQ HVNL %DûEDNDQODUÖQGDQ 0DUJDUHW 7KDWFKHU·ÖQ PHG\DQÖQ
WHU|ULVWOHULQ UHNODP LoLQ LKWL\Do GX\GXøX RNVLMHQL VDøODPD HøLOLPLQGH ROGXøX LGGLDVÖ
EWQ GQ\D NDPXR\XQGD \DQNÖODQPÖû YH oRN |QHPOL WDUWÖûPDODUÖ EHUDEHULQGH
JHWLUPLûWLU
*QP]GH PHG\D HWLøL EDøODPÖQGD HQ ID]OD WDUWÖûÖODQ NRQXODUGDQ ELU GLøHULQL LVH
JHQHO RODUDN ûLGGHW |]HOGH LVH NDGÖQODUD YH oRFXNODUD \|QHOLN ûLGGHW ROXûWXUPDNWDGÖU
<HQL PHG\D WHNQRORMLOHUL VRQXFXQGD NODVLN PHG\DODU GÖûÖQGD ùQWHUQHW YLGHR R\XQODUÖ
LQWHUDNWLI WHOHYL]\RQ YE \HQL LOHWLûLP RUWDPODUÖQGD ûLGGHW VHNV YH SRUQRJUDIL LoHUHQ
\D\ÖQODUÖQ KÖ]OD DUWWÖøÖ EXQXQ oRFXNODUÖQ VDøOÖNOÖ JHOLûLPLQLQ \DQÖ VÖUD DLOH NXUXPXQX
WHKGLW HGHU ELU PDKL\HW ND]DQGÖøÖ VÖNoD GLOH JHWLULOPH\H EDûODQPÖûWÖU ùVYHo .OWU
ùUYDQ6DJP
%N]$YûDU=DNLU.LWOHùOHWLûLP$UDoODUÖYH7HU|U.DPHU<D\ÖQODUÖùVWDQEXO
6FKOHVLQJHU3KLOLS0HG\D'HYOHWYH8OXV6L\DVDOúLGGHWYH.ROOHNWLI.LPOLN$\UÖQWÖ<D\ÖQODUÖ
ùVWDQEXOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%DNDQOÖøÖ
YH
$YUXSD
.RPLV\RQX
6WRFNKROP·GH G]HQOHQHQ
ùûELUOLøL
LOH
úXEDW
WDULKOHULQGH
<HQL 0HG\D dDøÖQGD dRFXNODU YH *HQoOHUµ NRQXOX
X]PDQODUNRQIHUDQVÖQGDROXûWXUXODQoDOÖûPDJUXSODUÖQÖQNRQXODUÖELOHEXoHUoHYHGHELU
ILNLUYHUHELOPHNWHGLU
*UXS dRFXNODUÖQ YH JHQoOHULQ ùQWHUQHW ELOJLVD\DU YLGHR R\XQODUÖQGD
\HUDODQ]DUDUOÖLoHULNOHUGHQNRUXQPDVÖ1HOHUGHQNLPWDUDIÖQGDQYHKDQJL
PHWRWODUOD" *UXS dRFXNODUÖQ YH JHQoOHULQ VD\ÖVDO \D\ÖQFÖOÖN YH
NUHVHOOHûPHoDøÖQGDWHOHYL]\RQODUGD\HUDODQ\DUDUOÖLoHULNWHQNRUXQPDVÖ
1HOHUGHQ NLP WDUDIÖQGDQ YH KDQJL PHWRWODUOD" *UXS dRFXNODUÖ KHGHI
DODQWHOHYL]\RQUHNODPFÖOÖøÖdRFXNODUÖQVXLVWLPDOLQDVÖO|QOHQHELOLU"
7DUWÖûPDYHoDOÖûPDJUXSODUÖQÖQRUWDNODûDXODûWÖøÖNDQDDWEX\HQLRUWDPGDYDURODQ
G]HQOH\LFLYH\D\ÖQFÖNXUXOODUÖQVRUXPOXOXNODUÖQÖQGDKDGDDUWWÖøÖEXQODUÖQoDEDODUÖQÖQ
EXQD UDøPHQ \HWHUOL RODPD\DFDøÖ YH |]HOOLNOH VD\ÖVDO \D\ÖQODUÖQ NÖVPHQ GH ROVD
EDûODGÖøÖ IDNDW WPWHNQLN LPNDQODUÖQ \D\JÖQODûPDGÖøÖ YH ELOKDVVD ILOWUHOHPH ûLIUHOHPH
JLEL \|QWHPOHULQ JHOLûPHGLøL EX VUHoWH |]GHQHWLPLQ HQ |QHPOL YH HWNLOL GHQHWLP
\|QWHPLRODFDøÖGÖUµ
<LQH EX QRNWDGDQ KDUHNHWOH |]HOOLNOH \HQL PHG\D RUWDPODUÖQD LOLûNLQ RODUDN VLPJH
YH VHPERO NXOODQÖPÖQÖQ \D\JÖQODûWÖUÖOPDVÖ YH ]RUXQOX KDOH JHWLULOPHVL JQGHPGHNL
\HULQL DOPÖû EXOXQPDNWDGÖU ´$YUXSD 6ÖQÖU gWH\L 7HOHYL]\RQ 6|]OHûPHVLµ YH ´$YUXSD
%LUOLøL 'LUHNWLIOHULµ
ELUoRN ONHGH \D\ÖQODUGD NRUX\XFX VLPJH YH VHPERO NXOODQÖPÖQÖ
YH\D KD]ÖUOÖN oDOÖûPDODUÖQÖ EDûODWPÖûWÖU .RUX\XFX VLPJH FLQVHOOLN ûLGGHW UNQW
\DUDWDFDN J|UQWOHU JLEL ROXPVX] XQVXUODUÖ EDUÖQGÖUDQ WHOHYL]\RQ SURJUDP YH
ILOPOHULQLQ L]OH\LFLOHUL V|]O YH\D \D]ÖOÖ X\DUÖODUD HN RODUDN J|UVHO VHPERO YH\D
VLPJHOHUOHELOJLOHQGLUPHYH\DX\DUPDDQODPÖQDJHOPHNWHGLU
57h.·WHKD]ÖUODQDQUDSRUúXEDW
57h.\DJUDSRU
$YUXSD%LUOLøL·QGH|]HOOLNOHWHOHYL]\RQYHUDG\R\D\ÖQODUÖQD\|QHOLNFLGGLVÖQÖUODPDODUYH
\DSWÖUÖPODUEXOXQPDNWDGÖU$YUXSD6ÖQÖUgWHVL7HOHYL]\RQ6|]OHûPHVL·QLQ7770DGGHVL
´3URJUDPKL]PHWOHULQLQVXQXûYHLoHULNEDNÖPÖQGDQEWQXQVXUODUÖLQVDQRQXUXQDYHWHPHO
LQVDQKDNODUÖQDVD\JÖOÖRODFDNWÖU3URJUDPKL]PHWOHUL|]HOOLNOHD(GHEHD\NÖUÖROPD\DFDNYH
SRUQRJUDILLoHUPH\HFHNEúLGGHWHøLOLPLQLN|UNOHPH\HFHNYH\DÖUNoÖQHIUHWGX\JXODUÖQÖ
NÖûNÖUWÖoÖQLWHOLNWHROPD\DFDNWÖU*HQoOHULQYHoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPLQL
]HGHOH\HELOHFHNWUGHQSURJUDPKL]PHWOHULEXQODUÖQVH\UHGLOHELOHFHøL]DPDQYHVDDWOHUGH
\D\ÖQODQPDPDOÖGÖU<D\ÖQFÖKDEHUOHUGHJHUoHNOHUYHROD\ODUÖQGRøUXRODUDNVXQXOPDVÖQÖ
VDøOD\DFDNYH|]JUFHNDQDDWROXûXPXQXWHûYLNHGHFHNWLUµ%XV|]OHûPHLOHX\XPOXYH$%
ONHOHULQFHX\JXODQDQ7UNL\H·QLQWDUDIROPDGÖøÖ$%'LUHNWLIL·QLQ0DGGHVLGHEXNRQXGD
oRN|QHPOLELUG]HQOHPHGLU%XQDJ|UH´0DGGHh\HONHOHU\HWNLOHULGDKLOLQGHNL
\D\ÖQFÖODUÖQWHOHYL]\RQ\D\ÖQODUÖQGDoRFXNODUÖQIL]LNVHO]LKLQVHOYH\DDKODNLJHOLûLPOHULQLFLGGL
ûHNLOGHROXPVX]HWNLOH\HELOHFHNSURJUDPODUD|]HOOLNOHSRUQRJUDILYH\DûLGGHWLoHUHQ
SURJUDPODUD\HUYHUPHPHOHULQLVDøODPDNLoLQX\JXQ|QOHPOHULDODFDNODUGÖU3DUDJUDI·GH
DOÖQDELOHFHN|QOHPOHUoRFXNODUÖQIL]LNVHO]LKLQVHOYHDKODNLJHOLûLPOHULQLHWNLOHPHVLPXKWHPHO
GLøHUSURJUDPODUDGDX\JXODQDELOLUYHEX|QOHPOHU\D\ÖQÖQ\DSÖOGÖøÖE|OJHGHEXOXQDQoRoXNODUÖQ
EXWU\D\ÖQODUÖJ|UPHOHULQHYH\DGX\PDOUÖQDHQJHORODELOPHNLoLQ\D\ÖQVDDWLEHOLUOHPHVLYH\D
WHNQLNDUDoODUÖQNXOODQÖOPDVÖûHNOLQGHRODELOLU%XQDLODYHWHQEXWUSURJUDPODUÖQûLIUHVL]
\D\ÖQODQDPVÖKDOLQGH\HONHOHUEXSURJUDPODUGDQGDKD|QFHV|]OELUX\DUÖQÖQ\DSÖOPDVÖQÖ
YH\D\D\ÖQVUHVLQFHJ|UVHOELUVHPEROOHWDQÖPODQPDVÖQÖVDøOD\DFDNWÖU0DGGHDh\HONHOHU
ÖUNFLQVL\HWGLQYH\DPLOOL\HWoLOLNED]ÖQGDNLQYHQHIUHWGX\JXODUÖQDVHYNHGHQXQVXUODUD
\D\ÖQODUGD\HUYHULOPHPHVLQLWHPLQHGHFHNOHUGLUµ
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
%X WU G]HQOHPHOHULQ GÖûÖQGD $%' YH ELUoRN $YUXSD ONHVLQGH KHU WUO LOHWLûLP
RUWDPÖQGD oRFXN YH KD\YDQ FLQVHOOLøL YH oRFXNODUD YH KD\YDQODUD \|QHOLN ûLGGHW
J|UQWOHULQHNDUûÖoRNFLGGLKXNXNL\DSWÖUÖPODUEXOXQPDNWDGÖU
6RQXo
0HG\DQÖQ HWLN GHQHWLPL NRQXVXQXQ NLWOH LOHWLûLP DUDoODUÖQÖQ YH ´JD]HWHFLOLNµ
PHVOHøLQLQ YH GROD\ÖVÖ\OD ´KDEHUFLOLNµLQ RUWD\D oÖNÖûÖQD NDGDU X]DQDQ ELU JHoPLûL
EXOXQPDNWDGÖU %DûWD KXNXNL YH LGDUL G]HQOHPHOHUOH EHOOL NXUDOODU oHUoHYHVLQH
RWXUWXOPDN LVWHQHQ ´JD]HWHFLOLNµ PHVOHøL EDVÖQ |]JUOø NDYUDPÖQÖQ GRøXûX YH
JHOLûPHVL\OHELUOLNWHNHQGLPHVOHNHWLøLQLROXûWXUPDNYH|]JUOøQGHYOHWWHQJHOHFHN
RODQODU GD GDKLO ROPDN ]HUH KHU WUO GÖû PGDKDOHGHQ NRUXPDN LVWHPLûWLU =DPDQ
LoHULVLQGH ONHGHQ ONH\H ED]Ö IDUNOÖOÖNODU J|VWHUPHNOH ELUOLNOH |QHPOL |OoGH GH
EHQ]HûHQPHG\DHWLNNXUDOODUÖRUWD\DoÖNPÖûWÖU
*QP]GH
JHQHOOLNOH
ONHOHULQ
EDVÖQ
NRQVH\OHUL
FHPL\HWOHUL
JLEL
PHVOHN
|UJWOHQPHOHULQLQ HQ VWQGH \HU DODQ NXUXOXûODU WDUDIÖQGDQ ]DPDQ ]DPDQ J|]GHQ
JHoLULOHUHN JQFHOOHûWLULOHELOHQ ´HWLN NRGODUµ \D\JÖQODûPÖûWÖU +DWWD ED]Ö ONHOHUGH
PHG\D RUJDQODUÖQÖQ JHQHO PHVOHN HWLN NXUDOODUÖQÖQ GÖûÖQGD NHQGLOHULQL VÖQÖUOD\DQ YH\D
ND\ÖWOD\DQ ´NXUXP LoL PHVOHN NXUDOODUÖµ NR\GXNODUÖQÖ YH EX NXUDOODUD X\XOPDVÖQGD VÖNÖ
ELUGHQHWLPPHNDQL]PDVÖROXûWXUGXNODUÖJ|UOPHNWHGLU
*HUHN PHVOHN VW NXUXOXûODUÖQÖQ HWLN NRGODUÖQÖQ YH JHUHNVH PHG\D RUJDQODUÖQGD
NXUXP LoL |]HO G]HQOHPHOHUOH JHWLULOHQ NXUDOODUÖQ HQ |QHPOL JHUHNoHVLQL |QFHOLNOH
´RNX\XFXQXQ GLQOH\LFLQLQ L]OH\LFLQLQµ JYHQ YH WHUFLKLQL VUHNOL NÖOPDN VRQUD ONH
LQVDQODUÖQÖQJYHQYHWHUFLKLQLHOGHHWPHNROXûWXUPDNWDGÖU
0HG\D GHQHWLPLQLQ VDOW KXNXNL YH EXQXQ X]DQWÖVÖ RODUDN LGDUL PHNDQL]PDODU
DUDFÖOÖøÖ\OD JHUoHNOHûWLULOL\RU ROPDVÖQÖQ EDVÖQ |]JUOøQH \|QHOLN ELU WHKGLW RODUDN
DOJÖODQPDVÖ QH NDGDU GRøDOVD GHQHWLPVL]OLøLQ GH EDVÖQ |]JUOøQQ \DQÖ VÖUD
GHPRNUDVLQLQ YH EWQ |]JUONOHULQ |QQGHNL HQ E\N WHKGLW RODUDN DOJÖODQPDVÖQÖQ
]RUXQOXOXøXGDRNDGDUJHUoHNWLU
0HG\DQÖQ
WDULKVHO
VUHo
LoHULVLQGH
JHoLUGLøL
HYULPOHU
EL]LP
EX
\DUJÖPÖ]Ö
GRøUXOD\DFDNSHNoRN|UQHNOHGROXGXU
7HNQRORMLN JHOLûPHOHUOH ELUOLNOH \HQL RUWD\D oÖNDQ ELUoRN LOHWLûLP RUWDPÖQÖQ LVH KkOk
QDVÖO
GHQHWOHQHELOHFHøLQH
GDLU
G]HQOHPHOHU
\DSÖODPDPÖûWÖU
%X
RUWDPODUGDNL
GHQHWLPVL]OLN PHG\DQÖQ ûD\HW ELU ´HWLNµL ROPDVD oRøX ]DPDQ HWLN·LQLQ YDUOÖøÖQD
UDøPHQDVOÖQGDLQVDQKDNYH|]JUONOHULQLQ|QQGHQHNDGDUE\NELUWHKOLNHRODUDN
GXUDELOHFHøLQLJ|VWHUPHVLDoÖVÖQGDQ|QHPWDûÖPDNWDGÖU
<LQH EX oHUoHYHGH PHG\D HWLøL YH GHQHWLPLQLQ \DOQÖ]FD ´LoHULNµ DoÖVÖQGDQ GHøLO
\DSÖVDO RODUDN GD ]RUXQOXOXøXQXQ J|UOPHVL JHUHNPHNWHGLU *QP]GH JHUHN XOXVDO
YH JHUHNVH XOXVODUDUDVÖ RUWDPODUGD PHG\DGD WHNHOOHûPHQLQ \RøXQODûPDQÖQ YH KDEHU
GRODûÖPÖGHQJHVL]OLøLQLQPHG\DHWLøLQL\ÖNDQHQ|QHPOLIDNW|UOHUROGXøXDoÖNWÖU%XWU
RUWDPODUGD KHU WUO PDQLSODV\RQ \|QOHQGLUPH \DQOÖû YH oDUSÖWÖFÖ ELOJL DNWDUÖPÖ
PPNQROPDNWDPHG\DE\NoÖNDUODUÖQDUHQDVÖQDG|QûHELOPHNWHGLU1LWHNLPVRQ
\ÖOODUÖQ PHG\D HWLøL DODQÖQGD HQ |QHPOL WDUWÖûPD D\DNODUÖQGDQ ELULVLQL GH XOXVDO |OoHNWH
PHG\DGD
WHNHOOHûPH
ROXûWXUPDNWDGÖU
YH
XOXVODUDUDVÖ
|OoHNWH
GH
KDEHUOHULQ
GHQJHVL]
GRODûÖPÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
+HU QH NDGDU EX WDUWÖûPD VDKDODUÖQGD ´PHG\D HWLøLµ GDKLOLQGH ELU QHWLFH DOÖQPDVÖ
PPNQ J|]NPHVH GH ONHOHULQ PHG\D NXUXOXûODUÖQÖQ VW RUJDQODUÖ YH\D EL]DWLKL
NHQGLOHULWDUDIÖQGDQRUWD\DNRQXODQ HWLNNRGODUµYDVÖWDVÖ\ODGRøXUDELOHFHøLVDNÖQFDODUÖQ
HQD]DLQGLULOPHVLJLELELULKWLPDOGHV|]NRQXVXRODELOPHNWHGLU
*QP]GH GHøLûHQ YH JHOLûHQ LOHWLûLP WHNQRORMLOHULQLQ YH EXQD EDøOÖ RODUDN
LOHWLûLP RUJDQODUÖQÖQ JHUHN KXNXNL YH JHUHNVH PHVOHNL NXUDOODUOD GHQHWLPLQGHNL
JoONOHULQRUWD\DoÖNDUGÖøÖ\HQLELUGHQHWLP\ROXRODQ´RUWDNGHQHWLPµ\|QHWLPLQLQLVH
QH
NDGDU
HWNLOL
RODFDøÖQD
GDLU
KHQ]
FLGGL
ELU
EXOJX
YH
KDWWD
L]OHQLP
GH
EXOXQPDPDNWDGÖU dQN EDVÖQ NXUXOXûODUÖQÖQ KXNXNL GHQHWLPL EDVÖQ |]JUOøQ
NÖVÖWOD\ÖFÖ |QOHPOHU RODUDN GHøHUOHQGLUPHOHULQH PXNDELO NHQGL RUWD\D NR\GXNODUÖ HWLN
NXUDOODUDX\PDKXVXVXQGDGDSHNID]ODLVWHNOLJ|UQPHGLNOHULGHELUJHUoHNWLU
$UWÖN HQ NODVLN HWLN NRGODU KDOLQH JHOPLû EXOXQDQ GRøUXOXNGUVWON \DQVÖ]OÖN
REMHNWLIOLN JLEL NXUDOODUD X\XOPDVÖ YH\D LVWHQPH\HUHN GH ROVD LKODOLQGH FHYDS YH
G]HOWPH KDNODUÖQÖQ NXOODQGÖUÖOPDVÖQGD ELOH GQ\DQÖQ SHN oRN ONHVLQGH VÖNÖQWÖODU
ROXûPDNWD LNHQ \HQL \HQL ûHNLOOHQPHNWH RODQ RUWDN GHQHWLP \|QWHPLQLQ GH EDûDUÖOÖ
RODELOHFHøLQHLQDQPDNELUKD\OLJoOHûPHNWHGLU
0HG\D VHNW|UQGH GH NkUOÖOÖN YH YHULPOLOLN LONHVLQLQ LûOHWPHOHULQ YDUOÖøÖQÖQ GHYDP
HWWLUHELOPHVL LoLQ ]DUXUL RODUDN J|UOPHVLQLQ \DQÖ VÖUD PHG\D SDWURQODUÖQÖQ EDVÖQ GÖûÖ
VHNW|UOHUH ND\DELOPHVL YH KDWWD EDVÖQ GÖûÖ VHNW|UOHUGHQ JHOL\RU ROPDVÖ JD]HWHFLOLøLQ
GHøLûLN |]HO oÖNDU DODQODUÖQÖQ VDYXQXFXVX GXUXPXQD GûPHVLQL GH EHUDEHULQGH
JHWLUPHNWHGLU
%LUoRN ONHGH JD]HWHFLOLN PHVOHøLQLQ ]LUYHVLQGH RODQODUÖQ EDûWD VL\DVL PDNDPODUOD
NROD\ YH VÖNÖ GL\DORJ RUWDPÖ ROXûWXUDELOPHOHUL E\N WLFDUL ROXûXPODUÖQ J|EHøLQGH \HU
EXODELOPHOHUL
HWLN
RODUDN
GRøUX
NDEXO
HGLOPHPHNOH
ELUOLNWH
QH
\D]ÖN
NL
|QOHQHPHPHNWHGLUGH
%X WU LOLûNLOHULQ X]DQWÖVÖ RODUDN KDEHU YH \RUXP D\UÖPÖQÖ |QHPVHPH\HQ YH KDWWD
EX NXUDOÖ NDVÖWOÖ RODUDN LKODO HGHQ NXUXPVDO oÖNDUODUÖ JD]HWHFLOLN PHVOHøLQLQ YH
WRSOXPVDO GHøHUOHULQ ]HULQGH WXWDQ YH EXQODUÖ \DSDUNHQ GH ´NDPX \DUDUÖµ NDYUDPÖQÖQ
LoLQLERûDOWÖQELUDQOD\ÖûGDYDUOÖøÖQÖVUGUHELOPHNWHGLU
g]HO
KD\DWODU
oRøX
NH]
JL]OLOLN
LONHVL
ELU
NHQDUD
EÖUDNÖODUDN
GLGLN
GLGLN
HGLOHELOPHNWH VWHOLN EX \DSÖOÖUNHQ JHUHN KXNXNL YH JHUHNVH HWLN VÖQÖUODPDODUOD PHQ
HGLOHQJL]OLNDPHUDVHVND\GÖYH\DGXGDNRNXPDJLEL\|QWHPOHUX\JXODQPDNWDGÖU
0F /XKDQ·ÖQ EHQ]HWPHVL\OH LOHWLûLP RUWDPODUÖ LOH ELUOLNWH JOREDO ELU N|\H G|QûHQ
GQ\DPÖ]GD KHUKDQJL ELU LQVDQÖQ ´QHµ NDYXûPDVÖ GLøHU LQVDQODUD ´WDQÖGÖNµ YH\D
´DûLQDµELULVLGXUXPXQDJHOPHVLLoLQDUWÖNVDQL\HOHU\HWPHNWHGLU%XDQODûÖOPDVÖYHL]DKÖ
Jo ´GXUXPµD ELU GH EXOXQGXøX NRQXP LWLEDUL\OH ´PHG\DµQÖQ GRøDO LOJL RGDøÖQGD
EXOXQDQ LQVDQODU HNOHQGLøL ]DPDQ JHUoHNWHQ LoLQGHQ oÖNÖOPDVÖ ]RU ´PHG\DWLN DODQµ
GRøPDNWDGÖU 6RUXQ EX PHG\DWLN DODQGD ûX YH\D EX ûHNLOGH \HU DODQ LVWHNOL YH\D
LVWHNVL]EXOXQDQLQVDQODUÖQPHG\DDoÖVÖQGDQQHROGXøXGXU
0HG\DQÖQ NHQGLVLQL DVOÖQGD FDQOÖ GLUL YH VUPHNWH RODQ EX GRøDO VUHFLQ GÖûÖQGD
YH\D ]HULQGH DPD PXWODND D\UÖ ELU \HUGH J|UPHVLQLQ YH EXQD J|UH KDUHNHW HWPHVLQLQ
QHVQHO WHPHOLQLQ ´NDPX \DUDUÖµ YH\D ´KDONÖQ ELOJLOHQPH |]JUOøµ JLEL PXøODN
NDYUDPODU]HULQH|U\RUROPDVÖQÖQQHUH\HNDGDUJHoHUOLOLøLQLNRUX\DFDøÖYHûXYH\DEX
ûHNLOGH RUWD\D NRQXODQ ´HWLN NRGODUÖQµ VRUXQX o|]PHGH QH NDGDU \DUGÖPFÖ ROGXøX
RODFDøÖGDD\QÖûHNLOGHWDUWÖûPDOÖKDOHJHOPHNWHGLU
0HG\DQÖQNHQGLOHULWDUDIÖQGDQ´PKLPVHWLOHQµLQVDQODUÖVDOW´KDEHUOLNµPDO]HPHOHU
GXUXPXQD LQGLUJHPHVLQLQ YH\D LoLQGH YDU ROGXøX NDPXQXQ RUWDN GHøHUOHULQL ELU
=DNLU$YûDU³0HG\DGD.ODVLN(WLN.RGODU%LUùO]\RQPX"
´KDEHUµ LoHULøLQGH ELWLUPHVLQLQ ED]HQ oRN LURQLN YH WUDMLN VRQXoODUÖ LOH NDUûÖODûPDN
DUWÖN EL]L ûDûÖUWPDPDNWDGÖU 0DDOHVHI EX LKODOOHU ´NDPX \DUDUÖµ ´KDONÖQ ELOJLOHQPH
KDNNÖµ YH\D ´EDVÖQ |]JUOøµ NDYUDPODUÖ JLEL JD]HWHFLOLN PHVOHøL oHUoHYHVLQGH L]DKÖ
VRQ GHUHFH VD\JÖGHøHU RODQ NDYUDPODUD \DVODQÖODUDN JHUoHNOHûWLULOPHNWHGLU 2\VD NL
QLWHOLøL LWLEDUL\OH ´NDPXVDO ELU J|UHYµ ROPDNOD ELUOLNWH JD]HWHFLOLN PHVOHøLQGH HOGH
HGLOHQELOJLOHULQKDQJLOHULQLQNDPX\DUDUÖQDROGXøXQXYH\DKDQJLOHULQLQROPDGÖøÖQÖQHW
ELU ûHNLOGH EHOLUOH\HFHN ELU |OoWQ EXOXQPDGÖøÖ GROD\ÖVÖ\OD EX NDYUDPÖQ VRQ GHUHFH
WDUWÖûPDOÖ ROGXøX GD ELOLQHQ ELU JHUoHNWLU $\UÖFD EX ´NDPX \DUDUÖµQÖQ oRøX ]DPDQ
LQVDQODUÖQ
LVWHNOHUL
GÖûÖQGD
NHQGL
GRøDO
KDN
YH
|]JUONOHULQLQ
KLODIÖQD
QDVÖO
NXOODQÖODELOGLøLQLQWXWDUOÖELUDoÖNODPDVÖGDQH\D]ÖNNL\DSÖODPDPDNWDGÖU
<LQHEHQ]HULELUVRUXQWHU|UûLGGHWYHFLQVHOOLNJLELNRQXODUGD´NDPXQXQ|]JUFH
ELOJLOHQPHVLµ JHUHNoHVL\OH WRSOXPVDO VRUXPOXOXN LONHVLQLQ J|] DUGÖ HGLOL\RU ROPDVÖGÖU
.H]D ONH oÖNDUODUÖ GHYOHW VÖUUÖ JLEL KXVXVODUGD GD V|] NRQXVX ´KDEHUµ ROXQFD ELU
GX\DUVÖ]OÖNYH\DXPDUVÖ]OÖNODNDUûÖODûÖODELOPHNWHGLU
%XUDGD ´HWLN NRGODUÖQµ \DUDUVÖ]OÖøÖQGDQ EDKVHWWLøLPL] JLEL DQODPD VRUXQXQXQ GD
oÖNPDPDVÖ HQ E\N GLOHøLPL] ROPDNOD ELUOLNOH EL]OHU DoÖVÖQGDQ FHYDEÖ DUDQPDVÖ
JHUHNHQ HQ WHPHO VRUX KHUKDOGH ûX ROPDOÖGÖU *D]HWHFL UXKX \UHøL GHøHUOHUL DOÖQPÖû
YHGQ\DGDROXSELWHQKHUûH\LVDOWKDEHURODUDNJ|UHQGHøHUOHQGLUHQ\D]DQYHRNX\DQ
ELUURERWPXGXU"%XVRUX\DHNRODUDNVRUXOPDVÖJHUHNHQELUGLøHUVRUXLVHKHUKDOGHûX
ROPDOÖGÖU <RNVD EXUD\D NDGDU DNWDUGÖøÖPÖ] EWQ EX HWLN NRGODU ELU LOO]\RQ PXGXU"
+HPQL\HYDUODUYHKHPQL\H\RNODU"
7ÖS(WLøLQGH7HPHOùONHOHU
'Ro'U(UGHP$\GÖQ 7ÖS DODQÖQGDNL HWLN GHøHUOHULQ \DûDPD JHoLULOPHVL YH EX GHøHUOHULQ DQDOL] HGLOPHVL
VRQ \ÖOODUGD VD\ÖODUÖ DUWDQ HWNLQOLNOHU DUDFÖOÖøÖ\OD L]OHQPHNWHGLU *QP]GH KHNLP
KDVWD LOLûNLVL WÖS LOH WRSOXP LOLûNLVL VDøOÖN KL]PHWOHUL \D GD GLøHU ELUoRN WÖEEL ROJX HWLN
GHøHUOHULPL]
HGLOPHNWHGLU
\|QQGHQ
'LøHU
VRUJXODQPDNWD
\DQGDQ
GD
EX
YH
JHOHQHNVHO
NRQXODUD
GHøHUOHU
LOLûNLQ
\HQL
\HQLGHQ
HWLN
DQDOL]
\DNODûÖPODU
JHOLûWLULOPHNWHGLU
7RSOXP LoLQGH \DûDPDPÖ]GDQ GROD\Ö EL]OHUL ELU WU ´EDVNÖGHQHWLPµ DOWÖQGD WXWDQ
|øHOHUGHQ ELUL GH HWLN GHøHUOHULPL]GLU ùQVDQOÖøÖQ EHQLPVHGLøL HWLN GHøHUOHU oHûLWOL
ELoLPOHUGH JQON KD\DWÖPÖ]D JLUPHNWH YH R GHøHUOHUH X\XPOX ROPDN WRSOXP
WDUDIÖQGDQ \FHOWLOLUNHQ DNVL \|QGH GDYUDQÖOPDVÖ KDOLQGH R ELUH\OHU \HULOPHNWH YH
DûDøÖODQPDNWDGÖU 7XWXP YH GDYUDQÖûODUÖPÖ]GD HWLN X\XP EL]OHU LoLQ VÖUDGDQODûWÖøÖ LoLQ
JQON KD\DWÖPÖ]ÖQ VUHNOL ELU HWLN JHUHNOLOLNOHUL NDUûÖODPD ûHNOLQGH VUGøQQ oRN D]
IDUNÖQGDROXUX]
(WLN GHøHUOHULPL]L oHûLWOL ELoLPOHUGH LIDGH HGHELOLUL] %XQODUGDQ ELUL GH ´LONHOHUµGLU
ùONHOHU LQVDQ LOLûNLOHULQLQ QLWHOLøLQL EHOLUOH\HQ NDYUDPODUGÖU ùQVDQ LOLûOHULQLQ EHOOL ELU
ELoLP YH \|QHOLP ND]DQPDVÖ LONHOHU DUDFÖOÖøÖ\OD ROXU %LU LONH GDYUDQÖû ELoLPLQL
EHOLUOHPH] IDNDW NLûLVHO VRUXPOXOXøXQ DOWÖQÖ oL]HU $\QÖ LONH\H EDøOÖ NDODUDN D] \D GD oRN
IDUNOÖ GDYUDQÖûODU J|VWHUPHN PPNQGU ùONHOHU LQVDQODUD GHøHUOHQGLUPH \DSPD YH
\DUJÖGD EXOXQPD IÖUVDWÖQÖ YHULUOHU 2\VD ´NXUDOODUµGDQ V|] HWWLøLPL]GH RQODU NLûL\H
VHoPH\DGD\DUJÖODPDIÖUVDWÖYHUPH]OHU.LûL|QFHGHQWHVSLWHGLOPLûNXUDODWPKDOL\OH
X\PDNOD \NPOGU YH NXUDOODU WHN WHN GXUXPODUROJXODU ]HULQH RGDNODQPDNWDGÖU
(WNL DODQODUÖ V|] NRQXVX RODQ WHNLO GXUXPROJXODU LOH VÖQÖUOÖGÖU ùONHOHU LVH EX \|Q\OH
NXUDOODUGDQ D\UÖOÖU ùONHOHU GDKD JHQHO YH GDKD WHPHO QLWHOLNWHGLUOHU ùONHOHULQ NXUDOODUÖ
GHøHUOHQGLUPHGRøUXODPD\HWNLQOLøLQHVDKLSROPDJLEL|]HOOLNOHULGHEXOXQPDNWDGÖU
*HQHOLQVDQLOLûNLOHULQGHROGXøXJLELWÖSHWLøLDODQÖQGDNLGHøHUOHQGLUPHOHUGHGHEHOOL
HWLNLONHOHULQYDUOÖøÖNDoÖQÖOPD]GÖUg]HOOLNOHVRQRQOX\ÖOODUGD\DûDQDQJHOLûPHOHUGHHWLN
LONHOHULQ YDUOÖøÖ YH WDUWÖûPDVÖ ELU KD\OL |QHPOL ELU HWNLQOLN DODQÖ KDOLQH JHOPLûWLU
*QP] WÖS HWLøLQGH oHûLWOL VD\ÖGD LONHOHUGHQ V|] HGLOVH GH JHQHO HøLOLP RODUDN G|UW
D\UÖ LONHQLQ YDUOÖøÖQGDQ V|] HGLOHELOLU %XQODU ´\DUDUOÖOÖNµ ´]DUDU YHUPHPHµ ´|]HUNOLøH
VD\JÖµYH´DGDOHWµLONHOHULGLU
<DUDUOÖOÖNùONHVL
<DUDUOÖ ROPDN HGLPL WÖS HWLøL LoHULVLQGH EDûNDODUÖQD \DUGÖP HWPH\L YH \DUDUOÖ ROPD\Ö
\NPOON GXUXPXQD JHWLUHQ ´\DUDUOÖOÖN LONHVLµ ELoLPLQGH NDUûÖPÖ]D oÖNPDNWDGÖU 7ÖS
HWLøLQGH\DUDUOÖROPDNNÖVDFDVDøOÖNXøUDûODUÖQGDKDVWD\D|QFHOLNOHYHKHUûH\LQ]HULQGH
\DUDUOÖ ROPD\Ö |QJ|UPHNWHGLU *HOHQHNVHOWÖS HWLøLQLQ KDVWDQÖQ L\LOLN YH \DUDUÖQÖ ELULQFLO
GHøHU RODUDN J|UPHVLQL KHNLPLQ \DUDUOÖOÖN LONHVLQH ]DUDU YHUPHPH NDYUDPÖ\OD ELUOLNWH
X\JXQGDYUDQÖûÖRODUDNDoÖNOÖ\RUX]
+DFHWWHSHhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML7ÖEEL(WLNYH7ÖS7DULKL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
7DULKVHO ND\QDøÖ DoÖVÖQGDQ \DUDUOÖOÖN LONHVLQLQ +LSRNUDW·WDQ JHOGLøL V|\OHQHELOLU
+LSRNUDWLN HWLNWH \HU DODQ DûDøÖGD WHNUDU GHøLQHFHøLPL] ´gQFHOLNOH ]DUDU YHUPHµ
SULPXP QRQ QRFHUH LONHVL ELUDoÖGDQ \DUDUOÖ ROPD\ÖKHGHIOHU 6|] NRQXVX EX \NPOON
NDSVDPÖQGD DPDoODQDQûH\ ELU H\OHPLQ RODVÖ ROXPOXVRQXoODUÖQÖQ ROXPVX]VRQXoODUÖQD
DøÖU EDVPDVÖ \D GD HQ D]ÖQGDQ EHOOL ELU GHQJHGH WXWXODELOPHVLGLU %|\OHFH ELUH\VHO
H\OHPOHULQ QLWHOLøLQGH \DUDU \|QQGHNL ROXPOX VRQXoODU DUWÖû J|VWHULUNHQ ]DUDU YHULFL
ROXPVX] VRQXoODUÖ LVH RODELOGLøLQFH D]DODFDNWÖU %XQXQOD ELUOLNWH ELUH\LQ H\OHPOHUL QH
NDGDUROXPOXYH\DUDUOÖVRQXoODUDNRûXOODQPÖûROXUVDROVXQEX\DUDUOÖVRQXoODU\DQÖQGD
ROXPVX] LVWHQPH\HQ VRQXoODU GD PH\GDQD oÖNDELOLU %XQD J|UH EX LONH oHUoHYHVLQGHNL
WXWXP YH GDYUDQÖûODUÖPÖ] ´PXWODN \DUDUOÖ ROPDNµ LOH ´\DUDU YH ]DUDUÖQ GHQJHOHQPHVLµ
NRûXOODUÖ\ODûHNLOOHQHELOLU
=DUDU9HUPHPHùONHVL
=DUDU YHUPHPH LONHVLQLQ ND\QDøÖQÖ +LSRNUDWLN WÖS HWLøLQGH DUDPDN JHQHO ELU
DOÖûNDQOÖNWÖU ùOJLOL E|OPGH GH GHøLQGLøLPL] JLEL KDVWDOÖøÖQ GRøDO VH\ULQL HWNLOHPH
JD\UHWL LoHULVLQGH KHNLPLQ KDVWDVÖQD ]DUDU YHUPHGHQ ELU PGDKDOHGH EXOXQDELOPHVLQLQ
|Q NRûXOX /DWLQFH ´3ULPXP QRQ QRFHUHµ ûHNOLQGH GLOH JHWLULOHQ ´gQFHOLNOH ]DUDU YHUPHµ
LONHVLGLU+LSRNUDWLNJHOHQHNWHGRøDQÖQGHYLQLPVHO\DSÖVÖLoHULVLQGHKDVWDEHONLL\LOHûPH
RODQDøÖ EXOPD RODVÖOÖøÖ LoLQGH LNHQ KHNLPLQ JHUHNVL] PGDKDOHVL\OH EX RODVÖOÖøÖQ GD
ND\EROPDVÖ YH EDûND HN ]DUDUODUD \RO DoDELOHFHN ROPDVÖ EXUDGDNL DQOD\ÖûÖQ WHPHOLQL
WHûNLOHWPHNWHGLU
ùQVDQD]DUDUYHUPHPHNJHUoHNWHWPLQVDQOÖNLoLQJHoHUOLELUGHøHUGLUùQVDQD]DUDU
YHUPHN ELU H\OHPOH RODELOHFHøL JLEL ELU LKPDO LOH GH JHUoHNOHûWLULOHELOLU %XUDGD ´]DUDU
YHUPHPHNµLOH´N|WON\DSPDPDµNDYUDPODUÖDUDVÖQGDNL´QDQVODUµGDQV|]HGLOVHELOH
EXQODUÖ WHPHOGH D\QÖ \|QHOLPLQ GHøLûLN LIDGHOHUL RODUDN J|UHELOLUL] ùONH RODUDN ]DUDU
YHUPHPHNN|WON \DSPDPDN EDûNDODUÖQD N|WON \DSPDPDPÖ]Ö YH ]DUDU]L\DQ
YHUPHPL]JHUHNWLøLQLEHOLUOHU
=DUDU YHUPHPHN LONHVL NXûNXVX] ELU QRNWDGD \DUDUOÖ ROPDN LONHVL\OH SDUDOHOOLN
J|VWHULUdRN]DPDQKHULNLVLQLD\QÖSHUVSHNWLIWHQGHøHUOHQGLUPHNPPNQGU<DUDUOÖ
ROPDN ]DUDU YHUPHPH\L GH LoHUHELOLU \D GD ]DUDU YHUPHPHN \DUDUOÖ ROPDN RODUDN GD
DOJÖODQDELOLU
g]HUNOLøH6D\JÖùONHVL
7ÖS HWLøLQGHNL \DUDUOÖOÖN LONHVLQLQ HQ E\N HWLN GHøHU ROGXøXQXQ NDEXO \]\ÖOODUFD
YDUOÖøÖQÖ VUGUGNWHQ VRQUD ·ODUÖQ VRQODUÖQGDQ LWLEDUHQ \DYDû \DYDû HWNLVLQL
D]DOWPD\D EDûODPÖûWÖU 2UWD\D oÖNDQ \HQL GXUXPGD KHNLP KDVWDVÖQÖQ \DOQÖ]FD WÖEEL
\|QGHQ\DUDUÖQÖ|QJ|UPH\HFHNRQD|]HUNELUNLûLROPDVÖQGDQND\QDNODQDQKDNODUÖQÖGD
NXOODQDELOPH
IÖUVDWÖ
WDQÖ\DFDNWÖU
NL
EX
ROJX
´|]HUNOLøH
VD\JÖ
LONHVLµ
RODUDN
WDQÖPODQPDNWDGÖU %X LONHQLQ KHNLP WDUDIÖQGDQ OD\ÖNÖ\OD X\JXODQPDVÖQÖQ DQODPÖ WÖEEL
ELU PGDKDOH VÖUDVÖQGD KDVWDQÖQ ELUH\VHO KDNODUÖQD GLNNDW HGLOPHVL YH WÖEEL NDUDUD
KDVWDQÖQ GD NDWÖOÖPÖQÖQ VDøODQPDVÖGÖU %|\OHOLNOH KHP KDVWDQÖQ WÖEEL PGDKDOHGHQ
GROD\Ö XøUD\DELOHFHøL ]DUDU ULVNL D]DOWÖOPDNWD KHP GH KHNLPKDVWD LOLûNLVL LoHULVLQGHNL
KDVWDKDNODUÖQÖQWHPHOOHQGLULOPHVLVDøODQPÖûROPDNWDGÖU
7DULKVHO
\|QGHQ
WÖS
HWLøLQLQ
]DPDQ
LoHULVLQGH
GLNNDW
oHNHQ
|QHPOL
ED]Ö
QRNWDODUÖQGDQ V|] HGLOHELOLU $QFDN KHNLPKDVWD LOLûNLVLQH KDVWD |]HUNOLøL NDYUDPÖQÖQ
\HUOHûPHVL VDQÖUÖ] LOHULGH WÖS HWLøLQLQ HQ |QHPOL WDULKVHO G|QHPHoOHULQGHQ ELUL RODUDN
DQÖODFDNWÖU +DVWD VDøOÖøÖ LOH LOJLOL ELU UDKDWVÖ]OÖøÖQÖQ JLGHULOPHVL DPDFÖ\OD KHNLPH
EDûYXUGXøXQGDKHNLPLOHKDVWDDUDVÖQGDVW|UWNGHROVDELUWU´V|]OHûPHµGXUXPX
(UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU
RUWD\DoÖNDU$GÖNRQVXQNRQPDVÖQEXV|]OHûPHGRøUXOWXVXQGDKDVWDQÖQ\DUDUJ|UPHVL
YD]JHoLOHPH] |øHGLU $QFDN KDVWDQÖQ \DUDUÖ NRQXVX JQP] GHøHUOHUL LoHULVLQGH
\HQLER\XWODULoHULVLQGH\RUXPODQPDNWDGÖU
$øUÖDFÖGDQNXUWXOPDVÖVDNDWOÖNWDQoÖNPDVÖL\LOHûLS\DûDPÖQÖVUGUPHVLNRQXVXQGD
KDVWDODUÖQÖQ DGÖQD GRøUXGDQ VRUXPOXOXN DOPDODUÖ KHNLPOLøL WRSOXP \DûDPÖQGD EDûND
|UQHøL NROD\ NROD\ J|UOHPH\HFHN ELU PHVOHN JUXEX KDOLQH JHWLUPLûWLU +HNLP
KDVWDVÖQÖQ
PXWODN
RODUDN
\DUDUÖQD
YH
L\LOLøLQH
RODFDN
ûHNLOGH
GDYUDQPDN
GXUXPXQGDGÖU +LSRNUDWLN HWLøLQ HQ |QHPOL EHOJHOHULQGHQ RODQ +LSRNUDW $QGÖ·QGD
KHNLP´.HQGLKNPYH\HWHQHNELOJLVLGRøUXOWXVXQGDKDVWDQÖQ¶\DUDUÖ·QDRODFDNGL\HW
X\JXOD\DFDøÖPµ GHPHNWHGLU %X LIDGHQLQ JHQHO \RUXPX KDVWD LoLQ QH\LQ \DUDUOÖ
RODFDøÖQÖ KHNLPLQ ELOHELOHFHøL YH EX NRQXGDNL VRUXPOXOXøXQXQ KHNLPH DLW ROGXøX
ûHNOLQGHGLU
+HNLPLQ KDVWDVÖQD \DUDUOÖ ROPDN LoLQ oDEDODPDVÖ ELU LONH RODUDN EXJQ GH YDUOÖøÖQÖ
VUGUPHNWHGLU $QFDN GHøLûHQ GQ\D NRûXOODUÖ YH GHøHUOHUL oHUoHYHVLQGH EX LONH\H
PXWODN EDøOÖOÖN DUWÖN \HWHUOL JHOPHPHNWHGLU *|UOPHNWHGLU NL \HQL LONH YH GHøHUOHU
KHNLPKDVWD LOLûNLVLQLQ HWLN ER\XWXQGD NHQGLQL J|VWHUPHNWH \HQL HWLN NDYUDPODU LODYH
ROPDNWDGÖU +HNLPKDVWD LOLûNLVLQGH KDVWD \DUDUOÖOÖøÖ WÖS HWLøLQGH WHN YH PXWODN ELU LONH
ROPDNWDQ oÖNPD VUHFLQH JLUPLûWLU <DUDUOÖOÖN LONHVL JQP]GH DUWÖN |WHNL LONHOHUOH
´\DUÖûDQµELULONHGLU
ùQJLOL]FH·GH |]HUNOLN DQODPÖQGD NXOODQÖODQ ´DXWRQRP\µ (VNL <XQDQFD·GDQ JHOPH
ELU V|]FNWU %X V|]FN <XQDQFD·GD ´NHQGLNHQGLQHµ DQODPÖQD JHOHQ ´DXWRVµ LOH
NXUDO \|QHWLP \D GD \DVD DQODPODUÖQD JHOHQ ´QRPRVµ V|]FNOHULQLQ ELUOHûPHVLQGHQ
PH\GDQD JHOPLûWLU g]HUNOLN V|]FøQQ EXJQ DQODGÖøÖPÖ] DQODPGD NXOODQÖOPDVÖQÖQ
WDULKVHO LON |UQHNOHULQL HVNL <XQDQ NOWUQGH J|U\RUX] %XUDGD |]HUNOLN <XQDQ
ûHKLU GHYOHWOHULQLQ KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ NHQGL NXUDO YH \DVDODUÖQÖ
\DSDELOPH \D GD NHQGL NHQGLQL \|QHWHELOPHOHUL DQODPÖQGD NXOODQÖOPDNWD\GÖ g]HUNOLN NDYUDPÖQÖQ EXJQ NXOODQÖP DODQODUÖQGDQ ELUL ´KDVWD |]HUNOLøLQH VD\JÖµ LONHVL
oHUoHYHVLQGHWÖSHWLøLDODQÖGÖU
g]HUNOLN NDYUDPÖQÖQ WÖS HWLøLQH JLUPHVL WHVDGIL \D GD ELOLQoOL ELU GDYUDQÖû VRQXFX
GHøLO LQVDQ LOLûNLOHULQLQ JQP]GH YDUGÖøÖ QRNWDQÖQ ELU VRQXFXGXU %DWÖ GQ\DVÖQGD
LQVDQ KD\DWÖQD YHULOHQ |QHP YH NLûLOLN KDNODUÖQÖQ JHOLûPHVL EXQGD HQ |QHPOL oÖNÖû
QRNWDVÖGÖU %X GHøLûLP VUHFL %DWÖ GQ\DVÖQGD EDûODPÖû GDKD VRQUD GLøHU GQ\D
ONHOHULQH \D\ÖOPÖûWÖU %X GHøLûLPH \RO DoDQ HWPHQOHU DUDVÖQGD GHPRNUDWLN NDWÖOÖP
oRøXOFXOXNPHG\DQÖQNDWNÖVÖ\DûDPÖQKHUDODQÖQGDNLRWRULWHUHøLOLPOHUHNDUûÖEHVOHQHQ
NXûNXFXOXN YH GDKD EDûNDODUÖ \DQÖQGD WÖS ELOLP YH WHNQRORMLVLQGHNL E\N JHOLûPHOHU
VD\ÖODELOLU %X EDøODPGD KHU WUO WRSOXP YH HWNLQOLN ELULPOHULQGHNL \HWNL YH Jo
VDKLSOHULQLQ NLûLOHULQ |]HUNOLøLQH VD\JÖ J|VWHUPHOHUL YH NRUXPDODUÖ EHNOHQLU KDOH
JHOPLûWLU
%LU NLûLQLQ ´|]HUNOLøLµQGHQ V|] HWPHN R NLûL DoÖVÖQGDQ VHUEHVWoH YH NHQGL |]XVVDO
\HWLOHULLOHVHoPHYHGDYUDQÖûWDEXOXQDELOPHDQODPÖQDJHOHELOLUg]HUNOLNELUH\|]JUYH
KHUKDQJL ELU GÖû EDVNÖ DOWÖQGD NDOPDGDQ EDøÖPVÖ] RODUDN NHQGL EDûÖQD GûQHELOPH
NHQGL KDNNÖQGD NDUDU YHUHELOPH YH EX NDUDUD GD\DQDQ ELU H\OHPGH EXOXQDELOPH
\HWHUOLOLøL\HWNLQOLøL LoHULVLQGHGLU \DVDO VÖQÖUODU LoHULVLQGH %X \HWHUOLOLN YH
\HWNLQOLN oHUoHYHVLQGH \DSÖODQ H\OHP YHVHoLPOHU \DQL |]HUN H\OHP YHVHoLPOHU oDøGDû
GQ\D LQVDQÖQGD EXOXQPDVÖ EHNOHQHQ ELUH\VHO GHøHUOHULQ |Q NRûXOODUÖQGDQ ELUL RODUDN
NDEXOHGLOPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%XQXQOD ELUOLNWH oHYUH NRûXOODUÖ LoHULVLQGH LQVDQÖQ HWNLOHQPHGHQ EXQX QDVÖO
JHUoHNOHûWLUHELOHFHøL WDUWÖûÖOÖU ELU NRQXGXU $QFDN HQ D]ÖQGDQ |]HUN ELU NLûLGHQ V|]
HGHELOPHN
LoLQ
RQXQ
VHUEHVWoH
YH
NHQGL
XVX
LOH
GDYUDQGÖøÖQÖ
YDUVD\PDPÖ]
JHUHNPHNWHGLU .LûL |]HUNOLøL WDUWÖûPDVÖ LoHULVLQGH ELU EDûND |øH ´\HWHUOLOLNµWLU
FRPSHWHQFH <HWHUOLOLN EX oHUoHYHGH GÖû ELU EDVNÖ]RUODPD DOWÖQGD NDOPDGDQ VHUEHVW
YH XVVDO GDYUDQDELOPH \HWHQHøL DQODPÖQD JHOPHNWHGLU %X NRûXOODUGDNL ´\HWHUOLµ ELU
NLûLQLQ|]HUNOLøLQGHQV|]HGHELOLUL]
$GDOHWùONHVL
*QP]GH WÖS HWLøL DODQÖQGD |QGH JHOHQ LONHOHUGHQ ELUL DGDOHW LONHVLGLU %LOLQGLøL
JLEL DGDOHW NDYUDPÖQÖQ \D\JÖQ ELoLPGH NXOODQÖPÖ GDKD oRN KXNXN DODQÖQGD ROPDNWDGÖU
%XQXQODELUOLNWHDGDOHWL\DOQÖ]FDEXDODQDDLWELUNDYUDP RODUDNGûQHPH\L]ùQVDQYH
WRSOXP \DûDPÖ HQ LQFH D\UÖQWÖODUÖQD NDGDU EX NDYUDPÖQ |UJV LOH |UOPûWU
*QP]GH DGDOHW NDYUDPÖQÖQ \D\JÖQ RODUDN NXOODQÖOPD\D EDûODQGÖøÖ DODQODUGDQ ELUL
VDøOÖNXøUDûODUÖQGDGHøHUVRUXQODUÖQÖQHOHDOÖQGÖøÖWÖSHWLøLDODQÖGÖU
$GDOHW V|]FøQQ WDûÖGÖøÖ DQODP \N ´GRøUXOXNµ ´KDN HWPHµ ´KDN ND]DQPDµ
JLEL DQODWÖPODUOD GLOH JHWLULOHELOVH GH JHUoHNWH EXQODU DUDVÖQGD D] \D GD oRN DQODP
D\UÖOÖNODUÖV|]NRQXVXGXU%XQODUGDQKHUELULQLQDGDOHWNDYUDPÖQÖQWDPNDUûÖOÖøÖROGXøX
V|\OHQHPH]
6DøOÖN DODQÖQGD DGDOHW LONHVL WÖEEL ND\QDNODUÖQ DUDoJHUHoWHQ KHU WUO KL]PHWH
NDGDU JHUHNVLQLPOHUH J|UH HûLW YH GUVWoH GDøÖOPÖû ROPDVÖQÖ EHNOHU %X LONH VDøOÖN
oDOÖûDQODUÖQÖQ oDOÖûPDODUÖQGD NDUûÖODûÖ\RU ROGXNODUÖ ND\QDNODUÖQ GDøÖOÖPÖ\OD LOJLOL HWLN
VRUXQODUD\DUGÖPFÖRODFDNED]Ö\DQÖWODUJHWLULU
$GDOHW LONHVLQLQ VDøOÖN XøUDûODUÖQGD \DûDPD JHoLULOPHVL NXûNXVX] LON EDûWD PHYFXW
ND\QDNODUÖQ VDøOÖN XøUDûODUÖQGD DGLO NXOODQÖOPDVÖQD LOLûNLQGLU %XUDGD HWLN \|QQGHQ
VRUXQVDORODUDNJ|]NHQQRNWDJHUHNGHYOHWG]H\LQGHJHUHNKDONVDøOÖøÖXøUDûODUÖQGD
JHUHNVH WHGDYL HGLFL VDøOÖN NXUXPODUÖQGD KDVWDQHOHU YE WÖEEL ND\QDNODUÖQ ELUH\ YH
WRSOXPNHVLPLQHDGDOHWOLELoLPGHQDVÖOSD\ODûWÖUÖODFDøÖGÖU
7ÖEEL RODQDNODUÖQ KHU ELUH\H \HWHULQFH VDøODQDPDPDVÖ ELUH\LQ VDøOÖN EDNÖP KDNNÖQÖ
]HGHOHPHNWHGLU 2\VD ELOL\RUX] NL E\N KDUFDPDODUOD VDøODQDQ oDøGDû WÖEEL EDNÖP
RODQDNODUÖ oRøXQOXNOD VÖQÖUOÖGÖU 'ROD\ÖVÖ\OD GHYOHW G]H\LQGH HNRQRPLN ND\QDNODUÖQ QH
|OoGH DGDOHWOL NXOODQÖOGÖøÖ D\UÖ ELU VRUXQVDO RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU %XUDGD
KHPHQND\QDNODUÖQNRUX\XFXVDøOÖNKL]PHWOHULQHPL\RNVDWHGDYLHGLFLWÖSKL]PHWOHULQH
PLDNWDUÖODFDøÖLNLOHPLQLNRQX\D|UQHNVRUXQVDORODUDNGLOHJHWLUHELOLUL]
gWH
\DQGDQ
DGDOHW
LONHVLQLQ
NOLQLN
X\JXODPDODU
VÖUDVÖQGD
ND\QDNODUÖQ
DGLO
NXOODQÖPÖ\OD LOJLOL RUWD\D oÖNDELOHFHN HWLN oDWÖûPD VRUXQODUÖQGD GD EDûYXUXODELOHFHN ELU
LONH ROGXøXQX EHOLUWPHOL\L] .OLQLN HWLN oDOÖûPDODUÖQGD oRN |QHPOL \HUL RODQ EX LONHQLQ
JHUHNVLQLP GX\XOGXøX ELUoRN WÖEEL ROJX EXUDGD NRQX\D |UQHN RODUDN YHULOHELOLU
gUQHøLQ ELU \RøXQ EDNÖP ELULPLQGHNL \DWDN VD\ÖVÖQÖQ VÖQÖUOÖ ROPDVÖ QHGHQL\OH
EXQODUGDQKDQJLKDVWDODUÖQQH|OoGH\DUDUODQDELOHFHøL\DGDD\QÖDQGDJHUHNVLQLPLRODQ
KDVWDODU DUDVÖQGD GL\DOL] DUDFÖ NXOODQÖPÖQD QH ûHNLOGH NDUDU YHULOHFHøL JLEL VÖNoD
NDUûÖODûÖODQ HWLN LNLOHPOHUGH DGDOHW LONHVL J|] |QQGH EXOXQGXUXOPDVÖ JHUHNHQ ELU
LONHGLU
$GDOHW LONHVLQLQ |QHP ND]DQGÖøÖ ELU EDûND NRQX RUJDQ DNWDUÖPODUÖGÖU 2UJDQ
DNWDUÖPODUÖVÖUDVÖQGDRUWD\DoÖNDQHWLNVRUXQODUGHULQWDUWÖûPDODUDNRQXRODQWÖSHWLøLQLQ
|]HO GXUXPODUÖQGDQ ELULGLU gUQHøLQ RUJDQ DNWDUÖPÖ \DSÖODFDN RODQ KDVWDODUÖQ VÖUDVÖ
QDVÖOEHOLUOHQHFHNWLU"7ÖEEL|\N\HJ|UHPLJHUHNVLQLPHJ|UHPLEDûYXUXVÖUDVÖQDJ|UH
(UGHP$\GÖQ³7ÖS(WLøLQGH7HPHOùONHOHU
PL |GHPH JFQH J|UH PL ELUH\OHULQ WRSOXPVDO NRQXPXQD J|UH PL \RNVD WP
EXQODUÖQ NDUÖûÖPODUÖQGDQ HOGH HGLOHFHN \HQL |OoWOHUH J|UH PL" %XQXQ JLEL VRUXODUÖQ
\DQÖWODUÖ LoLQ DGDOHW LONHVLQLQ GH J|] |QQH DOÖQDFDøÖ VÖNÖ ELU HWLN GHøHUOHQGLUPH VUHFL
JHUHNLU
.D\QDNoD
$\GÖQ(7ÖS(WLøLQH*LULû$QNDUD3HJHP$\D\ÖQFÖOÖN
%D\OH03URIHVVLRQDO(WKLFV%HOPRQW:DGVZRUWK3XEOLVKLQJ&
%HDXFKDPS 7/ YH &KLOGUHVV -) 3ULQFLSOHV RI %LRPHGLFDO (WKLFV EDVÖP 1HZ
<RUN2[IRUG8QL3UHVV
%HDXFKDPS 7/ YH :DOWHUV / &RQWHPSRUDU\ ,VVXHV LQ %LRHWKLFV EDVÖP
*LOORQ 5 ´3ULPXP QRQ QRFHUH DQG WKH 3ULQFLSOH RI QRQPDOHILFHQFHµ %0-
%HOPRQW&DOLIRUQLD:DGVZRUWK,QF
&KLOGUHVV -) ´5HVSHFW IRU 3HUVRQµ :KR 6KRXOG 'HFLGH 3DWHUQDOLVP LQ
+HDOWK&DUH1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
*LOORQ % ´$XWRQRP\ DQG WKH 3ULQFLSOH RI 5HVSHFW IRU $XWRQRP\µ %0-
)DGHQ 55 YH %HDXFKDPS 7/ $ +LVWRU\ DQG 7KHRU\ RI ,QIRUPHG &RQVHQW 1HZ
<RUN2[IRUG8QLYHUVLW\3UHVVV
*LOORQ 5 ´$XWRQRP\ DQG FRQVHQWµ 0RUDO 'LOHPPDV LQ 0RGHUQ 0HGLFLQH HG
/RFNZRRG01HZ<RUN2[WRUG8QLYHUVLW\3UHVVV
%HDXFKDPS 7/ 3KLORVRSKLFDO (WKLFV EDVNÖ 1HZ <RUN 0F*UDZ+LOO ,QF
/XFH-0´(WKLFDO3ULQFLSOHVLQ&ULWLFDO&DUHµ-$0$
(øLWLPYHgøUHWLPGH(WLN
'Ro'UùQD\HW3HKOLYDQ$\GÖQ *LULû
dDøGDû \DûDPGD HWLN GHøHUOHU YH DKODNL GX\DUOÖOÖNODUÖQ D]DOGÖøÖQD LOLûNLQ \DNÖQPDODU
HWLN HøLWLPLQH LOLûNLQ \NVHOHQ ELU LOJL\L GH EHUDEHULQGH JHWLUPHNWHGLU (øLWLP VLVWHPL
HWLN GHøHUOHU YH X\JXODPDODU DoÖVÖQGDQ VRQ GHUHFH |QHPOL ELU DODQ ROPDNOD ELUOLNWH
ONHPL]GHEX\|QGHNLWDUWÖûPDODUYHoDOÖûPDODUVRQGHUHFHVÖQÖUOÖGÖU
3HN oRN NLûLELUH\OHULQ \HWLûWLULOPHVL YHKHU \|QGHQ JHOLûWLULOPHVL J|UHYLQL VWOHQPLû
RODQ ´RNXOµ GHQLOHQ |]HO NXUXPGD ´L\Lµ YH ´GRøUXµ NDYUDPODUÖQD JHUHNHQ YXUJXQXQ
\DSÖOPDPDVÖQGDQ \DNÖQDUDN HWLN HøLWLPLQLQ |øUHQFLOHUOH LOJLOHQHQ ED]Ö HøLWLPFLOHULQ
ELUH\VHO SRWDQVL\HOL YH LOJLOHUL LOH VÖQÖUOÖ NDOGÖøÖQD LQDQPDNWDGÖUODU 2\VD HøLWLP YH RNXO
NDYUDPODUÖQÖQ GRøDVÖQGD HWLN ELU oDED \DWPDNWDGÖU 7RSOXPXQ ELUH\OHULQLQ LVWHQLOLU
L\LOHUL ND]DQPDVÖ YH EXQX ND]DQGÖUDFDN NXUXPXQ GD HWLN GHøHUOHU oHUoHYHVLQGH LûOHY
J|VWHUPHVLEHNOHQPHOLGLU
7RSOXP WDUDIÖQGDQ VRUXPOXOXN VD\JÖ JYHQ DGDOHW \XUWWDûOÖN ELOLQFL JLEL WHPHO
GHøHUOHUL LoHUHQ ELU HWLN \DNODûÖPÖQ RNXOODUGD JHOLûWLULOPHVL YH |øUHQFLOHULQ NDUDNWHU
HøLWLPLQLQ GHVWHNOHQPHVL EHNOHQPHNWHGLU $QFDN EX EHNOHQWLOHULQ NDUûÖODQDELOPHVL LoLQ
HøLWLP YH |øUHWLP DODQÖQGDNL WDUWÖûPDODUÖQ HWLN DoÖGDQ o DODQGD HOH DOÖQPDVÖ
JHUHNPHNWHGLU
(øLWLPSROLWLNDODUÖQGDHWLNWDUWÖûPDYH\DQVÖPDODU
gøUHWPHQOHULQPHVOHNHWLøL
2NXOODUGDHWLNHøLWLPL
%X ELOGLULGH LON RODUDN HøLWLP|øUHWLP YH RNXOGD HWLN NRQXVX HOH DOÖQPÖûWÖU ùNLQFL
RODUDN HøLWLP |øUHWLP PHVOHøLQLQ SURIHV\RQHOOHUL RODQ |øUHWPHQOHULQ HWLN GHøHUOHUL YH
X\JXODPD LONHOHULQL LoHUHQ PHVOHNL HWLN NRQXVX LQFHOHQHUHN |øUHQFL YH YHOL KDNODUÖQD
GHøLQLOPLûWLU
(øLWLPgøUHWLPYH2NXOGD(WLN
+HUWUHøLWLPHWNLQOLøLQGHWHPHORODUDNG|UWER\XW]HULQGHGXUPDNJHUHNOLGLU%X
ER\XWODU DPDo²NDSVDP²\|QWHP YH GHøHUOHQGLUPHGLU %X ER\XWODU D\QÖ ]DPDQGD
HøLWLP
SURJUDPODUÖQÖQ
JHOLûWLULOPHVLQGH
VRUXODQ
G|UW
VRUXQXQ
GD
\DQÖWÖQÖ
ROXûWXUPDNWDGÖU1LoLQVRUXVXQXQ\DQÖWÖQÖDPDoER\XWXROXûWXUXU1HVRUXVXQXQ\DQÖWÖ
LVH NDSVDP ER\XWXQGD YHULOLU 1DVÖO 6RUXVX \|QWHP ER\XWXQGD \DQÖWODQÖU 1H ROGX
VRUXVXLVHGHøHUOHQGLUPHER\XWXQGDHOGHHGLOHQELOJLOHUOH\DQÖWODQDELOLU
(øLWLPLQ PDNUR YH PLNUR G]H\OHUGHNL X\JXODPDODUÖ HOH DOÖQGÖøÖQGD ELU XOXVXQ
\XUWWDûODUÖQÖHøLWPHVRUXPOXOXøXQXVWOHQHQHøLWLPVLVWHPOHULRNXOODUYHHøLWLPFLOHUEX
G|UW ER\XWOD LOJLOL H\OHP YH LûOHPOHULQGH D\QÖ ]DPDQGD FLGGL HWLN GHøHUOHQGLUPHOHU GH
\DSPDNGXUXPXQGDGÖUODU
$QNDUDhQLYHUVLWHVL(øLWLP%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
(øLWLPgøUHWLPGH$PDo%R\XWX
+HU WRSOXP HøLWLP VLVWHPL LoLQ EHOLUOL KHGHIOHUH YH LGHDOOHUH VDKLSWLU %X KHGHI YH
LGHDOOHU RNXO YH VÖQÖIODUGD SUDWLN RODUDN RUWD\D NRQXOXU 7RSOXPXQ KHGHI YH LGHDOOHUL
GRøUXOWXVXQGD RNXOODUGD JHUoHNOHûWLULOHQ DPDoOÖ YH SODQOÖ HWNLQOLNOHU HøLWLP YH |øUHWLP
DODQÖQÖQ NDSVDPÖ LoLQH JLUPHNWHGLU (øLWLP HQ JHQHO DQODPGD ELUH\OHUH NHQGL
\DûDQWÖODUÖ \ROX\OD LVWHQGLN GDYUDQÖûODUÖ ND]DQGÖUPD VUHFL RODUDN WDQÖPODQPDNWDGÖU
(øLWLPLQWDQÖPÖLOHELUOLNWHHWLNWDUWÖûPDYHVRUJXODPDODUÖQGDEDûODPDVÖNDoÖQÖOPD]GÖU
<XNDUÖGDNL
WDQÖPGD
ELUH\OHUH
LVWHQGLN
GDYUDQÖûODUÖQ
ND]DQGÖUÖOPDVÖQGDQ
V|]
HGLOPHNWHGLU $QFDN ELUH\OHUH ND]DQGÖUÖODFDN GDYUDQÖûODUÖQ NLPH J|UH LVWHQGLN RODFDøÖ
GLøHUELUGH\LûOHKDQJLDPDoODUODHøLWLPYH|øUHWLP\DSÖODFDøÖHWLNELUWDUWÖûPD\ÖJHUHNOL
NÖOPDNWDGÖU
%DOODQWLQH·D J|UH HøLWLPLQ KHGHI YH LGHDOOHUL DoÖVÖQGDQ EDNÖOGÖøÖQGD KRPRMHQ
WRSOXPODUGD EX LGHDO YH KHGHIOHUGH J|Uû ELUOLøL YDUGÖU $QFDN KHWHURMHQ WRSOXPODUGD
WDUWÖûPDODU YH ELUELUL LOH oHOLûHQ KHGHIOHU RODELOPHNWHGLU %X GXUXPGDQ NDoÖQÖOPD]
RODUDN RNXOODU GD HWNLOHQPHNWHGLU )RQNVL\RQHO NXUDPFÖODUD J|UH EX KHGHIOHU RNXOODUÖ
\|QOHQGLUPHNWH YH RNXOODUÖQ G]JQ LûOHPHVLQL VDøODPDNWDGÖU dDWÖûPD NXUDPFÖODUÖ LVH
EXQODUÖQ WRSOXPGDNL EDVNÖQ JUXSODUÖQ KHGHIOHUL ROGXøXQX YH VDGHFH WRSOXPXQ ELU
SDUoDVÖQÖ \DQVÖWWÖøÖQÖ DVOÖQGD oHOLûHQ YH oHNLûHQ GLøHU KHGHIOHULQ WRSOXPGDNL GLøHU
JUXSODUWDUDIÖQGDQNDEXOJ|UHFHøLQLVDYXQXUODUg]GHPLU
(øLWLP VLVWHPLQLQ KDQJL WU GDYUDQÖûODUD VDKLS \XUWWDûODU \HWLûWLUHFHøLQH NLPLQ YH
QDVÖONDUDUYHUHFHøLNRQXVXWHNEDûÖQDELUHWLNWDUWÖûPDDODQÖRODUDNNDUûÖPÖ]DoÖNPDNWD
YH]DPDQ]DPDQWRSOXPXQoHûLWOLJUXSODUÖDUDVÖQGDFLGGLoDWÖûPDODUDGD\RODoPDNWDGÖU
(øLWLPgøUHWLPGH.DSVDP%R\XWX
7RSOXPGD ELUH\OHULQ JUXSODUÖQ \D GD DLOHOHULQ DPDoODUÖ WRSOXPVDO NRQXPODUÖ \D GD
LoLQGHEXOXQGXNODUÖWRSOXPVDOVÖQÖIDJ|UHRNXOODUGDQYHHøLWLPVLVWHPLQGHQEHNOHQWLOHUL
GH GHøLûPHNWHGLU 'LøHU ELU GH\LûOH WRSOXPXQ IDUNOÖ NHVLPOHULQLQ RNXOGDQ EHNOHQWLOHUL
GHIDUNOÖGÖU3HNoRNDLOHoRFXNODUÖQÖQ|øUHQPHVLQLDU]XHGHUDPD|øUHQGLNOHULûH\OHULQ
DLOHQLQGHøHUOHULLOHoHOLûPHVLQLLVWHPH]gUQHøLQFLQVHOHøLWLP\DGD]RUXQOXGLQHøLWLPL
JLEL NRQXODUGD WRSOXPXQ IDUNOÖ NHVLPOHULQFH \UWOHQ WDUWÖûPDODU GHYDP HWPHNWHGLU
%X GXUXP HøLWLP YH RNXOODUÖQ LûOH\LûLQGH ED]Ö HWLN WDUWÖûPDODUD GD NDSÖ DUDODPDNWD YH
HøLWLPOH LOJLOL RODUDN DOÖQDQ NDUDUODUÖQ YH SROLWLNDODUÖQ ]HULQGH GLNNDWOH GXUXOPDVÖQÖ
JHUHNWLUPHNWHGLU
7RSOXPXQELUH\OHULQHQH\LQQHNDGDU|øUHWLOHFHøLNRQXVXQGDNDUDUYHULOPHVLYHEX
NDUDUODUÖQ WRSOXPXQ YH ELUH\OHULQ \DUDUODUÖQD X\JXQ ROPDVÖQÖQ VDøODQPDVÖ HøLWLPLQ
NDSVDPER\XWXQGDNLHWLNWDUWÖûPDODUÖQÖQRGDøÖQÖROXûWXUPDNWDGÖU
(øLWLPgøUHWLPLQ<|QWHP%R\XWX
(øLWLP YH |øUHWLP NHQGLQH |]J \|QWHP YH WHNQLNOHUL RODQ ELU PHVOHN DODQÖGÖU
$QFDN HøLWLP YH |øUHWLP VDGHFH UXWLQ YH WHNQLN ELU Lû RODUDN J|UOHPH] (øLWLP YH
|øUHWLPLQ LoLQGH oHûLWOL G]H\OHUGH HWLN GHøHUOHQGLUPHOHULQ \DSÖOPDVÖ JHUHNPHNWHGLU
$QFDN oRøX ]DPDQ EDûWD |øUHWPHQOHU YH GLøHU HøLWLPFLOHU ROPDN ]HUH SHN oRN NLûL
HøLWLP YH |øUHWLP VUHFLQLQ HWLN ER\XWXQX J|] DUGÖ HWPHNWHGLUOHU gUQHN YHUPHN
JHUHNLUVH KHU WUO HøLWVHO H\OHP YH LûOHPGH |øUHQFLOHULQ \DUDUÖQGDQ EDûND KLoELU ûH\
GûQOPHPHVL GHUV SURJUDPODUÖ JHUHøL VHoLOHQ PDWHU\DO YH NLWDSODUÖQ HøLWVHO YH HWLN
DoÖGDQ X\JXQ ROPDVÖ VÖQÖI LoLQGH NXOODQÖODQ VÖQÖI \|QHWLPL YH GLVLSOLQ X\JXODPDODUÖQGD
HWLN ELU DQOD\ÖûÖQ HWNLOL ROPDVÖ |øUHQFLOHUH DGLO YH HûLW GDYUDQÖOPDVÖQÖ VDøOD\DFDN
SHGDJRMLN\|QWHPOHULQNXOODQÖOPDVÖJLELNRQXODU]HULQGHGLNNDWOHGXUXOPDOÖGÖU
ùQD\HW3HKOLYDQ$\GÖQ³(øLWLPYHgøUHWLPGH(WLN
2NXOODU |øUHQFLOHULQ PXWOX VDøOÖNOÖ YH |]JU ELoLPGH \DûD\DUDN NHQGLOHULQL
JHUoHNOHûWLUGLøL \HUOHU ROPDOÖGÖU $QFDN RNXOODUÖPÖ] JHQHOOLNOH |øUHQFLQLQ D]DUODQGÖøÖ
QRWXQ ELU WHKGLW XQVXUX RODUDN NXOODQÖOGÖøÖ FH]DODQGÖUÖFÖ GD\DN \HQHQ \HUOHU RODUDN
JQGHPGHGLU %X GXUXPGD RNXOODUÖQ ELUH\OHUH GRøUX GDYUDQÖûODUÖQ ND]DQGÖUÖOGÖøÖ
JHUoHN|øUHQPHYHJHOLûPHPHUNH]OHULROPDVÖRODQDNVÖ]KDOHJHOPHNWHGLU
2NXOODU GHPRNUDVL LQVDQ KDNODUÖ |]JUON VHYJL VD\JÖ YH KRûJ|U JLEL GHøHUOHUL
ND]DQGÖUDQ YH EX NDYUDPODUD LOLûNLQ WXWXPODUÖ SHNLûWLUHQ NXUXPODU ROPDVÖ JHUHNLUNHQ
ûLGGHW YH N|U N|UQH LWDDWLQ HJHPHQ ROGXøX NXUXPODU RODUDN NDUûÖPÖ]D oÖNPDNWDGÖU
%X DQODPGD HøLWLP VLVWHPL YH RNXOODUÖQ DPDo \DSÖ YH LûOHYOHULQLQ HWLN EDøODPGD FLGGL
WDUWÖûPDODUDNRQXROPDVÖJHUHNPHNWHGLU
(]EHUFL HøLWLP ELUH\OHULQ GûQVHO EHFHULOHUL ND]DQPDODUÖQÖ YH \DUDWÖFÖ JoOHULQL
NXOODQPDODUÖQÖHQJHOOHPHNWHGLU%XQHGHQOHHøLWLPGHNXOODQÖODQ|øUHWLP\|QWHPOHULQLQ
]HQJLQOHûWLULOPHVLYHJHUoHNELU|øUHQPHRUWDPÖQÖQ\DUDWÖOPDVÖ]RUXQOXGXU
(øLWLP NXUXPODUÖ RODQ RNXOODU WRSOXPVDO JHOHQHNOHULQ GH HWNLVL LOH DVNHUL GLVLSOLQ
X\JXODQDQ NXUXPODUD G|QûPHNWH NDED NXYYHW KDNDUHW YH GD\DN VÖUDGDQ ELU HøLWLP
DUDFÖRODUDNJ|UOPHNWHGLU
(øLWLP²gøUHWLPLQ'HøHUOHQGLUPH%R\XWX
gøUHQFLOHULQ GHøHUOHQGLULOPHVLQGH \DQVÖ] YH GRøUX |OoPH YH GHøHUOHQGLUPH
WHNQLNOHULQLQ X\JXODQPDVÖ JLEL WHNQLN EHFHULOHU D\QÖ ]DPDQGD HWLN GHøHUOHQGLUPHOHU YH
\DNODûÖPODUÖGDLoHUPHNWHGLU
+HU |øUHQFLQLQ |øUHQHELOPHVL LoLQ oDOÖûPDNWDQ oRN |øUHQFLOHUL EDûDUÖVÖ]OÖøD LWHQ
X\JXODPDODUYHHøLWLPVWDQGDUWODUÖQÖQGûUOPHVLQH\RODoDQSROLWLNDODUÖQWRSOXPDYH
\HQLNXûDNODUDYHUGLøL]DUDUODUFLGGLHWLNWDUWÖûPDODUÖQÖJHUHNWLUPHNWHGLU
2NXOODUGDNL GHøHUOHQGLUPH VUHFLQGH |øUHQFLOHULQ KHU WUO D\UÖPFÖOÖNWDQ X]DN
WXWXODUDN\DQVÖ]YHQHVQHOELoLPGHGHøHUOHQGLULOPHOHULE\N|QHPWDûÖPDNWDGÖU
gøUHWPHQOHULQ0HVOHN(WLøL
0HVOHNL HWLN EWQ PHVOHNL XøUDûODUÖQ L\L YH GRøUX\D \|QOHQGLULOPHVL NRQXVXQGD
LONHOHUNR\DQPHVOHN\HOHULQLQNLûLVHODU]XODUÖQÖYHEHOOLELUoL]JLQLQGÖûÖQDoÖNPDODUÖQÖ
|QOHPH\H oDOÖûDQ PHVOHNL LGHDOOHUL JHOLûWLUHQ YH LONHVL] \HOHUL PHVOHNWHQ GÖûOD\DQ ELU
LONHOHUGL]JHVLGLU
7P PHVOHNOHU LoLQ \HOHULQLQ GDYUDQÖûODUÖQÖ oHUoHYH LoLQH DODQ HWLN LONHOHU
ROXûWXUXODUDN PHVOHN \HOHULQLQ ELOJLVL]OLNWHQ \D GD NLûLVHO HøLOLPOHULQGHQ ND\QDNODQDQ
HWLNGÖûÖGDYUDQÖûODUD\|QHOPHOHULHQJHOOHQPHOLGLU
(øLWLP|øUHWLP LûLQLQ D\QÖ ]DPDQGD ELU HWLN ER\XWX ROGXøX YH GRøUX HWLN
GHøHUOHQGLUPHOHULQ \DSÖODELOPHVLQLQ NXUDPVDO ELU WHPHO YH DQDOLWLN ELU \DNODûÖP
JHUHNWLUGLøL JHUoHøLQGHQ \ROD oÖNÖODUDN WP HøLWLPFLOHULQ KL]PHW |QFHVLQGH L\L ELU HWLN
HøLWLPLQGHQ JHoPHVL JHUHNPHNWHGLU $GD\ |øUHWPHQOHU NDUDUODUÖQÖQ YH H\OHPOHULQLQ
WHPHOLQH HVDV DOGÖNODUÖ HWLN LONHOHUH EDøOÖ RODUDN |øUHQFLOHUH YH EDûNDODUÖQD QDVÖO
GDYUDQPDODUÖ
JHUHNWLøL
NRQXVXQGD
YH
NDUûÖODûDELOHFHNOHUL
HWLN
LNLOHPOHUL
QDVÖO
o|]POH\HELOHFHNOHUL NRQXVXQGD KHP NXUDPVDO ELU DOW\DSÖ KHP GH ELU IDUNÖQGDOÖN
JHOLûWLUHELOPHOLGLUOHU
7P DODQODUGDNL HWLN oDOÖûPDODUGD \NPOON VRUXPOXOXN YH KDN NDYUDPODUÖ
ELUELULQGHQ D\UÖODPD] ELU QLWHOLN WDûÖU gøUHWPHQLQ HWLN \NPOONOHUL |øUHQFLQLQ
KDNODUÖQÖ ROXûWXUXU DVOÖQGD gøUHWPHQLQ KDNODUÖQÖQ VDøODQPDVÖ LVH \|QHWLPLQ HWLN
\NPOONOHUL DUDVÖQGDGÖU %LU |UQHN YHUPHN JHUHNLUVH SHN oRN PHVOHNWH ROGXøX JLEL
´D\UÖPFÖOÖN \DSPDPDNµ |øUHWPHQOLN PHVOHøLQLQ HQ WHPHO HWLN LONHOHUL DUDVÖQGDGÖU %X
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\NPOON D\QÖ ]DPDQGD |øUHQFLOHULQ ´RNXOGD HûLW PXDPHOH J|UPHµ KDNNÖQÖ JDUDQWL
DOWÖQDDOÖU
'Q\DGDNL X\JXODPDODUD EDNÖOGÖøÖQGD |øUHWPHQOHULQ HWLN LONHOHU oHUoHYHVLQGH
\HWLûWLULOPHVL KL]PHW |QFHVL HøLWLP VUHoOHULQGH EDûODU *HQHOOLNOH |øUHWPHQOHUH EX
\NPOONOHULQL EHQLPVHWPHN YH VUHNOL KDWÖUODWPDN DPDFÖ\OD ´|øUHWPHQ DQWODUÖµ
KD]ÖUODQPÖûWÖU %X DQWODU |øUHWPHQOHUH GDKD PHVOHøH JLUPHGHQ VWOHQHFHNOHUL J|UHYOH
ELUOLNWH \NOHQGLNOHUL HWLN VRUXPOXOXNODUÖ YH \HULQH JHWLUPHOHUL EHNOHQHQ HWLN LONHOHUL GH
KDWÖUODWÖU
gøUHWPHQOLN PHVOHøLQLQ WHPHO HWLN LONHOHUL $PHULND %LUOHûLN 'HYOHWOHUL·QGH oHûLWOL
|øUHWPHQ GHUQHNOHUL VHQGLNDODU (\DOHW (øLWLP %|OPOHUL WDUDIÖQGDQ HOH DOÖQPÖû YH
\D]ÖOÖRODUDNEHOLUOHQPLûWLU%XHWLNLONHOHULQFHOHQGLøLQGH|]QGHKHUELULQLQD\QÖWHPHO
HWLNGHøHUOHUHGD\DOÖRODUDNJHOLûWLULOGLøLJ|UOU0LQQHVRWDgøUHWPHQ+DNODUÖ.RQVH\L
WDUDIÖQGDQ \ÖOÖQGD ROXûWXUXODQ 0LQQHVRWD gøUHWPHQOLN PHVOHøL HWLN LONHOHUL \ÖOÖQGD 0LFKDHO '+XEHUW\ WDUDIÖQGDQ \HQLGHQ J|]GHQ JHoLULOPLûWLU 0LQQHVRWD 6WDWH
&RGH
7H[DV (øLWLP %|OP WDUDIÖQGDQ GD |øUHWPHQOHULQ HWLN LONHOHUL D\UÖQWÖOÖ RODUDN
EHOLUOHQPLûWLU
gøUHWPHQOHULQ |øUHQFL YH YHOL KDNODUÖQD X\JXQ ELU GDYUDQÖû J|VWHUPHOHUL PHVOHN
HWLøLNDSVDPÖQGDVRQGHUHFH|QHPOLGLU
+HUWUYHG]H\GHNLHøLWLPNXUXPODUÖQGDHWLNELUX\JXODPDGDQV|]HGHELOPHNLoLQ
|øUHQFL KDNODUÖQÖQ WDQÖPODQDUDN |øUHQFL YHOL YH HøLWLPFLOHULQ EX KDNODU KDNNÖQGD
ELOJLOHQGLULOPHVL YH EX KDNODUÖ LKODO HGHFHN KHU WUO GDYUDQÖûWDQ X]DN GXUPDODUÖ
VDøODQPDOÖGÖU
dRFXNODUÖQÖ HøLWLP J|UPHN ]HUH RNXOODUD J|QGHUHQ YHOLOHULQ EX VUHo LoLQGH
VRUXPOXOXNODUÖROGXøXJLELED]ÖWHPHOKDNODUÖGDYDUGÖUhONHPL]GHYHOLKDNODUÖQÖQ\DVDO
ELUEHOJHGHKHQ]DoÖNoDWDQÖPODQPÖûROPDPDVÖYHOLOHULQEXNRQXGDELOLQoOHQGLULOPHVL
JHUHøLQLGDKDELUJoOHQGLUPHNWHGLU
9HOL KDNODUÖ |]HOOLNOH $PHULND %LUOHûLN 'HYOHWOHUL·QLQ SHN oRN H\DOHWLQLQ HøLWLP
\DVDODUÖQGD DoÖNoD WDQÖPODQPÖû YH EX KDNODU YHOLOHULQ ELOLQoOHQGLULOPHVLQH \|QHOLN HO
NLWDSODUÖQGDDoÖNoD\D]ÖOPÖûWÖU\ÖOÖQGD$PHULND·GDNDEXOHGLOHQDLOHOHULQ(øLWLPVHO
+DNODUÖ YH *L]OLOLN <DVDVÖ YHOLOHULQ ED]Ö KDNODUÖQÖ WDQÖPODPÖûWÖU $\UÖFD 7H[DV YH
&DOLIRUQLD
H\DOHWOHULQLQ
HøLWLPOH
LOJLOL
\DVDO
EHOJHOHUL
LQFHOHQGLøLQGH
YHOLOHULQ
oRFXNODUÖQÖQHøLWLPLLOHLOJLOLRODUDNRNXOGDVDKLSROGXNODUÖKDNODUÖWDQÖPODQPÖûWÖU
6RQXo
(øLWLP YH |øUHWLP DODQÖQGD HWLN ]HULQGH GLNNDWOH GXUXOPDVÖ JHUHNHQ ELU NRQX
RODUDN |QHPLQL NRUXPDNWDGÖU %LU \DQGDQ WRSOXPXQ |QHPOL ELU NHVLPLQLQ LoLQGH \HU
DOGÖøÖ HøLWLP VLVWHPLQGHNL X\JXODPDODUÖQ HWLN GHøHUOHUH X\JXQ RODUDN JHUoHNOHûWLULOPHVL
GLøHU \DQGDQ RNXOGD HWLN HøLWLPLQLQ GDKD L\L X\JXODQPDVÖ PHVOHN HWLøLQLQ |øUHWPHQ
\HWLûWLUPHSURJUDPÖQÖQ|QHPOLYHUHVPLELUSDUoDVÖKDOLQHJHWLULOPHVLQHEDøOÖGÖU
.D\QDNoD
0LQQHVRWD6WDWH&RGH
g]GHPLU6HUYHW(øLWLPGHgUJWVHO<HQLOHûPH$QNDUD3(*(0
7H[DV(GXFDWLRQ&RGH1R
KWWSZZZUOFGFFFGHGXPDWKVFL
7UN%DVÖQÖQGD(WLN
<UG'Ro'U%DVUL%DUXW %DVÖQYH(WLN
ùQVDQ DNÖO YH KLVOHUL\OH ELUoRN ILLOOHUH DKODND J|UH ELU NÖ\PHW KNP YHUPHNWHGLU
0HVHOD YHULOHQ ELU V|] WXWPDN ]XOP \DSPDPDN KRûJ|UO GDYUDQPDN LQVDQ
ûDKVL\HWLQHYHKD\DWÖQDVD\JÖOÖROPDNGUVWYHDGDOHWOLROPDNJLELWXWXPYHGDYUDQÖûODU
DKODNÖQ JHUHNoHOHUL RODUDN NDEXO HGLOLU %X EDøODPGD DKODN WHULPLQLQ WDQÖPODUÖQD ELU
J|]DWDFDNROXUVDN
6RV\DO JXUXEXQ V|] JHoHQ LQDQoODUÖ HVDVWD DKODNÖ ROXûWXUXU 2 KDOGH GDU DQODPGD
DKODN NLûL YLFGDQÖQÖQ EHOLUOL KDUHNHWOHUL ´GRøUXµ YH ´L\Lµ RODUDN YDVÖIODQGÖUÖUNHQ
NXOODQGÖøÖ NXUDOODUÖQ EWQGU %LU VRV\DO QRUPXQ \DVDNODGÖøÖ KDUHNHWOHUH GRøUXGDQ
GRøUX\D NDUûÖOÖN ROPDN ]HUH N|WON ûHNOLQGH ELU PH\\LGHQLQ PH\GDQD JHOGLøL
KDOOHUGH QRUP ELU DKODN NXUDOÖQÖ ROXûWXUXU ´%LU NXUDO PHûUXOXøXQX L]DKÖQÖ L\L YH N|W
KDNNÖQGDNL LQVDQ \RUXPODUÖQGDQ GRøUXGDQ GRøUX\D DODQ WDYÖU YH KDUHNHW VWDQGDUWODUÖ
NR\GXøXQGDDKODNLGLUµ'|QPH]HU
%DVÖQ|]HOLQGHHWLNNDYUDPÖQGDQV|]HWPHNJHUHNLUVH
.LWOH LOHWLûLP DUDoODUÖQD NDUûÖ GX\XODQ JYHQVL]OLN EHUDEHULQGH DKODNL GHøHU HWLN
WDUWÖûPDODUÖQÖJQGHPHJHWLUPLûWLUdDOGDø
%DVÖQ WRSOXPX \|QOHQGLUPH YH GRøUX ELOJLOHQGLUPHGHNL |QHPL GLNNDWH
DOÖQDUDN \DVDPD \DUJÖ YH\UWPHQLQ KHPHQ DUGÖQGDQ G|UGQF ELU Jo
RODUDNNDEXOHGLOLU
7HNQRORMLN JHOLûPHOHULQ EDû G|QGUF ELU LYPH ND]DQGÖøÖ JQP]GH
\D]ÖOÖ YH J|UVHO EDVÖQÖQ |QHPL JLGHUHN DUWDUNHQ HWLN YH GHøHUOHULQ
NRUXQPDVÖ ´YD]JHoLOHPH] ELU LONHµ NRQXPXQD JHOPLûWLU .DUDLVPDLORøOX
0HG\DYHHWLNLOLûNLVLVRQ\ÖOODUGDJLGHUHNDUWDQRUDQGDNDPXVDOWDUWÖûPDQÖQPHUNH]L
|øHOHULQGHQELULVLKDOLQHJHOL\RU%XQXQWHPHOQHGHQOHULQGHQELULVLPHG\DQÖQND]DQGÖøÖ
JoOH LOLûNLOL 0HG\D JoOHQGLNoH WRSOXPVDO YH VL\DVDO \DûDP ]HULQGH GDKD ID]OD
GHQHWLP VDKLEL ROX\RU %LU EDûND QHGHQ GH PHG\D SUDWLNOHULQGHQ JLGHUHN GDKD ID]OD
NLûLQLQ UDKDWVÖ]OÖN GX\PDODUÖ 0HG\D ELU \DQGDQ WRSOXPGDNL N|WONOHUL DoÖøD oÖNDUÖ\RU
DPD |WH \DQGDQ GD EX N|WONOHUL DoÖøD oÖNDUÖUNHQ KLoELU NXUDO WDQÖPÖ\RU ùUYDQ 7UN%DVÖQÖQÖQ(WLN.ULWLøL
%DVÖQÖQ6HUPD\H<DSÖVÖQÖQ7DUDIVÖ]OÖøD<DQVÖPDODUÖ
*QP]GH LOHWLûLP DUDoODUÖ GQ\DGD ROGXøX JLEL ONHPL]GH GH E\N WHNHOOHULQ
GROD\ÖVÖ\OD GD E\N VHUPD\HQLQ HOLQGH EXOXQPDNWDGÖU g]HO WHOHYL]\RQODUÖQ VHUPD\H
\DSÖVÖ KHU KDQJL ELU WLFDUL VHUPD\HGHQ IDUNOÖ GHøLOGLU 7HOHYL]\RQ NDPX KL]PHWL J|UHQ
YHNDPX\DUDUÖJ|]HWPHNNRQXPXQGDoÖNPÖûYHRQDVDKLSRODQVHUPD\HQLQNHQGL|]HO
)ÖUDWhQLYHUVLWHVL%DVÖQYH+DONODùOLûNLOHU0GU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oÖNDUODUÖQÖ NRUXPD YH KDEHUOHUL EXQD J|UH ELoLPOHQGLUPH DUDFÖQD G|QûPûWU
+DEHUL\OHGHVL\DVDOLNWLGDU]HULQGHEDVNÖQLWHOLøLWDûÖPDNWDGÖUODU
7UNL\H·GH KDEHU \D\ÖQÖ \DSDQ NLWOH LOHWLûLP DUDoODUÖ WHPHOGH EHû E\N VHUPD\H
JXUXEXQXQ HOLQGHGLU 6HUPD\H JXUXSODUÖ \DOQÖ]FD WHOHYL]\RQD GHøLO JD]HWHGHUJL JLEL
\D]ÖOÖ EDVÖQ RUJDQODUÖQD YH UDG\R\D GD VDKLSWLU ù]OH\LFLOHU GHøLûLN DUDoODUGDQ KDEHU
DOPD\D
oDOÖûÖUNHQ
JHUoHNWH
D\QÖ
VHUPD\H
JXUXSODUÖQÖQ
ELoLPOHQGLUGLøL
KDEHUOHUH
XODûDELOPHNWHGLUOHU %X GXUXP NDPXR\XQXQ |]JU ROXûDELOPHVLQLQ |QQGHNL HQ
E\NHQJHORODUDNNDUûÖPÖ]DoÖNPDNWDGÖU.DUV
ùOHWLûLP WHNQRORMLOHULQGHNL KÖ]OÖ GHøLûLP YH JHOLûLP EDVÖQ LûOHWPHOHULQLQ NXUXOXû YH
LûOHWLOPHVLQL JHUHNWLUHQ VHUPD\HOHULQ |OoHøLQGH |QHPOL RUDQGD E\PH JHUHNOLOLøLQL
GRøXUPXûWXU ´ùOHWLûLP WHNQRORMLVL DODQÖQGD PWKLû ELU EXOXûPD YH EWQOHûPH
FRQYHUJHQFH \DûDQPDNWD YH EX GXUXP LOHWLûLP VHNW|UQQ VHUPD\H \DSÖVÖQÖ YH
PONL\HWELoLPOHULQLGHHWNLOHPHNWHGLUµúDKLQ
0HG\DGDNL
EX
WHNHOOHûPHOHU
KDEHU
YH
\RUXPODUGD
VEMHNWLI
HøLOLPOHUL
GH
EHUDEHULQGH JHWLUPHNWHGLU 3DWURQODU FXQWDVÖ DOWÖQGDNL PHG\DQÖQ HQIRUPDV\RQ DNÖûÖ
EXOXQPDVÖJHUHNHQGRøDONDQDOÖQGÖûÖQDWDûPDNWDGÖU
+HUKDQJL ELU JD]HWH\H \D GD WHOHYL]\RQD EDNÖOGÖøÖ ]DPDQ EX \D\ÖQ NXUXPXQXQ ELU
EX]GDøÖQÖQ VX VWQGHNL E|OP ROGXøX J|UOPHNWHGLU 7HNHOOHûHQ SL\DVDGD ELU
JD]HWHQLQ DUNDVÖQGDQ ELU EDQND oÖNPDNWD WHOHYL]\RQ \D GD UDG\R ûLUNHWL\OH RUWDNOÖN
EHOLUPHNWH NXUXODQ DøÖQ LoLQGH LWKDODW LKUDFDW WLFDUHW ûLUNHWOHUL \HUOHULQL DOPDNWD
WXUL]PGHQ VLJRUWDFÖOÖøD PWHDKKLWOLNWHQ QDNOL\H LûOHULQH GHøLQ KHU DODQGD NROODUÖ
EXOXQDQ ELU KROGLQJLQ X]DQWÖVÖ RODUDN ³\D GD V|]FV NLPOLøL\OH³ JD]HWH SL\DVD\D
VUOPHNWHGLU %|\OH ELU \DSÖQÖQ EWQ \D]ÖOÖ \D GD J|UVHO RUJDQODUÖ KROGLQJLQ
oÖNDUODUÖQÖVL\DVDOLNWLGDUODUDûDQWDMOD\UWPH\ROXQDGDVDSDELOPHNWHGLU6HOoXN(\OO
(NLP +ROGLQJOHULQ X]DQWÖVÖ PHG\DQÖQ KDEHUFLOLN DQOD\ÖûÖQD |UQHN RODUDN
EN]'HPLUNHQW1HELOHU6DøQDN
+ROGLQJOHULQX]DQWÖVÖPHG\DQÖQKDEHUFLOLNDQOD\ÖûÖLOHLOJLOLRODUDNJD]HWHFL\D]DU&DQ
'QGDU·ÖQLOJLQoELUDQÖVÖQÖDNWDUDOÖP
.DPXR\XQX
JoV]
EÖUDNDQ
HQ
E\N
IDNW|U
\D\ÖQFÖOÖøÖQ
oÖNDU
LONHOHUL
GRøUXOWXVXQGD \DSÖOPDVÖGÖU %X EDøODPGD SHN oRN LONH ROPDVÖQD UDøPHQ VRQ \ÖOODUGD
VHUPD\HQLQ HJHPHQOLøL \]QGHQ EDûOD\DQ \R]ODûPD EDVÖQÖQ VD\JÖQOÖøÖQÖ RUWDGDQ
NDOGÖUPÖûWÖU +DQJL KDEHULQ QH PDNVDWOD \D]ÖOGÖøÖQÖ L]OHPHN PHUDNÖQD GûOGø LoLQ
JYHQ VDUVÖOPÖû YH JD]HWHOHU RNXU WHOHYL]\RQODU L]OH\LFL EXOPDNWD JoON oHNHU
ROPXûODUGÖU'HPLUNHQWD\UÖFD
0HG\DQÖQ KDEHU YH \RUXP HNVHQLQGH WDUDIVÖ]OÖøÖQÖ HWNLOH\HQ ELU EDûND |QHPOL
IDNW|U GH ´LNWLGDUODUµ LOH RODQ LOLûNLOHULGLU *HUHN UHVPL LODQ YH UHNODPODU JHUHNVH oRN
GûN IDL]OL NUHGLOHU YHUHUHN PHG\D\Ö EDøÖPOÖ KDOH JHWLUPH\H oDOÖûDQ LNWLGDUODU
JHoPLûWHQJQP]HEXX\JXODPDODUÖQGDEDûDUÖOÖROPXûODUGÖU
ùNWLGDUODU JHQHOOLNOH EDVÖQD GRøUXGDQ GRøUX\D YH\D HO DOWÖQGDQ \DUGÖP HWPH\L
SROLWLNDODUÖQD X\JXQ EXOXUODU =LUD \DUGÖP J|UHQ ELU JD]HWHQLQ EDûÖQÖQ VWQGH GDLPD
'HPRNOHV·LQNÖOÖFÖYDUGÖU3HULQ
$OEHUW &DPXV·QQ GHGLøL JLEL ´%DVÖQ KNPHWLQ YH SDUDQÖQ JFQH EDøÖPOÖ
ROPDGÖøÖ]DPDQ|]JUGUµdDQND\D
0HG\DGDNL KHUKDQJL ELU WHNHOLQ EDûÖQGDNL LQVDQ VDQPD\ÖQ NL NHQGL NHQGLVLQH
KDNLPGLU %DøODQGÖøÖ EDQNDODUD \D GD EDQNDODUÖQ EDøODQGÖøÖ KROGLQJOHU \D GD
KROGLQJOHUL EDøODQGÖøÖ ûLUNHWOHU \D GD ûLUNHWOHUL QDVÖO GDYUDQPDVÖ JHUHNWLøLQL RQD
V|\OH\HQ ELUHU FDQDYDUD G|QûPûOHUGLU (øHU E\N ELU JXUXEXQ oRN E\N
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
\DWÖUÖPODUD LKWL\DFÖ YDUVD \D GD ERUoODQPÖûVD R E\N JXUXS KNPHWOH DQODûPDN
]RUXQGDGÖU 2WXUXS %DûEDNDQOD NRQXûWXøX ]DPDQ EL]LPNL JLEL GHYOHW EDQNDODUÖQÖQ
LEDGXOODK VHUJLOHGLøL ELU ONHGH XFX] NUHGL DOPDN LoLQ KHU WUO SD]DUOÖøÖ \DSDELOLU
<DSPDN ]RUXQGDGÖU 2QX GD VXoODPDPDN JHUHNLU dQN R GD PHNDQL]PDQÖQ ELU
GLûOLVL KDOLQH JHOPLûWLU 6HOoXN 0HG\DLNWLGDU LOLûNLOHULQH |UQHN RODUDN
EN],OÖFDN$ûÖN(UROYH%LOJH(ULQo
(NRQRPLN DoÖGDQ oHûLWOL VHUPD\H oHYUHOHUL\OH YH GHYOHWOH J|EHN EDøÖ\OD EDøODQPÖû
RODQ PHG\DQÖQ VXQGXøX KDEHU YH \RUXPODUGD REMHNWLI GDYUDQDELOPHVL PPNQ
GHøLOGLU 7RSOXP DoÖVÖQGDQ VRQ GHUHFH |QHPOL ED]Ö KDEHUOHUL \DQVÖWPD\ÖS ELU WDNÖP
NDUÖûÖN oÖNDU LOLûNLOHUL \|QQGH JQGHP ROXûWXUDQ KDEHU YH \RUXPODUÖ ELUL ELULQH
NDUÖûWÖUDUDNWHPHOEDVÖQDKODNÖQÖELOHKLoHVD\DQPHG\DQÖQGXUXPXNDPXR\XID\GDVÖYH
EDVÖQHWWLøLDoÖVÖQGDQLoOHUDFÖVÖELUGXUXPGD
+DEHUYH<RUXP']OHPLQGH7UN%DVÖQÖQÖQ2EMHNWLIOLN$QDOL]L
<DODQ KDEHU WDUDIVÖ]OÖN YH VRQ \ÖOODUGD HOHûWLUL NRQXVX RODQ \RUXPGD WDUDIVÖ]OÖN
<RUXPXQ KDEHUH NDUÖûWÖUÖOPDVÖ LVH WDUWÖûPDODUÖQ ELU EDûND RGDN QRNWDVÖ 2EMHNWLIOLN
G]OHPLQGH X]XQ \ÖOODUGDQ EHULGLU WDUWÖûÖODQ WHPHO ELU VRUX YDUGÖU 'HQLU NL ´%DVÖQ
WDUDIVÖ] RODELOLU PL"µ %X VRUX\D QHW ELU FHYDS YHULOHPHPLûWLU $QFDN NDQÖPFD
WDUDIVÖ]OÖNEDVÖQLoLQJQP]GHX\JXODPDVÖROPD\DQELUONVWU*QP]EDVÖQÖQÖQ
EXJQN ûDUWODUÖ\OD XODûPDVÖ Jo RODQ ELU ONV gQFHNL E|OPGH LIDGH HWWLøLPL]
´HNRQRPLN EDøÖPOÖOÖNµ JHUoHøLQGHQ VRQUD WDUDIVÖ]OÖNWDQ V|] HWPHN ]RUGXU 6DGHFH
GDKDD]VEMHNWLIOLNWHQYHEX\|Q\OHREMHNWLIOLøH\DNÖQ ED]ÖEDVÖQNXUXOXûODUÖQGDQV|]
HWPHN PPNQ RODELOLU $YUXSD·GD YH $PHULND·GD VD\ÖOÖ |UQHNOHUL EXOXQDQ ´YDNÖI
PHG\DODUµREMHNWLIYH\DEXQD\DNÖQPHG\D\D|UQHNRODELOLU
ùûWHREMHNWLIOLNDGÖQDROPDVÖJHUHNHQOHU
<D]ÖOÖYHV|]O EDVÖQL]OH\LFLOHULQLQIDUNOÖLOJLYHPHUDNODUÖQÖWDWPLQHWPHN
LoLQ GHøLûLN KDEHU \DNODûÖPODUÖ X\JXODPDNWDGÖU %WQ EX J|UOHQ
GHøLûLNOLNOHUHNDUûÖQGHøLûPH\HQKDEHUFLOLøLQWHPHO JHUHNOHULRODQDoÖNOÖN
VDGHOLNNHVLQOLNYHGRøUXOXNWXU
*D]HWHFL L]OH\LFLVLQH KDEHULQL VDGH ELU GLOOH GRøUX DoÖN YH NHVLQ RODUDN
VXQPDOÖGÖUù]OH\LFLLoLQEXWUVXQXûDQODPD\ÖNROD\ODûWÖUÖU*D]HWHOHULoLQ
GRøUXOXN \DûDPVDO |QHP WDûÖU 5DG\R YH WHOHYL]\RQ LoLQ DoÖNOÖN NHVLQOLN
VDGHOLNGRøUXOXNWPGHQ|QHPOLGLU7RNJ|]
+DEHUOHULQ PXWODND GRODûPDVÖ KDONÖ ELOJLOHQGLUPHN ]HUH WRSODQPDVÖ YH JHUoHøH
X\JXQ ROPDVÖ NRûXOX PHVOHøLPL]LQ WHPHO |øHOHULGLU %X VD\GÖøÖPÖ] NXUDOODU WP
GQ\DGD YDUGÖU *D]HWHFL\LP GL\HQ DNOÖQD JHOHQL \DSDPD] YH\D KDEHU GL\HUHN ELU ROD\Ö
oDUSÖWDPD] KDWWD |OoV GÖûÖQGD E\WHPH] EX NDELO ROD\ODUGD KHS PHVOHøLQ NXUDOODUÖ
JQGHPH JHOLU +XNXND D\NÖUÖOÖNODUD NDUûÖ ROPDN DUDVÖQGD ELU LQFHOLN ROGXøXQX NDEXO
HWPHOL\L] WHPHO RODQ GHPRNUDWLN NXUDOODUGÖU ED]Ö ROD\ODUÖ GHPRNUDVLQLQ D\ÖEÖ RODUDN
J|UHQOHU DVOÖQGD D\ÖS ELU Lû \DSWÖNODUÖQÖ |øUHQPHOLGLUOHU *D]HWHFL GHPRNUDWLN G]HQL
ER]PDN \HULQH RQD Jo NDWDU EXQX \DSDUNHQ J|UHYL VDGHFH GRøUXODUÖ DNWDUPDNWDQ
LEDUHWWLU'HPLUNHQW
*D]HWHFL\D]DU <DOoÖQ %D\HU NHQGLVL\OH \DSÖODQ ELU V|\OHûLGH EDVÖQÖQ REMHNWLIOLøL\OH
LOJLOLRODUDNûXQODUÖV|\O\RU
*D]HWHFL NLPVH\OH \DNÖQ GRVW ROPD] YH\D ROXUVDQÖ] EXQXQ \DQÖWÖQÖ ]RU
YHULUVLQL].XUDOûXGXUEHOOLLQVDQODUODVDPLPLRODPD]VÖQÖ]8]DNNDOPD\D
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
PHFEXUVXQX] 2QODUÖ \DUÖQ HOHûWLUHELOHFHøLQL]L XQXWPD\DFDNVÖQÖ] %X
XQVXUX KDEHU ND\QDNODUÖQÖ]D GD GRøUX DQODWDFDNVÖQÖ] 6Xo LûOH\HQ ELULVLQH
ELOH |Q \DUJÖOÖ ROPD\DFDNVÖQÖ] PHVHOHQLQ DVOÖQÖ |øUHQHFHNVLQL] 2OD\Ö
\D]DFDNVÖQÖ] KLoELU ]DPDQ NHQGL J|UûQ] DNWDUPD\DFDNVÖQÖ] <HQL
7UNL\H
7DUDIVÖ]OÖN DQFDN KDEHUFLQLQ WDUDIVÖ] GDYUDQPD\Ö LONH KDOLQGH JHWLUPHVL\OH VDøODQÖU
%XUDGD V|] NRQXVX RODQ \DOQÖ]FD NLûLOHU GHøLOGLU <D\ÖQ NXUXOXûODUÖQÖQ GD KDEHUFLOLøLQ
HQ|QHPOL|]HOOLøLRODQWDUDIVÖ]OÖøÖNDEXOHWPHVLJHUHNPHNWHGLUg]WUN
%DVÖQÖQ REMHNWLIOLøL\OH LOJLOL RODUDN \XNDUÖGD VD\GÖøÖPÖ] WHPHO KXVXVODUÖ JHQLûOHWPHN
PPNQ$QFDNEXNDGDUÖREMHNWLIOLNNRQXVXQGD\HWHULQFHD\GÖQODWÖFÖ%WQEXWHPHO
NXUDOODUÖQ LOHWLûLP DGÖQD HYUHQVHO NXUDOODU ROGXøXQX GD HNOHPHPL] JHUHNL\RU %X
NXUDOODUÖQ 7UNL\H |]HOLQGH X\JXODPDODUÖQGDQ GRøDQ DQDOL]LQH |UQHN RODUDN EN]
$NWXQD.DSODQ
2EMHNWLIOLøLQWHPHOHVDVODUÖQGDQELULQLQGHKDEHULQ\DQVÖ]OÖøÖROGXøXQXV|\OHPLûWLN
´+DEHU WDUDIVÖ] ROPDOÖGÖU GHQLOGLøLQGH GH WDUWÖûPDODU RUWD\D oÖNPDNWDGÖU %X QHGHQOH
NDYUDPD\ÖNROD\ODûWÖUPDVÖDoÖVÖQGDQWDUDIVÖ]OÖNWDQ|QFHWDUDIROPD\ÖJ|]GHQJHoLUPHNWH
\DUDU YDUGÖU %LU ILNULQ ELU J|UûQ VDYXQXFXOXøXQX \DSPDN ELU J|Uû EHQLPVHPHN
WDUDI ROPDNWÖU %X WDQÖP KDEHU WHPHO DOÖQDUDN J|]GHQ JHoLULOHFHN ROXUVD KDEHULQ ELU
WDUDIÖQ GûQFHOHUL YH EDNÖû DoÖVÖ\OD YHULOPHVL ROGXøX J|UOU ùVWHQLOHQ EX GHøLOGLU
7DUDIVÖ]OÖN KDEHUFLOLNWH GRøUXOXøXQ oHûLWOL \ROODUGDQ GHQHWOHQHUHN NDQÖWODQPDVÖ YH
NHVLQOLøLQLQEHOLUOHQPHVLLOHPPNQGUµ<DQLEXNRQXLOHLOJLOLEWQGûQFHOHUH\HU
YHULOGLøLQGHWDUDIVÖ]OÖNWDQV|]HGLOHELOLUg]WUN
+DEHU JHUoHNWHQ ROPXû ELU ROD\ÖQ KLND\HVL \D GD JHUoHNWH V|\OHQPLû ELU LIDGHGLU
+DEHUGH
YDUVD\ÖPODUD
\HU
\RNWXU
'X\JX
|Q\DUJÖ
\D
GD
NLûLVHO
J|Uû
YH
GHøHUOHQGLUPHOHUH \HU YHULOHPH] +DEHULQ GRøUX ROPDVÖ WDUDIVÖ] ROPDVÖ\OD VDøODQÖU
g]WUN
%|OPQJLULûNÖVPÖQGDLIDGHHWWLøLPL]JLELREMHNWLIPHG\DNDYUDPÖ|]HOOLNOHEL]LP
ONHPL]GHEXJQQûDUWODUÖQGDELUONVWUELUKD\DOGLU
0DVD EDûÖ KDEHUOHU YH JQGHP EHOLUOHPHGH NH\IL\HWOHUGHQ EDKVHWPLûNHQ D\QÖ
oHUoHYH
LoLQGH
´\D]Ö
LûOHUL
PGUOHULQLµ
GH
HOH
DOPDN
JHUHNLU
´
2OD\ODUÖ
GHøHUOHQGLULUNHQ \D]Ö LûOHULPGUOHUL KDQJL ROD\ÖQ RNX\XFX\X QH GHUHFH HWNLOH\HFHøLQL
ELOJLOHULQ QH NDGDUÖQÖQ QDVÖO \HU DOPDVÖ JHUHNWLøLQL EHOLUOHPHN ]RUXQGDGÖU %X WHUFLK
YH\D EHOLUOHPH VÖUDVÖQGD REMHNWLI VWDQGDUWODUÖQ ROGXøX V|\OHQHPH] µ /LSSPDQQ
%XE|OPGHVRQRODUDNREMHNWLIOLøHD\NÖUÖVRPXW|UQHNOHUYHUHUHNEDKVLNDSDWDOÖP
ùûWH|UQHNOHU
+DEHU VXQXFXODUÖQÖQ KDEHUL VXQDUNHQ EDûYXUGXNODUÖ MHVWOHU YH PLPLNOHU KDEHULQ
ED]Ö
E|OPOHULQLQ
WHOHYL]\RQ
YXUJXODQPDVÖ
NDQDOODUÖQGD
KDEHU
DPDFÖQÖ
´VXQDQµ
JG\RU
*OJQ
6|]JHOLûL
)H\PDQ
7UNL\H·GH
6KRZ
79·GH
GHøLûLN
KDEHU
VXQXFXOXøX \DSDUNHQ MHVWOHULQ YH PLPLNOHULQL EHOLUJLQ ELU ûHNLOGH |QH oÖNDUDUDN KDEHU
VXQX\RUGX %X VXQXFX KDEHUL VXQDUNHQ HNUDQÖ VDGHFH EDûÖ GROGXUX\RUGX %D]Ö
KDEHUOHULQ ED]Ö E|OPOHULQGH EX VXQXFXQXQ EDûYXUGXøX MHVW YH PLPLNOHU VXQXODQ
KDEHUHNDUûÖWDNÖQÖODQWDYUÖYXUJXODPD\D\|QHOLNWL+DEHUGHYXUJXODQPDNDOWÖoL]LOPHN
LVWHQHQ E|OPOHU JHOGLøLQGH VXQXFX KDEHUL L]OH\LFLQLQ NHQGLVL\OH |]GHûOHûPHVLQL
VDøOD\DFDN
ûHNLOGH
L]OH\LFLQLQ
NHQGLVL\OH
\D
GD
VXQXODQ
KDEHU
PHWQLQLQ
LOJLOL
E|OP\OH|]GHûOHûPHVLQLDU]XODPDGÖøÖGXUXPODUGDLVHL]OH\LFLQLQGHWÖSNÖVXQXFXQXQ
WDNÖQGÖøÖROXPVX]WDYUÖWDNÖQPDVÖQÖVDøOD\DFDNûHNLOGHVXQX\RUGX.DSODQ
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
(NRQRPLN JoOHU NDUûÖVÖQGD VRQ GHUHFH X\VDO YH DQOD\ÖûOÖ RODQ EDVÖQÖPÖ] VÖUDGDQ
LQVDQODUÖPÖ]D NDUûÖ oRN JDGGDUGÖU 6DKLSVL] LQVDQODUÖPÖ]DFÖPDVÖ] ELoLPGH WHûKLU HGLOLU
*HoHQGH ELU LûoL DUNDGDû JHOGL \DûÖQGDNL NÖ]Ö\OD NRPûXQXQ oRFXøX DUDVÖQGD NoN
ELU NDYJD ROPXû NDUDNROD GûPûOHU (UWHVL JQ JD]HWHQLQ PDQûHWLQGH NÖ]ÖQ NRFDPDQ
UHVPL YH ELU EDûOÖN ´'RNWRUFXOXN R\QDUNHQ WHFDY]H XøUDGÖµ $VSDUDJDV NDUûÖVÖQGD
\XUWWDû\DOQÖ]GÖUNRUXPDVÖ]GÖU3HULQoHN
6DEDK·ÖQ
VSRU
VD\IDVÖ
GD
\DODQ
KDEHUGHQ
QDVLELQL
DOPÖûWÖ
$YUXSD
*UHû
úDPSL\RQDVÖQGDUDNLSOHULQHNROD\\HQLOHQLNLJUHûoLQLQNDQVD\ÖPÖQGDûHNHUOHULQLQVÖIÖU
oÖNWÖøÖYHJL]OLRUXoWXWWXNODUÖLGGLDVÖ´.RUNXQo&HKDOHWµEDûOÖøÖ\ODVVOHQPLûWL
=DPDQ PXKDELULQLQ NRQX\OD LOJLOL J|UûWø JUHûoL .DQL .DUDGHQL] NHQGLVL YH
DUNDGDûÖ $KPHW $NÖQ·ÖQ RUXoOX ROPDGÖøÖQÖ YXUJXOX\RUGX .DUDGHQL] EWQ PDoODUGDQ
|QFHYLWDPLQKDSODUÖDOGÖNODUÖQÖKDWWD6DEDK*D]HWHVLPXKDELULQLQJ|]|QQGH\HPHN
\HGLNOHULQLND\GHWPLûWL.DQL.DUDGHQL]D\UÖFDûXQODUÖV|\O\RUGX
.DQÖPÖ]ÖQ ûHNHULQL NLP |OoPû NL ûHNHULQ VÖIÖUD LQGLøLQL V|\O\RU"
(NLELPL]GH GRNWRU YDUGÖ DPD KLoELULPL]L PXD\HQH HWPHGL 6DEDK
*D]HWHVL JHoHQ \ÖO +D]LUDQGD ùWDO\D·GD \DSÖODQ PVDEDNDODUGD \LQH
D\QÖûHNLOGHKDNNÖPÖ]GD\DODQKDEHUYHUPLûWL.RUNPD]
<DODQ YH oDUSÖWÖOPÖû KDEHUOHUGHQ ROXûDQ \XNDUÖGD VÖUDODGÖøÖPÖ] VRPXW |UQHNOHU
7UNEDVÖQÖQÖQLoHULVLQGHEXOXQGXøXDKODNDoPD]ÖQDoDUSÖFÖELUHU|UQHN
6RQRODUDNûXJHQHOLIDGHOHUOHEXNRQXQXQILQDONULWLøLQL\DSDOÖP
+LoELU LOHWLûLP WDPDPHQ \DQVÖ] RODPD] +DEHUFLOHU NHQGL DUND SODQ YH LQDQoODUÖQÖ
LGHRORMLOHULQL NXOODQDUDN \D]DUODU *D]HWHOHU LVPLQGHQ GH DQODûÖODELOHFHøL JLEL WDUDI
WXWDUODUoQNKLoELULOHWLûLP\DQVÖ]\DGDGHøHULoHUPL\RURODPD]%XUWRQ
$QFDN NDPX J|UHYL \DSDQ EDVÖQ PHQVXSODUÖQÖQ NHQGL NXUXPVDO YH\D NLûLVHO
LGHRORMLOHULQLKDEHUHNDWPDNWDQLPWLQDHWPHOHULLûLQDVÖOQRNWDVÖQÖROXûWXUPDNWDGÖU
7RSOXP DGÖQD LOHWLûLP \DSDQODU |]HOOLNOH WDUDIVÖ] NDOPD\D JD\UHW HWPHOLGLU dQN
\DSWÖNODUÖ Lû oRN |QHPOLGLU 7DUDIOÖ \D\ÖQODUOD PHG\D GQ\DVÖ NLUOHQGLøL JLEL GRøUXODUD
XODûPDNWD GD JHo NDOÖQPDNWDGÖU úHIIDIOÖN V|]OHULQLQ DUGÖQD VÖøÖQDQODU KRûJ|U LoLQGH
JHUoHNOHUH WDKDPPO HWPHVLQL |øUHQPHOLGLUOHU ùQVDQODUÖQ GRøUX ELOJL HGLQPHVLQH
\DUGÖPHGLOGLøLVUHFHRWRSOXPODUJHOLûHFHNYHGQ\D]HULQGHV|]VDKLELRODFDNODUGÖU
7HN \|QO \D\ÖQFÖOÖN DUWÖN WRWDOLWHU ONHOHUGH ELOH JHoHUOLOLøLQL ND\EHWPLûWLU %HOOL
VUHOHUGH LQVDQODUÖ KH\HFDQODQGÖUDELOLU YH\D NDQGÖUDELOLUVLQL] DPD EXQXQ NÖVD VUHOL
RODFDøÖQÖ YH LQVDQOÖøÖQ \]\ÖOODU ER\XQFD YDU RODFDøÖQÖ DNÖOGDQ oÖNDUPDPDN JHUHNLU
'HPLUNHQW
+DEHUGHYH<RUXPGD6EMHNWLIOLøLQ1HWLFHOHUL
%DVÖQÖQùQDQGÖUÖFÖOÖøÖ6RUXQX
7UN EDVÖQÖ KDEHU YH \RUXP JLEL EDVÖQÖQ LNL WHPHO GHøHUL ]HULQGHNL WDUDIVÖ]OÖøÖQÖ
NRUX\DPDPDVÖ YH EX ROXPVX] JHOLûPH\L GHVWHNOH\HQ oHûLWOL VHEHSOHUOH ELU ´JYHQ
EXQDOÖPÖµ LoHULVLQH VUNOHQPLûWLU +Lo ûSKH \RN NL EDûWD KDEHU YH \RUXPGDNL
VEMHNWLIOLNROPDN]HUHORWDU\DODUJHQHOWRSOXPDKODNÖQDD\NÖUÖ\D\ÖQODUYHGDKDEDûND
VHEHSOHUOH 7UN EDVÖQÖ EXJQ FLGGL ELU ûHNLOGH ´LQDQGÖUÖFÖOÖNµ VRUXQX\OD NDUûÖ NDUûÖ\D
NDOPÖûWÖU
<D\ÖQFÖOÖøÖQ JFQ NXOODQDUDN NLûLOHUH YH NXUXPODUD ûDQWDM \DSPDN KDEHUOHUL
oDUSÖWDUDN \DQOÖ ELU ûHNLOGH WRSOXPD DNVHWWLUPHN ORWDU\D oÖOJÖQOÖNODUÖ VHEHEL\OH GLøHU
PHG\D NXUXOXûODUÖQÖ NDUDODPDN YH KDEHUH \RUXP NDWPDN GHUNHQ PHG\D WRSOXPXQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
J|]QGHQ GûPûWU *D]HWHFL \D]DU ùOKDQ 6HOoXN EX NRQX\OD LOJLOL RODUDN ´
0HG\DQÖQ VD\JÖQOÖøÖ EXJQ \RN 1H \D]ÖN NL NHQGL HOOHULPL]OH EX VD\JÖQOÖøÖ \RN HWWLNµ
GL\RU6HOoXN
7UN %DVÖQÖ HWLN GHøHUOHUGHQ X]DNODûDUDN ND\EHWWLøL VD\JÖQOÖøÖQÖ DQFDN YH VDGHFH
\HQLGHQ HWLN GHøHUOHUH VDUÖODUDN ND]DQDELOLU 7UN WRSOXPXQXQ EDVÖQD \HQLGHQ
JYHQHELOPHVL LoLQ EDVÖQÖQ WHPVLOFLOHUL LOH KDON DUDVÖQGD X]XQ VUHOL YH VDEÖUOÖ
oDOÖûPDODUOD JYHQ WHVLV HGLFL \|QGH GUVW LOLûNLOHU NXUXOPDN ]RUXQGDGÖU $QFDN EX
ûDUWOD7UN%DVÖQÖHWLNVRUXQODUÖDûDUDNLQDQGÖUÖFÖROPDûDQVÖQÖ\DNDOD\DELOLU
.D\QDNoD
$ûÖN0HOLK´5HNODPµ0LOOL\HW0DUW0HKPHW6DøQDN
$WHû7RNWDPÖû1HROGXEL]H"ùVWDQEXOdÖQDU<D\ÖQODUÖ0HKPHW6DøQDN
$WDEHN1HMGHW´*D]HWHFLOLNWHWDUDIVÖ]OÖNµ0DUPDUDùOHWLûLP'HUJLVL7HPPX]
%XUWRQ *UDHPH *|UQHQGHQ )D]ODVÖ dHYLUHQ 1HILQ 'LQo ùVWDQEXO $ODQ <D\ÖQFÖOÖN
dDOGDø6HQL\H´(WLNYHdRøXOFXOXNµ<HQL7UNL\H(\OO(NLP
dDQND\Dg]GHQ´0HGLD.LPH+L]PHW(GHU"µùOHWLûLP'Q\DVÖ0DUW1LVDQ
'HPLUNHQW1H]LK´0HG\DQÖQ.DPX*|UHYL1HGLU"1H'HøLOGLU"µùOHWLûLP'Q\DVÖ
2FDN²úXEDW
'HPLUNHQW1H]LK0HG\D0HG\DùVWDQEXO'Q\D<D\ÖQODUÖ
'|QPH]HU6XOKL6RV\RORML%DVÖùVWDQEXO%HWD%DVÖP<D\ÖP
(UJLQ 6HGDW ´%DVÖQ $KODN .RQXVXQGD $PHULND·GDQ gUQHNOHU YH 7UN %DVÖQÖQGD
'XUXPµ<HQL7UNL\H(\OO(NLP
(UHO 1XUVXQ YH $OL %LOJH 7DQVX dLOOHULQ 6L\DVHW 5RPDQÖ $QNDUD %LOJL <D\ÖQHYL 0HKPHW6DøQDN
(ULQo2UKDQ0HG\DLOH3ROLWLNDùVWDQEXOdDøGDû<D\ÖQODUÖ
<ÖOGÖUÖP $NWXQD 'HYOHW %DNDQÖ ´0HG\DGD ùQDQGÖUÖFÖOÖN YH .DPX +L]PHWLµ .RQXOX
SDQHOGHNLNRQXûPDVÖùOHWLûLP'Q\DVÖ2FDN²úXEDW
,OÖFDN1D]OÖ´$WDWUNg]DOdLOOHUµ7HUFPDQ7HPPX]0HKPHW6DøQDN
ùUYDQ6OH\PDQ0HG\D.OWU6L\DVHW$QNDUD%LOLP6DQDW<D\ÖQODUÖ
.DSODQ <XVXI ´0HG\D (SLVWHPRORMLVL ´*|UVHOOHûWLUPHµ 5HWRULN YH úLGGHWµ <HQL
7UNL\H.DVÖP²$UDOÖN
.DUDLVPDLORøOX(NUHP´%DVÖQYH(WLNµ<HQL7UNL\H,,(\OO(NLP
.DUV1HûH´7HOHYL]\RQGD6HUPD\HYH+DEHUµ<HQL7UNL\H,,(\OO(NLP
.RUNPD] 7DPHU <DODQ +DEHU 'RV\DVÖ ùVWDQEXO =DPDQ *D]HWHVL <D\ÖQODUÖ 1R ´/LSPDQQ:DOWHU3XEOLF2SLQRQ1HZ<RUN7KH)UHH3UHVVµ1XUHWWLQ*]
1HELOHU+DOLO0HG\DQÖQ(NRQRPL3ROLWLøLùVWDQEXO6DUPDO<D\ÖQHYL
g]WUN 6HUDS <D]DU ´7HOHYL]\RQ +DEHUFLOLøL YH 7UNL\H·GHNL 8\JXODPDODUµ <HQL
7UNL\H.DVÖP²$UDOÖNV
3HULQ &HYGHW 7DULK %R\XQFD 'ûQFH YH %DVÖQ g]JUOø ùVWDQEXO 5HP]L .LWDEHYL
3HULQoHN'RøX´'HYOHWLQ7DEXODUÖQYH3L\DVDQÖQ+DEHUh]HULQGHNL'HQHWLPLµ7UN
%DVÖQÖQÖQ%Hû6RUXQXùVWDQEXO%DVÖQ.RQVH\L<D\ÖQODUÖ
6DøQDN0HKPHW0HG\D3ROLWLNùVWDQEXO(WL.LWDSODUÖV
%DVUL%DUXW³7UN%DVÖQÖQGD(WLN
6HOoXN ùOKDQ ´.HQGL (OOHULPL]OH 6D\JÖQOÖøÖ \RN (WWLNµ %DVÖQ .HQGLQL 6RUJXOX\RU
ùVWDQEXO7UNL\H*D]HWHFLOHU&HPL\HWL<D\ÖQODUÖ
6HOoXNùOKDQ´0HG\DGD7HNHOOHûPHµ<HQL7UNL\H(\OO(NLP
´6ù%(576)UHG7KHGRUH3HWHUVRQYH:LOEXU6FKUDPP7KH)RXU7KHRULHVRIWKH3UHVV
8UEDQD8QLYHUVLW\RILOOLQRLV3UHVVµ6HQL\HdDOGDø
´7UN7RSOXPXQXQ'HøHUOHULµ7h6ù$'<D\ÖQ1R7ùVWDQEXO(\OOµ
&HPDOHWWLQg]GRøDQ
úDKLQ +DOXN ´5DG\R YH 79 GHQHWLPL 3ROLWLNDFÖODUD %ÖUDNÖODPD]µ ùOHWLûLP 'Q\DVÖ 0D\ÖV²+D]LUDQ
7RNJ|]2\D7HPHO*D]HWHFLOLNhoQF%DVÖP$QNDUDùPJH<D\ÖQODUÖ
<DSDU$VOÖµ%DVÖQGD(WLNµùOHWLûLP)DNOWHVL'HUJLVL,9
<HQL7UNL\H´<DOoÖQ%D\HU·OH.RQXûPDµ.DVÖP²$UDOÖN
'HPRNUDWLN7RSOXPGD3ROLV(WLøL
<UG'Ro'U9DKLW%ÖoDN *LULû
ùo JYHQOLN KL]PHWL NROOXN WDUDIÖQGDQ \UWOPHNWHGLU .ROOXN GD HQ JHQHO RODUDN
3ROLV -DQGDUPD YH 6DKLO *YHQOLN ELULPOHULQGHQ ROXûPDNWDGÖU +HU ELU ELULP D\QÖ
KL]PHWLVXQX\RUROPDNODELUOLNWHEXoDOÖûPDNROOXNoHûLWOHULQGHQSROLVOHVÖQÖUOÖGÖU
3ROLVLQ WHPHO J|UHYL YH LûOHYL Lo JYHQOLN KL]PHWL VXQPDNWÖU $QFDN Lo JYHQOLN
KL]PHWL NDSVDPÖQGD GHøHUOHQGLUHPH\HFHN RODQ ED]Ö LGDUL LûOHULQ GH SROLV WDUDIÖQGDQ
\HULQHJHWLULOGLøLJ|UOPHNWHGLU
ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ LûOHULQ ED]ÖODUÖ SROLVLQ \HULQH JHWLUHFHøL ED]Ö
\DVDODUOD KNPH EDøODQPÖûWÖU $GOL LGDUL YH DVNHUL WHEOLJDW LûOHPOHUL $3. V
NHQGL
|]HO
JYHQOLN
NXUXPODUÖQÖ
NXUPDODUÖ
JHUHNHQ
YHUJL
GDLUHOHULQLQ
NDPX
EDQNDODUÖQÖQ YH |]HO VHNW|U NXUXOXûODUÖQÖQ YH]QH JYHQOLøL YH SDUD QDNLOOHULQLQ
VDøODQPDVÖ DGUHV WHVSLWL SDVDSRUW LûOHPOHUL GHUQHN WHVFLOL DUDo WHVFLO LûOHPOHUL JLEL
KL]PHWOHUEXROJXQXQ|UQHNOHULQLROXûWXUPDNWDGÖU
ùo JYHQOLN KL]PHWL\OH LOJLVL ROPD\DQ DQFDN SROLV WDUDIÖQGDQ \HULQH JHWLULOHQ LûOHULQ
ED]ÖODUÖQÖQ LVH KHUKDQJL ELU \DVDO GD\DQDøÖ EXOXQPDPDNWDGÖU %D]Ö ILLOL ]RUXQOXOXNODU
QHGHQL\OH EX KL]PHWOHU X\JXODPDGD SROLV WDUDIÖQGDQ \HULQH JHWLULOPHNWHGLU 3ROLVLQ
VRV\DO WHVLVOHUGH LûOHWPHFLOLN \DSPDVÖ YDOLOLN YH ND\PDNDPOÖNODUGD EUR LûOHULQGH
NXOODQÖOPDVÖ PDNDP YH\D VHUYLV ûRI|U RODUDN LVWLKGDP HGLOPHVL NDUDNRO WHPL]OLøL YH
NDORULIHU \DNÖOPDVÖ JLEL ELQD KL]PHWOHUL \|QHWLFLOHULQ PONL YH\D DGOL YH\D SROLV
DPLUOHULQLQ
|]HO
HPLUOHUL
DNÖO
KDVWDODUÖQÖQ
DNÖO
KDVWDQHVLQH
QDNOHGLOPHVL
VSRU
PVDEDNDODUÖQD ELOHWVL] JLULûOHULQ |QOHQPHVL NkU DPDoOÖ G]HQOHQHQ NRQVHU WUQGHQ
HøOHQFHOHULQ JYHQOLøLQLQ VDøODQPDVÖ YH UDG\R YH WHOHYL]\RQ \D\ÖQODUÖQÖQ L]OHQPHVL JLEL
KL]PHWOHUEXX\JXODPDODUÖQ|UQHNOHULQLROXûWXUPDNWDGÖU$3.V
ùo JYHQOLN KL]PHWL\OH GRøUXGDQ LOJLVL EXOXQPD\DQ EX JLEL KL]PHWOHUGH SROLVLQ
LVWLKGDPHGLOPHVLQLQQHGHUHFHGRøUXROGXøXHWLNDoÖGDQVRUJXODQDELOLUROPDNODELUOLNWH
EX oDOÖûPDQÖQ LOJL DODQÖ GÖûÖQGD NDOPDNWDGÖU %X oDOÖûPD SROLVLQ DVÖO J|UHYL RODQ Lo
JYHQOLNKL]PHWOHULQGHSROLVHWLøLNRQXVX\ODVÖQÖUOÖGÖU
0XKWHPHO6RUXQ$ODQODUÖ
(WNLQ ELU JYHQOLN KL]PHWL VXQXODELOPHVL LoLQ SROLVLQ KL]PHW VXQGXøX WRSOXPXQ
GHVWHøLQH VDKLS ROPDVÖ JHUHNLU %LUELULQL DQODPD YH NDUûÖOÖNOÖ VD\JÖ SROLVOH WRSOXP
DUDVÖQGD JYHQLQ ROXûPDVÖQÖQ LNL WHPHO XQVXUXGXU 3ROLVH YHULOPLû RODQ NDSVDPOÖ
\HWNLOHUYHVRUXPOXOXNODU\NVHNVWDQGDUWWDGDYUDQÖûODUJHUHNWLUPHNWHGLU.DEDNHQGLQL
EHøHQPLû YH D\UÖPFÖ WDYÖUODU WRSOXP GHVWHøLQLQ ND\EÖ VRQXFXQX GRøXUPDNWDGÖU
gUQHøLQSDUN\DVDøÖRODQELU\HUHSROLVLQNHQGLDUDFÖQÖSDUNHWPHVLWRSOXPWDUDIÖQGDQ
SROLVLQ NHQGLQL NXUDOODUÖQ ]HULQGH J|UGø ûHNOLQGH DOJÖODQDFDNWÖU 3ROLV NHQGLVLQLQ
NDQXQODUÖQ VWQGH ROPDGÖøÖ GDLPD NXUDOODU oHUoHYHVLQGH KDUHNHW HWPHVL JHUHøL
NRQXVXQGD VUHNOL X\DUÖOPDOÖGÖU 3DUN \DVDøÖ RODQ ELU \HUH DUDFÖQÖ SDUN HWPHGHQ |QFH
NDUûÖ NDOGÖUÖPGD \U\HQ ELU NLûL\H GHYUL\H DUDEDVÖQGDQ EDøÖUPDQÖQ ´VÖUDGDQ ELU LQVDQ
]HULQGHQDVÖOELUHWNLGRøXUDFDøÖµVRUXVXQXSROLVNHQGLVLQHVRUPDOÖGÖU
3ROLV$NDGHPLVL*YHQOLN%LOLPOHUL)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3ROLVLQ WDYÖUODUÖQGD RQXUOX DGLO WDUDIVÖ] QD]LN YH KRûJ|UO ROPDVÖ JHUHNLU 3ROLVLQ
\DûDP DODQÖ WRSOXPXQ LoLQGH ROPDOÖGÖU %LU E|OJH\H VDGHFH Lû LoLQ JHOHQ YH DUGÖQGDQ
EDûND ELU E|OJHGH RODQ HYLQH JLGHQ SROLV \|UHVHO SUREOHPOHUOH ELU LOJLVL ROPD\DQ ELU
LûJDONXYYHWLJLELDOJÖODQÖU+RPH2IILFHV
%LU SROLV ELULPLQGH oDOÖûDQ NLûLOHULQ ELUELUOHULQH QDVÖO PXDPHOH HWWLNOHUL GH SROLV
WRSOXP LOLûNLVLQLQ |QHPOL ELU J|VWHUJHVLGLU 0HVOHNWDûÖQD NDUûÖ GDYUDQÖûODUÖ NDEXO
HGLOHPH] RODQ NLûLQLQ WDYÖUODUÖ WRSOXPX ROXûWXUDQ ELUH\OHUH NDUûÖ GD NDEXO HGLOHPH]
RODFDNWÖU
6Xo LûOHGLøL VDQÖODQ NLûLOHULQ DUDûWÖUÖOPDVÖ YH ROD\ODUÖQ D\GÖQODWÖOPDVÖ \NPOOø
SROLV]HULQGHELUEDVNÖROXûWXUPDNWDGÖU$QFDNEXEDVNÖSROLVLQNHQGLVLQH\HWNLYHUHQ
oHUoHYH
NXUDOODUÖ
DoPDPDOÖGÖU
]RUODPDVÖ
7RSOXP
YH
HWLN
NDWLOOHULQ
ROPD\DQ
\RODUD
WHU|ULVWOHULQ
EDûYXUPDVÖ
WHFDY]FOHULQ
VRQXFXQD
YH
\RO
JDVSoÖODUÖQ
FH]DODQGÖUÖOPDVÖQÖ LVWHPHNWHGLU 6Xo LûOHQPHVLQL |QOHPH YH LûOHQPLû EXOXQDQ VXoODUÖQ
D\GÖQODWÖOPDVÖ LûOHYOHULQL \HULQH JHWLULUNHQ SROLVLQ LQVDQ RQXUXQX ]HGHOH\LFL YH WRSOXP
\DUDUODUÖQD
D\NÖUÖ
\|QWHPOHUH
EDûYXUDELOPHVL
ULVNL
KHU
WRSOXPGD
PHYFXWWXU
7HNQRORMLQLQoRNJHOLûPLûROPDVÖGDSROLVH´\HWNLOHUµROPDVDGDoRNE\N´LPNDQODUµ
VDøODPÖûWÖU 3ROLVLQ VDKLS ROGXøX LPNDQODU oHUoHYHVLQGH GHøLO NDQXQODUÖQ NHQGLVLQH
YHUGLøL\HWNLOHUoHUoHYHVLQGHKDUHNHWHWPHVLJHUHøLGHSROLVHWLNNXUDOODUÖQGDQGÖU
(WLNVWDQGDUWODUDoÖVÖQGDQHQVRUXQOXDODQODUGDQELULVLPXKELUYHDMDQNXOODQÖPÖGÖU
%X NXOODQÖPÖQ VWDQGDUWODUÖ \HWHUVL]GLU YH oRøX ]DPDQ YDU RODQ NXUDOODUÖQ DUNDVÖQGDQ
GRODQÖOPDNWDGÖU
0XKELU
ID\GDOÖ
YH
JHUHNOL
ROPDNOD
ELUOLNWH
PXKELUOHULQ
GHøHUOHQGLUPHOHULQLQ GHQHWLPOHULQLQ ND\ÖWODUÖQÖQ YH |GHPHOHULQLQ QDVÖO \DSÖODFDøÖ
NRQXODUÖQÖQD\UÖQWÖOÖRODUDNG]HQOHQPHVLJHUHNPHNWHGLU
3ROLV JHFH NXOSOHULQH FUHWVL] JLULû UHVWRUDQODUGDQ EHGHOLQL |GHPHGHQ \L\HFHN
DOPDFUHWVL]VH\DKDWIXWEROPDoODUÖQDFUHWVL]JLUPHNRQVHUOHUHFUHW|GHPHPHJLEL
NoN
oÖNDUODU
VDøOD\DELOPHNWHGLU
.DEXO
HGLOHPH]
GDYUDQÖûODUÖQ
QHOHU
ROGXøX
NRQXVXQGD ELOJL YHULOPHPHVL E\N ELU HNVLNOLNWLU 6DøGX\X LOH GRøUX YH \DQOÖû
GDYUDQÖûODUÖQEXOXQDFDøÖYDUVD\ÖPÖ\HWHUOLGHøLOGLU
3ROLV
DGD\ODUÖQÖQ
VHoLPLQGH
HWLN
GHøHUOHUH
EDøOÖ
DGD\ODUÖQ
VHoLPLQH
|]HQ
J|VWHULOPHOLGLU $GD\ÖQ JHoPLûL KD\DW WDU]Ö PDOL GXUXPX DUDûWÖUÖOPDOÖ X\XûWXUXFX
WHVWOHULQGHQ JHoLULOPHOLGLU (øLWLP VUHFLQGH HWLN NXUDOODUD \HU YHULOPHOL EXQODUÖQ ]DWHQ
ELOLQGLøLYHEHQLPVHQGLøLYDUVD\ÖOPDPDOÖGÖU
3ROLV WHûNLODWÖQGD oDOÖûDQ VLYLO SHUVRQHO JHQHOGH LKPDO HGLOPHNWHGLU 6LYLO SHUVRQHOLQ
GHEHQ]HUELUHWLNDQOD\ÖûDVDKLSROPDVÖJHUHøLJ|]GHQX]DNWXWXOPDPDOÖGÖU
3ROLVLQPHGHQLELUûHNLOGHNHQGLOHUL\OHPXKDWDSROPDVÖQÖEHNOHPHNYDWDQGDûODULoLQ
ELU KDNWÖU *HoPLûLQGHQ ÖUNÖQGDQ LQDQFÖQGDQ FLQVL\HWLQGHQ YH FLQVHO WHUFLKLQGHQ
GROD\Ö NLPVH KHUKDQJL ELU D\UÖPD YH\D ND\ÖUPD\D XøUDPD HQGLûHVL \DûDPDPDOÖGÖU
3ROLVLQLOJLOHQGLøLROD\KHUQHROXUVDROVXQLQVDQODUÖQPDGGLYHPDQHYLNLûLOLøLQHVD\JÖOÖ
GDYUDQPDN
GXUXPXQGDGÖU
(WQLN
D]ÖQOÖNODU
JD\
YH
OH]EL\HQOHU
D\UÖPD
WkEL
WXWXOPDPDOÖGÖU6XoXQPDøGXUXQDGDDQOD\ÖûYHVHPSDWLJ|VWHULOPHOLGLU
6XoWDQ PDøGXU RODQ NLûLOHU YH VXoXQ VDQÖNODUÖ SROLVLQ NHQGLOHULQH DGLO PXDPHOH
HWPHVLQL YH VXoX SURIHV\RQHO YH EDøÖPVÖ] ELU ûHNLOGH DUDûWÖUPDVÖQÖ EHNOHPH KDNNÖQD
VDKLSWLU 7RSOXP SROLVLQ \ROVX]OXNODUD EXODûPDPÖû ROPDVÖQÖ EHNOHPHN KDNNÖQD
VDKLSWLU 3ROLV LVH KHU QH VHEHSOH ROXUVD ROVXQ D\UÖPFÖOÖøÖQ YH WDFL]LQ ROPDGÖøÖ ELU
RUWDPGDJ|UHYLQL\HULQHJHWLUPH\LEHNOHPHKDNNÖQDVDKLSWLU
3ROLVOLN KL]PHWLQLQ WHPHO IDDOL\HWOHULQGHQ ELULVL NDQXQ LKODOOHULQL DUDûWÖUPDNWÖU
6XoXQ UDSRU HGLOPHVLQGHQ GHOLOOHULQ WRSODQPDVÖ YH PDKNHPH\H VXQXOPDVÖQD NDGDU
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
JHoHQG|QHPGHGHHWLNVRUXQODURUWD\DoÖNDELOPHNWHGLU%D]ÖVXoODUSROLVND\GHWPHGHQ
DoÖNODQDELOLUgUQHøLQELUGNNDQÖQYLWULQLQHDWÖODQELUWDû\ROGDQJHoHQNDP\RQXQELU
HVHUL RODUDN DoÖNODQDELOLU 6XoXQ LVPL IDUNOÖ NRQXODELOLU gUQHøLQ KÖUVÖ]OÖøD WHûHEEV
NDSÖNLOLGLQH]DUDUYHUPHRODUDNLVLPOHQGLULOHELOLU
6XoODUÖQ WDNLELQH D\UÖODFDN ND\QDNODUÖQ GDøÖOÖPÖQGD HWLN NXUDOODU J|] DUGÖ HGLOHELOLU
&LGGL FLQVHO VXoODU LoLQ VÖQÖUOÖ ND\QDN D\UÖOÖUNHQ RWR YH RWR WH\S KÖUVÖ]OÖøÖ JLEL GDKD D]
|QHPOLVXoODU]HULQGHSHUVRQHOYHND\QDNODU\RøXQODûWÖUÖODELOLU
+DNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖODQ VDQÖN VD\ÖVÖ ROPDVÖ JHUHNHQGHQ oRN ID]ODGÖU
\ÖOÖ LoLQGH NLûL ',( V \ÖOÖ LoHULVLQGH NLûL
',( V KDNNÖQGD KD]ÖUOÖN WDKNLNDWÖ \DSÖOPÖûWÖU %X NLûLOHUGHQ VXoOX ROGXøX
VDELW RODQ NLûL VD\ÖVÖ NLûL FLYDUÖQGDGÖU ',( V %X UDNDPODU PDNXO
ûSKH ROPDGDQ ELUH\OHUH VXoODPD \|QHOWLOPHVLQGHQ NDoÖQÖODPDGÖøÖQÖ J|VWHUPHNWHGLU
7RSOXPXQE\NELUE|OPVDQÖNRODUDNSROLVOHNDUûÖNDUûÖ\DJHOPHNWHGLU
8OXVODUDUDVÖ']H\GH3ROLV(WLøL
6XoXOXVDOVÖQÖUODUÖQGÖûÖQDoRNWDQWDûPÖûXOXVODUDUDVÖELUQLWHOLNND]DQPÖûWÖU6ÖQÖUODU
KHU JHoHQ JQ LûOHYLQL GDKD ID]OD ND\EHWPHNWHGLU 3ROLVLQ X\PDVÖ JHUHNHQ WHPHO HWLN
NXUDOODU KHUKDQJL ELU ONH\OH VÖQÖUOÖ RODUDN GûQOPHPHOLGLU 'HPRNUDWLN RODUDN
\DSÖODQDQ WP WRSOXPODUGD EXOXQPDVÖ JHUHNHQ PLQLPXP SROLV HWLøL NXUDOODUÖ RUWD\D
NRQXODELOLU%X\ROODGHPRNUDWLNWRSOXPODUGDSROLVHWLNNXUDOODUÖQÖQX\XPODûWÖUÖOPDVÖQD
GDNDWNÖVDøODQPÖûRODFDNWÖU
%LUOHûPLû 0LOOHWOHU G]H\LQGH $UDOÖN WDULKLQGH NDEXO HGLOPLû EXOXQDQ YH
GQ\D SROLVOHULQGHQ EHNOHQHQ PLQLPXP VWDQGDUWODUÖ G]HQOH\HQ YH VHNL] PDGGHGHQ
ROXûDQ ´+XNXN 8\JXODPD *|UHYOLOHULQLQ 'DYUDQÖû 6|]OHûPHVLµ $', EXOXQPDNWDGÖU
%X6|]OHûPHQLQPDGGHVLSROLVLQLQVDQKDNODUÖQDVD\JÖJ|VWHUPHVLYHLQVDQKDNODUÖQÖ
NRUXPDVÖ JHUHøLQH GLNNDW oHNPHNWHGLU %X V|]OHûPH LQVDQOÖN GÖûÖ DûDøÖOD\ÖFÖ N|W
PXDPHOHYHLûNHQFH\DVDøÖQÖGDLoHUPHNWHGLU6|]OHûPHQLQPDGGHVLSROLVOHUHVDGHFH
NDQXQODUD EDøOÖ ROPDNOD \HWLQPHPH D\QÖ ]DPDQGD NDQXQODUD NDUûÖ JHOLûOHUL |QOHPHN
\NPOOø GH JHWLUPHNWHGLU 3ROLV GLøHU PHVOHNWDûODUÖQÖQ NDQXQ GÖûÖ GDYUDQÖûODUÖQÖ
VWPHUFLOHUHELOGLUPHOLEXELOGLULPQHWLFHYHUPL\RULVHEDVÖQJLELWHûNLODWGÖûÖRUJDQODUD
VRUXQDNWDUÖOPDOÖGÖU6WDQGDUWGÖûÖGDYUDQÖûJ|VWHUHQPHVOHNWDûODUÖQÖUDSRUHWWLNOHULQGHQ
GROD\Ö
SROLVOHUH
LGDUL
YH\D
GLøHU
FH]DODU
YHULOPHPHVL
JHUHøL
GH
V|]OHûPH
GH
YXUJXODQPDNWDGÖU %X 6|]OHûPH SROLVLQ NHQGLVLQL VÖQÖUODQGÖUDQ QRUPODUD EDøOÖ NDOGÖøÖ
RUDQGDWRSOXPXQVD\JÖVÖQÖND]DQDFDøÖQÖGDLIDGHHWPHNWHGLU
$YUXSD.RQVH\LEQ\HVLQGHLVH$YUXSD3ROLV(WLøL6|]OHûPHVL&RGHKD]ÖUODPDYH
\UUOøH NR\PD oDOÖûPDODUÖ GHYDP HWPHNWHGLU %D]Ö %DWÖ $YUXSD ONHOHUL KDOLKD]ÖUGD
ELU SROLV HWLN NRGXQD VDKLS EXOXQX\RU ROPDNOD ELUOLNWH $YUXSD .RQVH\L EQ\HVLQGH
\DSÖODQ oDOÖûPDODUOD WP $YUXSD GHPRNUDVLOHULQGH JHoHUOL RODELOHFHN RUWDN SROLV HWLN
NXUDOODUÖJHOLûWLULOPHVLDPDoODQPDNWDGÖU*HOLûWLULOHFHNHWLNNXUDOODUÖNDPXRWRULWHOHULQLQ
NH\ILOLøLQH NDUûÖ YDWDQGDûODUÖ NRUXPDNOD NDOPD\DFDN D\QÖ ]DPDQGD ELUH\OHULQ |]HO
\DûDPODUÖQÖNRUXPDLûOHYL\HULQHJHWLUHFHNWLU
$YUXSD 3ROLV (WLøL 6|]OHûPHVL KD]ÖUODPD oDOÖûPDODUÖ \ÖOÖQGD $YUXSD .RQVH\L
3DUODPHQWHUOHU 0HFOLVLCQLQ DOGÖøÖ VD\ÖOÖ NDUDUOD ´WHPHO KDNODU YH |]JUONOHUL
GLNNDWH DODQ SROLV HWLøL
NXUDOODUÖQÖQ $YUXSD LQVDQ KDNODUÖQÖ NRUXPD VLVWHPLQL
JHOLûWLUHFHøLµ J|UûQ EHQLPVHPHVL LOH EDûODPÖûWÖU \ÖOÖQGD $YUXSD .RQVH\L
WDUDIÖQGDQ JHUoHNOHûWLULOHQ ´'HPRNUDWLN 7RSOXPGD 3ROLV (WLøLµ NRQIHUDQVÖQGD SROLV
HWLøL
NRQXVXQGD
XOXVODUDUDVÖ
QRUPDWLI
NXUDOODUÖQ
HNVLNOLøLQH
GLNNDW
oHNLOPHNOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDOÖQPD\DUDN´$YUXSD3ROLV(WLøL6|]OHûPHVLµKD]ÖUODQPDVÖQDLKWL\DoROGXøXVRQXFXQD
YDUÖOPÖûWÖU \ÖOÖQGD 3ROLV (WLøL 6|]OHûPHVLQLQ WDVODøÖQÖ KD]ÖUODPDN ]HUH ´3ROLV
+L]PHWLQLQ3UREOHPOHULYH3ROLV(WLøL8]PDQODU.RPLWHVLµROXûWXUXODUDNoDOÖûPDODUÖQD
EDûODPÖûWÖU 2FDN WDULKLQGH 8]PDQODU .RPLWHVL6|]OHûPH WDVODøÖQÖKD]ÖUODPD
J|UHYLQLWDPDPODPÖûWÖUEN]'RF
6|]OHûPHQLQùûOHYL
0RGHUQ GHPRNUDWLN WRSOXPODUGD SROLVLQ X\PDVÖ JHUHNHQ VWDQGDUWODUÖ YH VDKLS
ROPDVÖ JHUHNHQ GHøHUOHUL DoÖNOÖøD NDYXûWXUPDN DPDFÖ\OD 6|]OHûPH KD]ÖUODQPÖûWÖU %X
6|]OHûPH·GH \HU DODQ KNPOHU SROLV HWLøL VWDQGDUWODUÖ YH GHøHUOHULQLQ oHUoHYHVLQL
ROXûWXUPDNWDGÖU $YUXSD·GD LQVDQODUÖQ VHUEHVW GRODûÖPÖQÖQ \D\JÖQODûPÖû ROPDVÖ ONH
VÖQÖUODUÖQD EDøOÖ ROPD\DQ RUWDN SROLVOLN VWDQGDUWODUÖQÖQ ROXûWXUXOPDVÖ LKWL\DFÖQÖQ
EHOLUJLQOHûPHVLQH\RODoPÖûWÖU
'HPRNUDWLNONHOHULQYDWDQGDûODUÖNHQGLOHULQHRODELOHQHQID]OD|]JUOøVDøODPDVÖ
LoLQ GHYOHWOHULQL \DSÖODQGÖUPÖûODUGÖU $\QÖ ûHNLOGH FH]DDGDOHW VLVWHPL GH ELUH\OHULQ
|]JUONOHULQLYHJYHQOLNOHULQLVDøODPDNDPDFÖ\ODJHOLûWLULOPLûWLU
+XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN ONHOHUGH SROLV VXoX |QOHPH
VXoOD PFDGHOH HWPH VXoX VRUXûWXUPD KDONÖQ KX]XUXQX VDøODPD NDPX G]HQLQL
NRUXPD YH ELUH\LQ WHPHO KDNODUÖQÖ NRUXPD JLEL JHOHQHNVHO LûOHYOHU \HULQH JHWLULU
%XQODUD LODYH RODUDN SROLV JHOHQHNVHO IDDOL\HW NRQXODUÖQGD NHQGLVLQH GHVWHN VDøOD\DQ
VRV\DO QLWHOLNOL oHûLWOL KL]PHWOHU GH VXQDU 'HPRNUDVLOHUGH SROLV NHQGLVL GHPRNUDWLN
GHøHUOHUH VDKLS ROGXøX JLEL GHPRNUDWLN GHøHUOHULQ \FHOPHVLQH \DUGÖPFÖ GD ROPDOÖGÖU
3ROLV J|UHYLQL HWLN RODUDN NDEXO HGLOHELOLU ELU WDU]GD VUGUGø GHUHFHGH PHûUX ELU
RWRULWHX\JXOD\ÖFÖVÖRODUDNNDODELOLUYHKDONÖQGHVWHøLQLVDøOD\DELOLU
3ROLV (WLN 6|]OHûPHVL KD]ÖUODQPDVÖ RUWDN VWDQGDUWODUÖQ VDøODQPDVÖ LoLQ VDGHFH ELU
EDûODQJÖoROPDNODELUOLNWHLONDGÖPROPDGDQGDLOHUOHPHVDøODQDPD\DFDNROPDVÖROJXVX
EXLONDGÖPÖQ|QHPLQLDUWWÖUPDNWDGÖU6|]OHûPHHWLNQRUPODUÖQWHPHOLQLQROXûWXUXOPDVÖ
\DQÖQGDHWLNSUREOHPOHULQGDKDNROD\WDQÖPODQPDVÖGDKDQHWDQODûÖOPDVÖGDKDGLNNDWOL
DQDOL] HGLOPHVL YH GDKD KÖ]OÖ o|]PH NDYXûWXUXOPDODUÖ ûDQVÖQÖ DUWWÖUDFDNWÖU $\QÖ
]DPDQGD SROLV WHûNLODWODUÖQÖQ KL]PHW HWWLNOHUL GHøHUOHU YH EDûYXUGXNODUÖ \|QWHPOHU
KDNNÖQGDVRUXODUROXûPDVÖQÖWHûYLNHGHFHNWLU
´%DøOÖOÖNµ ´KDON GHVWHøLµ ´WDUDIVÖ]OÖNµ ´WDNGLU \HWNLVLµ YH ´SURIHV\RQHOOLNµ JLEL
SROLV WHûNLODWODUÖQÖQ RUWDN NDYUDPODUÖQÖQ D\QÖ DQODPODUGD NXOODQÖOPDVÖ YH D\QÖ ûHNLOGH
DQODûÖOPDVÖQÖGDEX6|]OHûPHPPNQNÖODELOHFHNWLU$\UÖFD6|]OHûPHSROLVWHûNLODWÖQD
\HQL
NDWÖODQODUÖQ
\DSDFDNODUÖ
LûLQ
WHPHO
GHøHUOHUL
NRQXVXQGD
NLûLVHO
VWDQGDUWODU
JHOLûWLUPHVLQH \DUGÖPFÖ RODELOLU 3ROLV HøLWLPLQGH 6|]OHûPH |QHPOL ELU LûOHY \HULQH
JHWLUHELOLU 6WDQGDUWODUD YH GHøHUOHUH EX WU REMHNWLI UHIHUDQVODU ROPDGÖøÖ GXUXPODUGD
HøLWLFLOHULQLûLROGXNoD]RUROPDNWDGÖU6WDQGDUWODUÖQRULMLQLYHEDøOD\ÖFÖOÖøÖVDGHFH\HUHO
GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ HøLWLFLQLQ NHQGL GHøHU \DUJÖODUÖ ROXS ROPDGÖøÖ WDUWÖûPD
NRQXVX RODELOPHNWHGLU %|\OH ELU 6|]OHûPHQLQ YDUOÖøÖ SROLV HøLWLPLQLQ KHU VDIKDVÖQGD
HøLWLFLOHUH|QHPOLNROD\OÖNVDøOD\DELOHFHNQLWHOLNWHGLU
3ROLVLQ KDONOD \DNÖQ LûELUOLøLQH YH KDONÖQ JYHQLQH VDKLSROPDVÖ GXUXPXQGD SROLVOLN
KL]PHWOHUL oRN JHOLûPHNWHGLU +L]PHWOHULQ VRUXPOXOXN ELOLQFL\OH VXQXOPDVÖ |QHP
ND]DQPDNWDGÖU 3ROLV PHûUX RODUDN Jo NXOODQPD WHNHOLQH VDKLSWLU %XQGDQ GROD\Ö
%XVDWÖUODUÖQ\D]DUÖGDEX.RPLWHoDOÖûPDODUÖQÖQELUE|OPQHNDWÖOPÖûWÖU%N](XURSHDQ
&RPPLWWHHRQ&ULPH3UREOHPV&RPPLWWHHRI([SHUWVRQ3ROLFH(WKLFVDQG3UREOHPVRI
3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32V
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
WRSOXPXQ JYHQFH\H LKWL\DFÖ YDUGÖU 2UWDN VWDQGDUWODUÖ DPDoODUÖ YH SROLVLQ GHøHUOHULQL
RUWD\D NR\DQ YH WRSOXPD LODQ HGLOPLû ELU 3ROLV (WLN .RGX KDONÖQ SROLVH JYHQLQL
DUWWÖUDFDN KDONOD LOLûNLOHUL YH KDONOD LûELUOLøLQL JHOLûWLUHFHNWLU $\QÖ VWDQGDUWODU SROLV
KL]PHWOHULQLQ DODQÖQÖ YH oHûLGLQL DoÖNOÖøD NDYXûWXUDUDN SROLVWHQ LVWHQHELOHFHN RODQ \HWNL
GÖûÖ HKHPPL\HWVL] YH FDQ VÖNÖFÖ WDOHSOHUH NDUûÖ JYHQFH ROXûWXUDELOLU %XQGDQ GD
|QHPOLVLKL]PHWWHNL\HWHUVL]OLNOHUGHQGROD\ÖVRUXPOXOXNODUÖQÖVÖQÖUODQGÖUDFDNWÖU
%XQODUD LODYH RODUDN 3ROLV (WLN .RGX SROLV WHûNLODWÖQÖQ Lo LûOH\LûLQL G]HQOH\HQ ELU
HQVWUPDQ RODELOLU 0LQLPXP VWDQGDUWODUÖ GHøHUOHUL YH HWLN oHUoHYH\L RUWD\D NR\DUDN
G]HQOH\LFL LûOHYLQL HQ D] G|UW IDUNOÖ ûHNLOGH \HULQH JHWLUHELOLU 3ROLV WHûNLODWÖQÖQ
PHQVXSODUÖQÖQ NDOLWH NRQWUROOHULQL VDøODPDN GHQHWLP \|QHWLP YH OLGHUOLN LûOHYLQLQ
\HULQH JHWLULOPHVLQH \DUGÖPFÖ ROPDN VW G]H\ \|QHWLFLOHULQLQ GDKDID]OD ´KHVDS YHULUµ
ROPDVÖQDLPNDQYHUPHNJQONLoX\XûPD]OÖNODUÖQo|]PQHNDWNÖGDEXOXQPDN
6|]OHûPHGH(WLN.DYUDPÖ
´(WLNµ NHOLPHVL ELUGHQ ID]OD IDUNOÖ DQODPODUGD NXOODQÖOPDNWDGÖU 6|]OHûPH HWLN
NHOLPHVLQLKDQJLDQODPGDNXOODQPDNWDGÖU"
0RGHUQ HQGVWUL WRSOXPX LûE|OP YH LûELUOLøL LNL] SUHQVLEL LOH \|QHWLOPHNWHGLU
ùQVDQODU ELUoRN IDDOL\HWOH PHûJXO ROPDNWDGÖU YH EX IDDOL\HWOHU VÖUDVÖQGD RUWDN HWLN
VWDQGDUWODUÖX\JXODPDNWDGÖU%HOOLELULûYH\DPHVOHøLLFUDHWWLNOHUL]DPDQGDKDID]OD|]HO
DQOD\Öû YH \RO J|VWHULFLOLøH LKWL\Do GX\PDNWDGÖUODU %XQXQ QHGHQOHUL LFUD HGLOHQ LûLQ
LQVDQ GDYUDQÖûÖQÖQ EHOOL ER\XWODUÖ ]HULQGH \RøXQODûPDVÖQGD G]HQOL RODUDN WHNUDU
HGLOHQ DKODNL oÖNPD]ODUÖQ |QH oÖNPDVÖ YH \DSÖODQ LûWH R\QDGÖNODUÖ UROOHULQ EX VRUXQODUOD
EDû HWPHOHULQL YH o|]PHOHULQL JHUHNWLUPHVLGLU %X EDøODPGD ´HWLNµ ELU PHVOHøLQ
G]HQOHQPHVL LOH X\XPOX RODQ DKODNL ]RUXQOXOXNODUÖ YH WDQÖPODUÖ RQD\ODQDQ YH
RQD\ODQPD\DQGDYUDQÖûODUÖLIDGHHWPHNWHGLU
6|]OHûPH EDøODPÖQGD HWLN NDYUDPÖ JQON KD\DWWDNL HWLN NDYUDPÖQGDQ D\UÖ ELU ROJX
GHøLOGLU RQGDQ ND\QDNODQDQ RQXQ VDGHFH |]HO ELU WUGU *QON \DûDPÖQ DKODNL
NXUDOODUÖQÖQ ELU WHûNLODWÖQ |]HO VRUXQODUÖQD YH WDOHSOHULQH X\JXODQPDVÖGÖU $YUXSD 3ROLV
(WLøL6|]OHûPHVLQGHHWLNEXDQODPDGDNXOODQÖOPÖûWÖU
+XNXN'HYOHWLYH(WLN
+XNXN GHYOHWLQL NRUXPD DPDFÖ ELUELULQGHQ IDUNOÖ DQFDN ELUELUL\OH LOJLOL LNL J|UHYLQ
ELU DUDGD EXOXQPDVÖQÖ JHUHNWLULU 8VXOQH J|UH NDQXQODûPÖû EXOXQDQ QRUPODUÖ
X\JXODPDN EX KDONÖQ KX]XUXQXQ VDøODQPDVÖQÖ GD LoHULU YH WDQÖPODQPÖû RODQ \HWNL
oHUoHYHVLQLQ LoLQGH NDOPDN NH\IL X\JXODPDODUGDQ NDoÖQPDN YH WRSOXPX ROXûWXUDQ
ELUH\OHULQKDNODUÖQDVD\JÖJ|VWHUPHN
+XNXN GHYOHWL VDGHFH QH\LQ \DSÖOÖS QH\LQ \DSÖOPD\DFDøÖ ]HULQGH GHøLO D\QÖ
]DPDQGD \DSÖODELOHFHN ûH\OHULQ QDVÖO \DSÖODFDøÖ ]HULQGH GH \RøXQODûÖU *|UHYLQL
\DSDUNHQ SROLV ELUH\OHULQ WHPHO KDNODUÖQD VD\JÖ J|VWHUPHN GXUXPXQGDGÖU YH NH\IL YH
KXNXN GÖûÖ GDYUDQÖûODUGDQ GD NDoÖQPDOÖGÖU %X KXNXN GHYOHWLQLQ WHPHOLGLU YH EXQGDQ
GROD\ÖGDGHPRNUDVLGHSROLVOLøLQDPDFÖYHDQODPÖGÖU
%XQODUÖQ |WHVLQGH KXNXN GHYOHWL NDQXQODUÖ \DSDQODUÖQ NDQXQODU oHUoHYHVLQGH
KNP YHUHQOHULQ YH NDQXQODUÖ X\JXOD\DQODUÖQ D\QÖ NDQXQODUD NHQGLOHULQLQ GH EDøOÖ
ROPDVÖQÖ
JHUHNWLULU
7DP
RODUDN
JHOLûPLû
ROJXQ
GHPRNUDVLOHUGH
SROLVOHU
NHQGL
X\JXODGÖNODUÖ NDQXQODUOD NHQGLOHULQL EDøOÖ J|UPHNWH YH D\QÖ NDQXQD WkEL ROPDNWDGÖUODU
+XNXN GHYOHWLQL NRUXPD YH JHOLûWLUPHGH SROLVLQ URO R NDGDU |QHPOL ROPDNWDGÖU NL
KHUKDQJL ELU GHPRNUDVLQLQ LoLQGH EXOXQGXøX GXUXP SROLVLQ GDYUDQÖûODUÖQÖ LQFHOH\HUHN
RUWD\DNRQXODELOLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$YUXSD 3ROLV (WLøL 6|]OHûPHVL KXNXN GHYOHWL\OH \|QHWLOHQ YH $YUXSD ùQVDQ KDNODUÖ
6|]OHûPHVL
WDUDIÖQGDQ
HWNLOHQHQ
GHPRNUDVLOHUGH
JHQHO
RODUDN
SROLVLQ
DPDoODUÖ
SHUIRUPDQVÖ GHQHWLPL NRQXODUÖQGD \RO J|VWHULFL LONHOHU ROXûWXUPD\Ö DPDoODPÖûWÖU
6|]OHûPH NDPX G]HQLQL NRUXPD VXoODUOD PFDGHOH HWPH YH VXoX |QOHPH KDVVDV
J|UHYOHUL\OH X\XP LoLQGH EHOLUOL VRPXW JHUHNOLOLNOHUOH LOJLOLGLU 7DYVL\H QLWHOLøLQGH RODQ
EX6|]OHûPHKNPHWOHUH\|QHOLNROPDNODELUOLNWHSROLVOHYHSROLVOLNOHSUDWLNDPDoODUOD
LOJLOHQHQOHUHLOKDPYHUPHVLLoLQPDNXOVHYL\HGHDoÖNELUGLOOH\D]ÖOPÖûWÖU
6|]OHûPHQLQ.DSVDPÖ
%HOOL DPDoODU LoLQ NXYYHW NXOODQPDVÖQD GHYOHW WDUDIÖQGDQ L]LQ YHULOHQ YH |QFHOLNOL
DPDo RODUDN WRSOXPGD KXNXNXQ YH G]HQLQ NRUXQPDVÖQÖ DPDoOD\DQ JHOHQHNVHO SROLV
KL]PHWOHUL YH NDPXQXQ L]LQ YHUGLøL YH GHQHWOHGLøL GLøHU JYHQOLN ELULPOHUL EX
6|]OHûPHQLQNDSVDPÖQGDEXOXQPDNWDGÖU
$YUXSD·GD GHøLûLN SROLV VLVWHPOHUL EXOXQPDNWDGÖU 3ROLV ELULPOHUL IDUNOÖ JHOLûPLûOLN
DûDPDVÖQGD GHøLûLN WHûNLODW \DSÖVÖQGD EXOXQPDNWDGÖU 7P EXQODUÖ NDSVDPDVÖ LoLQ
WDQÖPODUÖQJHQLû\DSÖOPDVÖQDLKWL\DoEXOXQPDNWDGÖU
6|]OHûPHQLQ NDSVDPÖ WP SROLV WHûNLODWODUÖQÖQ WHPHO IDDOL\HW DODQODUÖ\OD VÖQÖUOÖ
EXOXQPDNWDGÖU %X DODQODU VLYLO WRSOXPGD KXNXNXQ YH G]HQLQ VUGUOHELOPHVL LoLQ
NXYYHW NXOODQPD \HWNLVL NDPX G]HQLQL VDøODPD VXoXQ WDNLEL YH VXoXQ |QOHQPHVL
IDDOL\HWOHULGLU %X IDDOL\HWOHUL \UWPHNOH J|UHYOL ELULPOHU KDNNÖQGD ELULPH QH LVLP
YHULOLUVH YHULOVLQ EX 6|]OHûPH X\JXODQÖU %X WHûNLODWODUÖQ QDVÖO \DSÖODQGÖøÖQÖQ |QHPL
\RNWXU \HUHO YH\D PHUNH]L VLYLO YH\D DVNHUL NXYYHW YH\D KL]PHW ROPDVÖ NLPH NDUûÖ
PHUNH]L KNPHWH E|OJHVHO KNPHWH YH\D \HUHO KNPHWH VRUXPOX ROGXøX
DoÖVÖQGDQIDUNEXOXQPDPDNWDGÖU
dRN VSHVLILN DPDoODUOD ROXûWXUXODQ |]HO NXYYHWOHU 6|]OHûPHQLQ NDSVDPÖ GÖûÖQGD
WXWXOPXûWXU gUQHøLQ DVNHUL LûOHY \HULQH JHWLUHQ DVNHUL LQ]LEDW JL]OL JYHQOLN ELULPOHUL
FH]DHYOHULQGHJYHQOLøLVDøOD\DQLQID]PHPXUODUÖJLELg]HOILUPDODUWDUDIÖQGDQVXQXODQ
JYHQOLN KL]PHWL $YUXSD·GD \D\JÖQOÖN ND]DQPDNWDGÖU %D]Ö ONHOHUGH |]HO JYHQOLN
JHOHQHNVHO
RODUDN
SROLVLQ
\DSWÖøÖ
LûOHUL
³ELQD
NRUXPDVÖ
VSRU
IDDOL\HWOHULQGH
NRQVHUOHUGH JYHQOLN KL]PHWOHUL JLEL³ \DSPDNWDGÖU g]HO JYHQOLN ûLUNHWOHUL GH EX
6|]OHûPHNDSVDPÖQGDGÖU
6|]OHûPHQLQùoHULøL
6|]OHûPH \HGL E|OPGHQ ROXûPDNWDGÖU %XQODU VÖUDVÖ\OD SROLVLQ DPDoODUÖ KXNXN
GHYOHWLQGH SROLVLQ \DVDO WHPHOL SROLV YH FH]D DGDOHW VLVWHPL SROLVLQ \DSÖODQPDVÖ SROLV
PGDKDOHVLQLQ LONHOHUL SROLVLQ KHVDS YHUPHVL YH GHQHWLPL DUDûWÖUPD YH XOXVODUDUDVÖ
LûELUOLøLGLU
3ROLVOLøLQ ELU NDPX KL]PHWL ROGXøX YH NDQXQOD NXUXOPDVÖ JHUHNWLøL 6|]OHûPH
WDUDIÖQGDQ |QJ|UOPûWU 3ROLVOH LOJLOL PHY]XDW NDPX\D DoÖN ROPDOÖGÖU 'LOL DQODûÖOÖU
ROPDOÖGÖU (øHU NDQXQODUÖQ \|QHWPHOLNOHUOH DoÖNODQPDVÖQD LKWL\Do YDUVD \|QHWPHOLNOHU
KDONWDUDIÖQGDQXODûÖODELOLUROPDOÖGÖU3ROLVLQIDDOL\HWOHULXOXVDOKXNXNYHONHOHULQNDEXO
HWWLøLXOXVODUDUDVÖVWDQGDUWODUoHUoHYHVLQGH\UWOPHOLGLU
6ÖUDGDQ YDWDQGDûODUÖQ WkEL ROGXøX NXUDOODUD SROLV GH NXUDO RODUDN WkEL ROPDOÖGÖU
3ROLVH WDQÖQDQ LVWLVQDODU GHPRNUDWLN WRSOXPGD SROLVOLN J|UHYLQLQ \HULQH JHWLULOPHVL
LKWL\DFÖLOHKDNOÖoÖNDUÖOPDOÖGÖU'LVLSOLQNXUDOODUÖDUDVÖQGDIDUNOÖODûWÖUPD\DSÖODELOLUDQFDN
FH]DLVRUXPOXOXNDoÖVÖQGDQIDUNROPDPDOÖGÖUPG
3ROLV KDON GHVWHøLQL ND]DQPD\D WRSOXPD KL]PHW VXQPD\D YH KXNXNX NRUX\DPD\D
\|QHOLN RODUDN \DSÖODQPDOÖGÖUPG .DPX LOH WRSOXP DUDVÖQGD JYHQ NXUXOPDOÖGÖU
9DKLW%ÖoDN³'HPRNUDWLN7RSOXPGD3ROLV(WLøL
*YHQ NXUPDQÖQ |QHPOL ELU ER\XWX GD \NVHN VHYL\HGH SURIHV\RQHOOLNWLU 'LøHU ELU
ER\XWLVHSROLVLQELUKL]PHWELULPLRODUDNRUJDQL]HHGLOPHVLGLU
3ROLVNHQGLVLQHYHULOHQJ|UHYOHUL\HULQHJHWLULUNHQVLYLORWRULWH\HEDøOÖROPDOÖGÖUPG
$VNHULQ YH SROLVLQ ED]Ö LûOHYOHUL YH VRUXPOXOXNODUÖ DUDVÖQGD EHQ]HUOLNOHU ROPDNOD
ELUOLNWH SROLVLQ FH]D DGDOHW VLVWHPLQLQ ELU SDUoDVÖ ROPDVÖ NDPX G]HQLQL NRUXPDNOD
\NPO ROPDVÖ SROLVLQ LûLQLQ NDPX KL]PHWL ER\XWX SROLVLQ WRSOXPD HQWHJUH ROPXû
ROPDVÖ QRNWDODUÖQGD SROLV YH DVNHU DUDVÖQGD |QHPOL IDUNOÖOÖNODU EXOXQPDNWDGÖU 6LYLO
WRSOXPGDSROLVVLYLORWRULWH\HEDøOÖROPDOÖGÖU
3ROLV WHûNLODWÖ J|UHYLQL QDVÖO \HULQH JHWLUHFHøL NRQXVXQGD EDøÖPVÖ] ELU KDUHNHW
DODQÖQD VDKLS ROPDOÖGÖU PG 3ROLV \UWPHQLQ ELU X]DQWÖVÖGÖU <UWPHGHQ
WDPDPHQ EDøÖPVÖ] RODPD] $QFDN NHQGLVLQH YHULOHQ J|UHYOHUL \HULQH JHWLULUNHQ KXNXN
QRUPODUÖQDEDøOÖROPDOÖYHNHQGLVLQHWDQÖQDQWDNGLU\HWNLVLQLNXOODQPDOÖGÖU%XJ|UHYLQL
\HULQH JHWLULUNHQ VL\DVL QLWHOLNOL WDOLPDWODU DOPDPDOÖGÖU 2SHUDV\RQHO EDøÖPVÖ]OÖN
WHûNLODWÖQ KHU ELULPLQGH EXOXQPDOÖGÖU %|\OH ELU EDøÖPVÖ]OÖN SROLV RSHUDV\RQODUÖQÖQ
NDQXQODU oHUoHYHVLQGH WDUDIVÖ] YH SURIHV\RQHO ELU ûHNLOGH \DSÖOPDVÖQÖ VDøODPD\Ö
DPDoOD\DQ KXNXN GHYOHWLQLQ |QHPOL QLWHOLNOHULQGHQ ELULGLU 2SHUDV\RQHO EDøÖPVÖ]OÖN
SROLVLQWP\DSWÖNODUÖYH\DSPDGÖNODUÖKDNNÖQGDWDPDPHQVRUXPOXROPDVÖQÖûDUWNÖODU
6RQXo
+XNXN GHYOHWL LONHVLQLQ JHoHUOL ROGXøX GHPRNUDWLN WRSOXPODUGD SROLVLQ WHPHO
DPDoODUÖ NDPX KX]XUXQX NDPX G]HQLQL YH KXNXN VLVWHPLQL NRUXPDN NLûLOHULQ YH
RQODUÖQ PONL\HW KDNODUÖQÖQ NRUXQPDVÖ VXoOD PFDGHOH YH VXoX |QOHPHN VXoX WDNLS
HWPHN YH KDOND \DUGÖP HWPHNWLU 7HPHO LQVDQ KDNODUÖQD VD\JÖ J|VWHUHUHN EX LûOHYOHUL
\HULQHJHWLUPHOLGLU
3ROLV PHPXUODUÖ JHQHO RODUDN RWRULWHU YH PXKDID]DNDU LQVDQODUGÖU &RXQFLO RI
(XURSH V 3ROLV \|QHWLPLQ EDVNÖ NXOODQDQ HOL RODUDN KDUHNHW HGHU YH Jo
NXOODQPD \HWNLVL\OH GRQDWÖOPÖûWÖU *o NXOODQÖPÖQÖQ JHUHNWLUGLøL IL]LNVHO |]HOOLNOHUH GH
VDKLSWLU $QFDN VXoOD PFDGHOHGH EXQODU \HWHUOL GHøLOGLU VXoOD PFDGHOH WRSOXPXQ
GHVWHøLQLYH\DUGÖPÖQÖJHUHNWLULUPG6XoODUÖQE\NELUE|OPQQLKEDUODRUWD\D
oÖNÖ\RUROPDVÖEXJHUoHøLQLIDGHVLGLU
'HPRNUDWLN WRSOXPGD SROLVLQ \HWNLOHUL YH IRQNVL\RQODUÖ NDWÖ VÖQÖUODPDODUD WkEL
WXWXOPXûWXU YH NXOODQÖPODUÖ GHQHWLP PHNDQL]PDODUÖQD EDøOÖGÖU 3ROLVLQ WDYÖUODUÖQÖ
PDKNHPHOHUGHQHWOHULGDULGHQHWLPPHNDQL]PDODUÖGDV|]NRQXVXGXU
6L\DVL RWRULWH YH\D GLøHU RWRULWHOHU WDUDIÖQGDQ SROLVWHQ KXNXND D\NÖUÖ ]DOLPDQH YH
EDUEDU X\JXODPDODU \DSPDVÖ LVWHQLOHELOPHNWHGLU %X JLEL GXUXPODUGD SROLV LQVDQ
KDNODUÖQD WHKGLW ROXûWXUDELOLU 3ROLV LQVDQ KDNODUÖ\OD LNL ûHNLOGH LOLûNLOHQGLULOHELOLU ùON
RODUDN SROLV YH DLOHVL WRSOXPXQ GLøHU IHUWOHUL JLEL LQVDQ KDNODUÖQGDQ ID\GD VDøOD\DQ
NLûLOHUGLU ùNLQFL RODUDN SROLV GLøHU ELUH\OHULQ LQVDQ KDNODUÖQÖ NRUXPDN J|UHY YH
VRUXPOXOXøXQDVDKLSWLU 'HPRNUDWLN ROPD\DQ GHYOHWOHUGH SROLV LQVDQ KDNODUÖQD NHQGLVL
VDKLSROPDGÖøÖJLELGLøHUELUH\OHULQKDNODUÖQÖGDED]HQJ|UHYLQLLKPDOHGHUHNED]HQGH
UHVPLRQD\ODWDKULSHGHELOLU
3ROLVOHU DUDVÖQGD GD\DQÖûPD GX\JXVXQXQ ROGXNoD JoO ROGXøX JHUoHøL GH J|]
|QQGH EXOXQGXUXOGXøXQGD SROLVOLN LûOHYLQL \HULQH JHWLUHQOHULQ EDøOÖ EXOXQPDVÖ
JHUHNHQ PRUDO \NPOONOHUL EHOLUOHPHQLQ YH KD\DWD JHoLUPHQLQ NROD\ ELU Lû ROPDGÖøÖ
DûLNkUGÖU$YUXSD.RQVH\LWDUDIÖQGDQKD]ÖUODQDQ´3ROLV(WLøL6|]OHûPHVLµEXJoOøQ
VWHVLQGHQJHOHELOPHQLQHQ|QHPOLDGÖPODUÖQGDQELULQLROXûWXUPDNWDGÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.D\QDNoD
&RXQFLO RI (XURSH 3ROLFH (WKLFV LQ D 'HPRFUDWLF 6RFLHW\ &RXQFLO RI (XURSH
3XEOLVKLQJ*HUPDQ\
'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD
'HYOHWùVWDWLVWLN(QVWLWV$GDOHWùVWDWLVWLNOHUL<D\ÖQQR$QNDUD
(XURSHDQ &RPPLWWHH RQ &ULPH 3UREOHPV &RPPLWWHH RI ([SHUWV RQ 3ROLFH (WKLFV DQG
3UREOHPVRI3ROLFLQJ6XPPDU\5HSRUWRIWKH7KLUG0HHWLQJ3&32
(PQL\HW *HQHO 0GUOø $3. 'DLUH %DûNDQOÖøÖ 3ROLVLQ $GOL *|UHYL 'ÖûÖQGD
0WDODD(GLOHQ*|UHYOHUL<D\ÖQ1R$UDûWÖUPD1R$QNDUD
+RPH 2IILFH ,QVSHFWRUDWH RI &RQVWDEXODU\ 3ROLFH ,QWHJULW\ 6HFXULQJ DQG
0DLQWDLQLQJ3XEOLF&RQILGHQFH+RPH2IILFH&RPPXQLFWLRQ'LUHFWRUDWH/RQGRQ
0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD0HG\D3ODWIRUPODUÖQGD
2OXûWXUXODQgQHULOHUYH<DVDO(QVWUPDQODUGDNL'XUXP
úHEQHP%LOJHW <DûDGÖøÖPÖ] \]\ÖOGD JHUoHNOHûHQ WHNQRORMLN JHOLûPHOHU PHG\DQÖQ NDUûÖVÖQD E\N
IÖUVDWODU oÖNDUPÖûWÖU *HOHQHNVHO \D\ÖQFÖOÖN DUDoODUÖ RODQ UDG\R YH WHOHYL]\RQXQ \DQÖ VÖUD
\HQL HOHNWURQLN LOHWLûLP RUWDPODUÖQÖQ HQ \HQL ELOJL\H DQÖQGD HULûPH RODQDøÖ VDøODPDVÖ
VRQXFXQGDGQ\DHOHNWURQLNELUN|\KDOLQHJHOPLûWLU
*OREDOOHûHQ GQ\DGD WRSOXPODUÖQ NDUûÖ NDUûÖ\D NDOGÖøÖ ROD\ODUOD LOJLOL ELOJL YH
KDEHUOHULQ \D\ÖOPDVÖ YH WDUWÖûÖOPDVÖ GHPRNUDVLQLQ JHOLûPHVL LoLQ ]DUXULGLU %X QHGHQOH
EXûHNLOELU|QHPHKDL]PHG\DGDNDOLWHXQVXUXGD|QSODQDoÖNPDNWDGÖU
0HG\DQÖQ NDOLWHVL RQXQ |]JU YH JoO ROPDVÖ\OD SDUDOHOGLU *oO YH |]JU
PHG\DQÖQNDOLWHVLQLVDøOD\DQXQVXUGDSHNWDELLNLPHVOHøLQHWLNLONHOHULGLU
%HQGHQ |QFHNL NRQXûPDFÖODUÖQ GD DoÖNODGÖøÖ JLEL KHU PHVOHN GDOÖQÖQ NHQGLQH |]J
HWLN LONHOHUL YDUGÖU %X LONHOHU PHVOHNL NDOLWHQLQ \NVHOPHVLQL VDøOD\DQ |]GHQHWLP
NXUDOODUÖGÖU0HVOHNOHULQLONRUWD\DoÖNWÖøÖG|QHPOHUGH\D]ÖOÖNXUDOODUDEDøODQPDPÖûRODQ
EX LONHOHU ]DPDQ LoLQGH RUWD\D oÖNDQ JHUHNVLQLPOHUL VDøODPDN LoLQ \D]ÖOÖ NXUDOODUD
G|QûWUOPûWU
+XNXN NXUDOODUÖ GD PHVOHNL NDOLWH\L |QJ|UPHNOH ELUOLNWH HWLN LONHOHULQ EDûDUÖ\OD
X\JXODQDPDPDVÖ GXUXPXQGD WNHWLFL NLWOHQLQ YH D\QÖ ]DPDQGD \D\ÖQFÖQÖQ KDNODUÖQÖQ
NRUXQPDVÖ DPDFÖ\OD ROXûWXUXOPDNWDGÖU +XNXN NXUDOODUÖ HWLN LONHOHULQ LûOH\LûLQH NDWNÖGD
EXOXQDUDN PHG\DQÖQ |]JU YH JoO ROPDVÖ \ROXQGD RUWD\D oÖNDFDN HQJHOOHUL RUWDGDQ
NDOGÖUPD\ÖDPDoODPDNWDGÖU
%X
PH\DQGD
ROXûWXUXODQ
KXNXN
NXUDOODUÖQÖQ
oHUoHYHVLQL
oL]HQ
LNL
WHPHO
GRNPDQGDQ ELULVL RODQ %LUOHûPLû 0LOOHWOHU ´ùQVDQ +DNODQ (YUHQVHO %LOGLUJHVLµQLQ PDGGHVLQLQLNLQFLEHQGLQGHûXLIDGH\HUDOPÖûWÖU
+HUNHVKDNODUÖQÖYH|]JUONOHULQLNXOODQÖUNHQDQFDNEDûNDODUÖQÖQKDNYH
|]JUONOHULQLQ JHUHøLQFH WDQÖQPDVÖ YH EXQODUD VD\JÖ J|VWHULOPHVLQLQ
VDøODQPDVÖ GHPRNUDWLN ELU WRSOXPGD JHQHO DKODN YH NDPX G]HQL\OH
JHQHO
UHIDK
JHUHNOHULQLQ
NDUûÖODQPDVÖ
DPDFÖ\OD
\DVD\OD
EHOLUOHQPLû
VÖQÖUODPDODUDEDøOÖRODELOLU
+XNXN NXUDOODUÖ ELU \DQGDQPHG\DQÖQ KDEHU YH GûQFHOHUL VHUEHVWoH DoÖNOD\DELOPH
|]JUOøQ |WH \DQGDQ LVH NDPXQXQ KÖ]OÖ GRøUX YH \DQVÖ] ELOJL\H XODûPD oÖNDUODUÖQÖ
J|]HWHUHNROXûWXUXOPXûWXU
7HPHOGH JD]HWHFLOLN PHVOHøL LoLQ ROXûWXUXODQ HWLN LONHOHU \D\ÖQFÖOÖøÖQ JHOLûPHVL LOH
\D\ÖQFÖOÖN
PHVOHøLQH
|]J
GHøLûLNOLNOHU
\DSÖODUDN
J|UVHO
YH
LûLWVHO
DODQGD
GD
X\JXODQPD\DEDûODQPÖûWÖU
ùûWH EX QHGHQOHGLU NL \D\ÖQFÖOÖN DODQÖ JHOHQHNVHO RODUDN PHG\D VHNW|UQQ GLøHU
E|OPOHULQGHQ GDKD ID]OD KXNXNL G]HQOHPHOHUH WDEL WXWXOPXûWXU %XUDGDNL HWNHQ
\D\ÖQÖQ EHOLUJLQ YH GLUHNW HWNLVL NDGDU NOWUHO YH VRV\DO UROGU %XQXQOD ELUOLNOH |]
GHQHWLP NXUDOODUÖQÖQ |QFHOLNOL RODUDN EDûDUÖOÖ YH JHUHNOL ROGXøX \D\ÖQ DODQODUÖ GD YDUGÖU
5DG\RYH7HOHYL]\RQhVW.XUXOX8OXVODUDUDVÖùOLûNLOHU'DLUHVL%DûNDQÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
$QFDN ED]Ö DODQODUGD |UQHøLQ \D\ÖQFÖODU WDUDIÖQGDQ NLûLQLQ |]HO KD\DWÖQÖQ JL]OLOLøLQLQ
LKODOLNLûLQLQûHUHIYHKD\VL\HWLQLQHWNLOHQPHVLNDPX\DUDUÖQÖQYHoRFXNODUÖQNRUXQPDVÖ
NRQXODUÖQGDHWLNNRGODUoRøX]DPDQ\HWHUVL]NDOPDNWDKXNXNLNXUDOODUNDEXOHGLOHELOLU
KDWWD JHUHNOL ROPDNWDGÖU $QFDN XQXWXOPDPDOÖGÖU NL KXNXNL NXUDOODUOD HWLN NRGODU
DUDVÖQGD DoÖN ELU X\XP YH ELUELULQL WDPDPOD\DQ ELU LOLûNL YDUGÖU EX |]HOOLøLQ
GHVWHNOHQPHVLPHG\DQÖQNDPXR\XQXQJ|]QGHJYHQLOLUOLøLQLDUWWÖUDFDøÖJLELPHG\D
VWDQGDUWODUÖQÖQ\NVHOPHVLQLGHGRøUXGDQHWNLOH\HFHNWLU
<D]ÖOÖ EDVÖQGD ROGXøX JLEL J|UVHO YH LûLWVHO PHG\D DODQÖQÖQ GD DQD LûOHYL RODQ
NDPXQXQLIDGHYHKDEHUDOPD|]JUOøQQNXOODQÖOPDVÖLNLQFLoHUoHYHGRNPDQRODQ
´$YUXSD
ùQVDQ
+DNODUÖ
6|]OHûPHVLµQLQ
PDGGHVLQLQ
ELULQFL
SDUDJUDIÖQGD
G]HQOHQPLûWLU6|]NRQXVXLONSDUDJUDIWD
+HUNHV J|UûOHULQL DoÖNODPD YH DQODWPD |]JUOøQH VDKLSWLU %X KDN
NDQDDW |]JUOøQ NDPX RWRULWHOHULQLQ PGDKDOHVL YH ONH VÖQÖUODUÖ V|]
NRQXVXROPDNVÖ]ÖQKDEHUYH\DIÖNÖUDOPDYHYHUPH|]JUOøQGHLoHULU
%X PDGGH GHYOHWOHULQ UDG\RWHOHYL]\RQ YH VLQHPD LûOHWPHOHULQL ELU L]LQ
UHMLPLQHWDELWXWPDODUÖQDHQJHOGHøLOGLU
LNLQFLSDUDJUDIWDLVH
.XOODQÖOPDVÖ J|UHY YH VRUXPOXOXN \NOH\HQ EX |]JUONOHU GHPRNUDWLN
ELU WRSOXPGD ]RUXQOD WHGELUOHU QLWHOLøLQGH RODUDN XOXVDO JYHQOLøLQ
WRSUDN EWQOøQQ YH\D NDPX JYHQOLøLQLQ NRUXQPDVÖ DVD\LûVL]OLøLQ
YH\DVXoLûOHQPHVLQLQ|QOHQPHVLVDøOÖøÖQYH\DDKODNÖQEDûNDODUÖQÖQQYH
KDNODUÖQ NRUXQPDVÖ JL]OL NDOPDVÖ JHUHNHQ KDEHUOHULQ \D\ÖOPDVÖQD HQJHO
ROXQPDVÖ YH\D \DUJÖ JFQQ RWRULWH YH WDUDIVÖ]OÖøÖQÖQ VDøODQPDVÖ LoLQ
NDQXQOD
|QJ|UOHQ
ED]Ö
IRUPDOLWHOHUH
ûDUWODUD
VÖQÖUODPDODUD
YH
\DSWÖUÖPODUDEDøODQDELOLU
GHQLOPHN VXUHWL\OH EX |]JUONOHULQ NXOODQÖPÖQD KXNXNL VÖQÖUODPDODU JHWLULOPHNWH GDKD
GRøUXVX|]JUOøQVÖQÖUODUÖoL]LOPHNWHGLU
$\UÖFD ´ùQVDQ +DNODQ 6|]OHûPHVLµQLQ ´|]HO KD\DWD VD\JÖ KDNNÖµQÖ G]HQOH\HQ PDGGHVL ´DGLO \DUJÖODQPD KDNNÖµQÖ G]HQOH\HQ PDGGHVL YH ED]Ö GLøHU PDGGHOHU
PHG\D WDUDIÖQGDQ HWLN NRGODU RODUDN \D\ÖQODUÖQ G]HQOHQPHVLQGH GLNNDWH DOÖQGÖøÖ JLEL
$YUXSD.RQVH\L·QLQKXNXNLG]HQOHPHOHULQGHWHPHOND\QDNODUÖQÖWHûNLOHWPHNWHGLU
%X oHUoHYHGH \D\ÖQFÖOÖNWD HWLN LONHOHULQ JoOHQGLULFLVL YH WDPDPOD\ÖFÖVÖ RODUDN
JHWLULOHQ \D]ÖOÖ KXNXN NXUDOODUD YH $YUXSD·GD \D\ÖQFÖOÖN PHY]XDWÖQÖQ EX DoÖGDQ
LQFHOHQPHVLQH EDNWÖøÖPÖ]GD $YUXSD·GD J|UVHO PHG\DQÖQ G]HQOHQPHVLQH LOLûNLQ LNL
DQD KXNXNL EHOJH EXOXQPDNWDGÖU %LULQFLVL $YUXSD %LUOLøL \H GHYOHWOHUL QH]GLQGH
JHoHUOL RODQ ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ 'LUHNWLILµ LNLQFLVL LVH $YUXSD
.RQVH\L·QH \H GHYOHWOHULQ oRøXQXQ WDUDI ROGXøX ´$YUXSD 6ÖQÖU|WHVL 7HOHYL]\RQ
6|]OHûPHVLµGLU%XQODUÖQ\DQÖVÖUD$YUXSD.RQVH\L·QLQWDYVL\HNDUDUODQGHNODUDV\RQYH
NDUDUODQLOH$YUXSD3DUODPHQWRVX·QFDDOÖQDQNDUDUODUÖGD$YUXSDG]H\LQGHROXûWXUXODQ
\DVDO PHY]XDW RODUDN GHøHUOHQGLUHELOLUL] %X KXNXNL EHOJHOHU EDøOD\ÖFÖ ROPDPDNOD
ELUOLNOH\ROJ|VWHULFL|]HOOLNWHGLU
$YUXSD PHY]XDWÖQÖ LQFHOHUNHQ |QFHOLNOH ´$YUXSD 6ÖQÖU 7DQÖPD\DQ 7HOHYL]\RQ
'LUHNWLILQLµHOHDODOÖP'LUHNWLIWHJHQHOGHWHNQLNKXVXVODU\HUDOPDNODELUOLNWH|]HOOLNOH
·GH\DSÖODQGHøLûLNOLNOHUoHUoHYHVLQGHGDKDJHQLûNDSVDPOÖG]HQOHPHOHUHJLGLOPLû
WHPHO KDNODU JDUDQWL DOWÖQD DOÖQPÖû NoNOHULQ NRUXQPDVÖQD YH UHNODPODUD LOLûNLQ
úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
SUHQVLSOHU JHQLûOHWLOPLûWLU &HYDS KDNNÖ YH PHG\DGD ûLGGHW J|VWHULPL GÖûÖQGD GLøHU HWLN
NRGODUÖQG]HQOHQPHVLWRSOXOXN\HOHULQLQLoKXNXNX\JXODPDODUÖQDEÖUDNÖOPÖûWÖU
ùNLQFL PHY]XDW RODUDN HOH DODFDøÖPÖ] YH 7UNL\H·QLQ GH WDUDI ROGXøX ´$YUXSD
6ÖQÖU|WHVL 7HOHYL]\RQ 6|]OHûPHVLµQLQ |QV|]QGH LIDGH YH KDEHU DOPD |]JUOøQQ
\D\ÖQFÖQÖQ EDøÖPVÖ]OÖøÖQÖQ oRøXOFXOXN YH IÖUVDW HûLWOLøLQLQ |QHPL YXUJXODQPÖû YH
EXQODUÖQ NRUXQPDVÖ LoLQ JHUHNOL |QOHPOHU VÖUDODQPÖûWÖU 6|]OHûPHQLQ |QV|]QGH
YXUJXODQDQ
EX
WHPHO
SUHQVLSOHU
$YUXSD
\D\ÖQ
RUWDPÖQÖQ
RUWDN
GHøHUOHULQL
ROXûWXUPDNWDGÖU
%X oHUoHYHGH ´\D\ÖQFÖQÖQ VRUXPOXOXNODUÖµQÖ EHOLUOH\HQ PDGGHVLQGH WHPHO HWLN
LONHOHUH UHIHUDQV YHULOHUHN ´SURJUDP KL]PHWOHULQLQ VXQXû YH LoHULN EDNÖPÖQGDQ EWQ
XQVXUODU LQVDQ RQXUXQD YH WHPHO LQVDQ KDNODUÖQD VD\JÖOÖ RODFDNWÖUµ GHQLOPHNWHGLU $\QÖ
PDGGHGHYXUJXODQDQELUGLøHU|QHPOLKXVXVKDEHUOHUHLOLûNLQROXS´\D\ÖQFÖKDEHUOHUGH
JHUoHNOHU YH ROD\ODUÖQ GRøUX RODUDN VXQXOPDVÖQÖ VDøOD\DFDN YH |]JUFH NDQDDW
ROXûXPXQX
WHûYLN
HGHFHNWLUµ
LIDGHVL\OH
GRøUX
KDEHULQ
\DSÖOPDVÖ
YH
L]OH\LFL\H
DNWDUÖOPDVÖ JYHQFH DOWÖQD DOÖQPÖûWÖU $\UÖFD \LQH PDGGHGH ÖUNoÖOÖN YH ûLGGHWLQ
WHûYLNLQL\DSDQSURJUDPODUD\HUYHULOPH\HFHøLEHOLUWLOPHNWHGLU
$\QÖ V|]OHûPHQLQ ´&HYDS +DNNÖµ EDûOÖNOÖ PDGGHVL FHYDS KDNNÖQÖ JDUDQWL DOWÖQD
DOPDNWD YH EX KDNNÖQ QDVÖO NXOODQÖODFDøÖQÖ EHOLUOHPHNWHGLU $\UÖFD HWLN LONHOHU
´5HNODPODU YH 7HOHDOÖûYHULûµ EDûOÖNOÖ E|OPQQ PDGGHVLQGHNL KXNXNL NXUDOODUOD
GDGHVWHNOHQPHNWHGLU
%X LNL PHY]XDWD HN RODUDN ³D] |QFH GHøLQGLøLP JLEL³ $YUXSD .RQVH\L 0HG\D
%|OP·QQ \H GHYOHWOHULQ \HWNLOL NXUXPODUÖQÖQ \HU DOGÖøÖ NRPLV\RQ oDOÖûPDODUÖ
VRQXFXQGD G]HQOHQHQ WDYVL\H NDUDUODQ GD $YUXSD·GD RUWDN LONHOHULQ ROXûPDVÖQÖ
VDøODPDNWDGÖU +XNXNL EDøOD\ÖFÖOÖøÖ ROPD\DQ DQFDN GHYOHWOHULQ NHQGL Lo KXNXNODUÖQÖ
ROXûWXUPD DûDPDVÖQGD ÖûÖN WXWDQ YH $YUXSD oDSÖQGD ELU ELUOLN VDøODPD\Ö DPDoOD\DQ EX
WDYVL\H NDUDUODUÖ LoLQGH HWLN LONHOHULQH \|QHOLN |QHPOL NDUDUODU YDUGÖU gUQHøLQ \ÖOÖQGD oÖNDUÖODQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´JD]HWHFLOHULQ KDEHU ND\QDøÖQÖ DoÖNODPDPD
KDNNÖµQD LOLûNLQGLU ·GD \D\ÖQODQDQ 6D\ÖOÖ 7DYVL\H .DUDUÖ ´PHG\DGD VHoLP
NDPSDQ\DODUÖQÖQYHULOPHVLQGHNL|QOHPOHUµLNDSVDPDNWDGÖU<LQH·GDNDEXOHGLOHQ
6D\ÖOÖ.DUDUGD´PHG\DGDoRøXOFXOXøXQWHûYLNLQH\|QHOLN|QOHPOHUµ\ÖOÖQGDNDEXO
HGLOHQ ÖUNoÖOÖN PHG\DGD ûLGGHW J|VWHULPL JLEL WDYVL\H NDUDUODQ EX NDUDUODU DUDVÖQGD
VD\ÖODELOLU
h\H ONHOHULQ HWLN NRGODUÖQÖ Lo KXNXN G]HQOHPHVL KDOLQH JHWLUPHOHUL LVH EX
NXUDOODUÖ
\D\ÖQFÖOÖNOD
LOJLOL
\DVDODUÖ
YH
EX
\DVDODUÖQ
X\JXODQPDVÖQD
LOLûNLQ
\|QHWPHOLNOHULQH GDKLO HWPHOHUL ûHNOLQGH ROPDNWDGÖU gUQHøLQ ONHPL]GH \D\ÖQFÖOÖN
VHNW|UQ G]HQOH\HQ 6D\ÖOÖ <DVD·QÖQ PDGGHVLQGH \HU DODQ ´<D\ÖQ ùONHOHULµQLQ
oHûLWOL EHQWOHUL HWLN NRGODUÖQ \D]ÖOÖ YH EDøOD\ÖFÖ QRUPODU KDOLQGH G]HQOHQPHVLGLU %X
VDGHFH 7UNL\H·\H PDKVXV ELU GXUXP ROPD\ÖS KHPHQ KHPHQ EWQ $YUXSD
ONHOHULQGHHWLNNRGODU\D\ÖQ\DVDODUÖQGDX\XODFDNQRUPODURODUDNEHOLUOHQPLûWLU
$YUXSD·GD \D\ÖQFÖOÖNWD X]XQ YDGHGH DPDoODQDQ KHGHI \D]ÖOÖ EDVÖQGD ROGXøX JLEL
WHOHYL]\RQGD YH GLøHU HOHNWURQLN RUWDPODUGD ùQWHUQHW JLEL GHYOHW G]HQOHPHOHULQH
LKWL\Do NDOPDPDVÖ YH PHVOHN PHQVXSODUÖQFD ROXûWXUXODQ |]GHQHWLP PHNDQL]PDODUÖQÖQ
HWNLOL ROPDVÖGÖU %X NRQXGD J|UVHO YH LûLWVHO PHG\DGD UHNODP DODQÖQGDNL |]GHQHWLP
PHNDQL]PDODUÖ $YUXSD %LUOLøL YH XOXVDO G]H\GH ROGXNoD JoOGU %XQXQ GD VHEHEL
UHNODP SDVWDVÖQÖ SD\ODûDQ EWQ WDUDIODUÖQ JoO ELU ûHNLOGH |UJWOHQPLû ROPDVÖ YH
ELUELUOHULQL ROXPOX ELU ûHNLOGH HWNLOHPHOHULGLU $\UÖFD UHNODPODUD LOLûNLQ HWLN LONHOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
G]HQOH\HQ8OXVODUDUDVÖ7LFDUHWgUJW,&&YH8OXVODUDUDVÖ5HNODP%LUOLøL,$$JLEL
EHQ]HULNXUXOXûODUGDXOXVDOPHNDQL]PDODUDGHVWHNYHUPHNWHGLU
*|UVHO YH LûLWVHO DODQGD GHYOHW GHQHWLPLQLQ WDPDPHQ NDOGÖUÖOPDVÖ GHUHJODV\RQ
KHGHILQHXODûDELOPLûWHNONH$%'·GLU$%'·GHEXKHGHIHQDVÖOXODûÖOGÖøÖQÖQDoÖNODPDVÖ
û|\OH RODELOLU $%' ·OÖ \ÖOODUGDQ EDûOD\DUDN FLGGL YH ROGXNoD NDWÖ UHJODV\RQODU
NR\PXû YH RQODUÖ \LQH D\QÖ FLGGL\HWOH <D\ÖQ 2WRULWHVL )&& HOL\OH X\JXODPÖûWÖU $QFDN
·OL \ÖOODUÖQ VRQXQD JHOLQGLøLQGH \D\ÖQFÖODUGDQ NHQGL VHNW|UOHULQGHNL HWLN NXUDOODUÖQ
EHOLUOHPH YH X\JXODPD LVWHøL GX\XOPD\D EDûODQPÖûWÖU 6HNW|U EX NRQXGD ÖVUDUOÖ ROPXû
YH ·GD ´<D\ÖQFÖOÖN <DVDVÖµQGD ED]Ö \HQL G]HQOHPHOHU \DSÖOÖUNHQ SROLWLND RODUDN
GHYOHWoH
HPSR]H
HGLOHQ
VLVWHPLQ
\HULQH
|]GHQHWLPGHUHJODV\RQ
VLVWHPLQLQ
JHWLULOPHVL ELU VWUDWHML RODUDN EHOLUOHQPLûWLU .|NO ELU JHOHQHøL RODQ VHNW|U $%'·GH
EXQXEDûDUPÖûWÖU$QFDNO(\OOWUDMHGLVLQGHQVRQUDPH\GDQDJHOHQJHOLûPHOHULQ$%'
<D\ÖQ6HNW|UQHGHQHWUG]HQOHPHOHUJHWLUHFHøLWDUWÖûPDOÖGÖU
%XWHNLO|UQHNWHQVRQUD$YUXSD·GDNLGXUXPDEDNPDNJHUHNLUVH$YUXSD·GDGD\D\ÖQ
JHOHQHNOHUL RODQ ONHOHU YDUGÖU DQFDN $YUXSD %LUOLøL UHDOLWHVL E|\OH N|NO JHOHQHøL
ROPD\DQ $YUXSD ONHOHULQL LOH UHVPLQ LoLQH GDKLO HWPLûWLU $YUXSD·GD SHN oRN ONH
KHQ] UHJODV\RQODUÖQÖ ROXûWXUPD \D\ÖQ \DVDODUÖQÖ oÖNDUWPD YH \D\ÖQ VHNW|UQ
G]HQOHPHDûDPDVÖQGDGÖU<LQHGH|]GHQHWLPVLVWHPLQLQUHJODV\RQVLVWHPOHULQLQ\DQÖ
VÖUD \HûHUPHVL YH \HUOHûPHVL LoLQ oDOÖûPDODU \DSÖOPDNWDGÖU %X NRQXGD )UDQVD ELU DUD
VLVWHP|QHUPLûROXSX\JXODPD\DNR\PD\DEDûODPÖûWÖU2UWDNG]HQOHPHFRUHJODWLRQ
DGÖ YHULOHQ VLVWHP KXNXNL G]HQOHPHOHULQ GHYOHW LOH \D\ÖQ VHNW|UQFH RUWDN RODUDN
\DSÖOPDVÖQÖ |Q J|UPHNWHGLU 'LøHU $YUXSD ONHOHULQGH GH EX VLVWHPL GHVWHNOH\HQ ELU
\DNODûÖPJ|UOPHNWHGLU
%XGXUXPGDVRUXKXNXNNXUDOODUÖPÖHWLNLONHOHUPLVRUXVXGXU"%XUDGDWDUWÖûÖOPDVÖ
JHUHNHQ HWLN NXUDOODUÖQÖQ GD\DQDøÖGÖU (WLN LONHOHUL \DOQÖ]FD GDYUDQÖû NRGX RODUDN
GHøHUOHQGLUPHPHN JHUHNLU DUWÖ YH\D HNVL \DSWÖUÖPODUÖ GD YDUGÖU (WLN LONHOHU LQVDQ
GDYUDQÖûÖQÖQ GRøUXODUÖ YH \DQOÖûODUÖ\OD LOJLOL LONHOHULQ PDNXO NDYUDPODUD GD\DQDUDN
QHVQHOOLN YH WDUDIVÖ]OÖNOD X\JXODQPDVÖ\OD LOJLOLGLU %X PHVOHNWH HWLN LONHOHUH VDKLS
ROPDQÖQ QLKDL JHUHNoHVL GDKD |QFH GH EHOLUWWLøLP JLEL PHVOHNL NDOLWH\L JYHQFH DOWÖQD
DOPDNWÖU
%X LIDGHGHQ \ROD oÖNDUDN \D\ÖQFÖODUÖQ WRSOXPD NDUûÖ RODQ |GHYLQLQ |QFHOLNOH
WRSOXPX ELOJLOHQGLUPHN YH VRQUD HøOHQGLUPHN ROGXøXQX V|\OH\HELOLUL] +HU QH NDGDU
7UNL\H·GH ELUoRNPHG\D NXUXOXûX EX|GHYL |QFH HøOHQGLUPHN YH VRQUD ]DPDQ NDOÖUVD
HøLWPHN RODUDN GHøHUOHQGLUVH GH GQ\DGD NDPX \DUDUÖ J|]HWHQ NDPX \D\ÖQFÖOÖøÖ
QRV\RQXJHUHNHQGHøHUL\HQLGHQND]DQPDNWDGÖU
*HOLûPLû ONHOHUGH HWLN LONHOHU X\JXODPDGD |Q SODQD oÖNDUNHQ JHOLûPHNWH RODQ
ONHOHUGH HWLN LONHOHU \HWHULQFH X\JXODQPDPDNWDGÖU %XQXQ QHGHQL JHOLûPLû ONHOHUGH
HWLN LONHOHULQ X\JXOD\ÖFÖVÖ |]GHQHWLP NXUXOXûODUÖQÖQ \DSÖODUÖQÖQ JoO ROPDVÖ YH
\DSWÖUÖPODUÖQÖQ KXNXN NXUDOODUÖQD JHUHN NDOPD\DFDN ûHNLOGH FD\GÖUÖFÖ ROPDVÖGÖU $\UÖFD
JHOLûPLû ONHOHUGH WRSOXP ELOLQFLQLQ YH HøLWLP VHYL\HVLQLQ \NVHN ROPDVÖ VRUJXODPD YH
NDOLWH\L WDOHS HWPH ROJXVXQX JoO NÖOPDNWD EX GD \D\ÖQFÖQÖQ GDYUDQÖû NRGODUÖQD VÖNÖ
VÖNÖ\D EDøOÖ NDOPDVÖQÖ VDøODPDNWDGÖU 'ROD\ÖVÖ\OD WNHWLFL NRQXPXQGDNL L]OH\LFLQLQ
\D\ÖQODU ]HULQGHNL HWNLVL HWLN LONHOHUH X\XOPDVÖ VUHFLQGH HQ HWNLOL GHQHWLP ûHNOL
ROPDNWDGÖU
6RQXo RODUDN ELOJL YH HQIRUPDV\RQ ELU JoWU YH WRSOXPXQ HQ |QHPOL LKWL\DFÖGÖU
'|UGQF NXYYHW NLPL ]DPDQGD ELULQFL NXYYHW RODUDN GHøHUOHQGLULOHQ PHG\DQÖQ EX
JF DGLO RODUDN NXOODQPDVÖ YH GRøUXOXN YH WDUDIVÖ]OÖN NRQXVXQGD JYHQLUOLOLøLQL
úHEQHP%LOJHW³0HG\DGD(WLN6RUXQODUÖQd|]PQGH$YUXSD3ODWIRUPODUÖQGD2OXûWXUXODQgQHULOHU
ND\EHWPHPHVL KXNXN NXUDOODUÖQÖQ YH HWLN LONHOHULQ ELUOLNWH YH X\XPOX oDOÖûPDVÖQD
EDøOÖGÖU
$KODN(QGVWULVL
3URI'U6DEUL%\NGYHQFL ,
$KODNÖQ QHOLøLQH \|QHOLN \DSPD\D oDOÖûWÖøÖP VRUJXODPD GHQHPHVL HQGVWULOHûHQ ELU
DKODN DQOD\ÖûÖ QRNWDVÖQD EHQL JHWLUGL %X GHQHPHGH WHPHOH DOGÖøÖP YDUVD\ÖP PDVXP
]DUDUVÖ]
YDUOÖNODU
ROPDGÖøÖPÖ]
DVOÖQGD
PDVXP
]DUDUVÖ]
YDUOÖNODUÖQ
\DûDPODUÖQÖ
VUGUHPH\HFHøLGLU
7DULKVHO VUHoWH DKODN DUD\ÖûODUÖ DKODNVDO V|\OHPOHULQ WHPHOOHQGLULOPHVL \D H\OHPL
\DSDQ|]QHQLQPXWOXOXøXQDoÖNDUÖQDGD\DQGÖUÖOPÖû\DGDH\OHPLQNHQGLOLøLEXH\OHPGH
YDU ROGXøX NDEXO HGLOHQ ´L\LOLNµ WHQ oÖNÖû DOPÖûWÖU %LULQFL WUGHQ JHUHNoHOHQGLUPHQLQ
WLSLN |UQHøLQL 3ODWRQ·GD J|U\RUX] 3ODWRQ·GD DKODN JHWLUGLøL \DUDUOD WHPHOOHQGLULOLU
´1LoLQE|\OHH\OHPHOL\LP"µVRUXVXEX\DNODûÖPÖQWHPHOVRUXVXGXUWÖSNÖUDKDWVÖ]OÖøÖPD
L\L JHOHFHøLQH LQDQGÖøÖP LoLQ EHOLUOL LODoODUÖ DOPDP JLEL %XQD NÖVDFD LVWHGLøLP
DU]XODGÖøÖP ELU ûH\H \RO DoDFDøÖQD LQDQGÖøÖP LoLQ |\OH H\OHPHN GHQHELOLU <D GD VDOW
KRûODQGÖøÖPLoLQ|\OHH\OHPHNWH\LPVHYLûPHNJLEL
%X \DNODûÖPODUGD RUWD\D oÖNDQ WHPHO VRUXQODUÖQ DKODN NDYUDPÖQGDNL DQODP
G|QûPOHULQLQ GH DVÖO QHGHQL ROGXøXQX GûQ\RUXP %XUDGD |QHPOL J|UGøP
´NLOLWµ WHULP ´\NPOONµWU ELU ûH\LQ NHQGLOLøL NHQGL LoLQGH L\L ROPDVÖ |\OH H\OHPH
\NPOOøQ ]RUXQOX NÖOPÖ\RU %LU EDûND GH\LûOH |\OH H\OHPHN JHUHNOLOLøLQLQ
GX\XPVDQPDVÖ ]RUXQOX GHøLO (\OHPLQ \DSÖOPDVÖ DQFDN RQX \DSPD DU]XVXQGDQ
LVWHPLQGHQ oÖNÖûÖQÖ DODELOLU (\OHPLQ L\L ROGXøXQXQ WDQÖQPDVÖ RQXQ GRøUX ROGXøX
DQODPÖQD GD JHOPH] dQN H\OHPLQ GRøUXOXøXQX GHøHUOHQGLUPHN EXQXQ VRQXoODUÖQÖ
WDPRODUDNL]OHPH\LJHUHNWLULU
$\UÖFD LOLûNLOHUH EDøOÖ RODUDN oHûLWOL WUGHQ \NPOONOHU YDU oRøX GD JHoPLû
HGLPOHULPL]OH EDøODQWÖOÖ JHUL |GHPH \NPOOø JLEL %X NRQXGD YHUGLøLPL] V|]OH
LOJLOL $PD JHUoHøL V|\OHPH \NPOOøQGH E|\OH ELU LOLûNL V|] NRQXVX GHøLO &HVDUHW
DOoDNJ|QOOON DoJ|]OON ELOJL VHYJLVL GH |\OH <NPOON GX\JXVX DPDFÖ GD
RUWDGDQNDOGÖUÖ\RU$PDoYDUOÖøÖQÖDU]XODGÖøÖPÖ]EL]LH\OHPHLWHQDU]X\VD\NPOON
GX\JXVX\OD H\OHGLøLPL] VUHFH ELU DPDoWDQ \RNVXQX] GHPHNWLU 'DKDVÖ \NPOON
ELOLQFLJHOLûPLûDKODNVDOELU|]QH·\LJHUHNWLULU2\VDLQVDQIDUNOÖJHOLûPHGHUHFHOHULQGH
%LUNDo \NPOOøQ EHQLPVHQPHVL LoVHOOHûPHVL EX QHGHQOH RODQDNVÖ] J|UQ\RU
<NPOON EHQLPVHQPLû ROVD ELOH EXQX JHUoHNOHûWLUPHN LoLQ QH \DSÖOPDVÖ JHUHNWLøL
DoÖN GHøLO 6|]JHOLPL NHQGLPL]L GDKD L\L ELU LQVDQ NÖOPD \NPOOø QLoLQ YH QDVÖO
H\OHPHPL] JHUHNWLøLQL DQODPDPÖ]Ö ]RUXQOX NÖOPD] dRøX ]DPDQ GD \NPOON
´%HQµGHNL LVWHNOH oDWÖûÖU $ULVWRWHOHV·LQ L\L LQVDQ WDQÖPÖQÖ WHPHOH DOVDN \DûDPGDNL WHN
LûLPL] NHQGLPL]L JHOLûWLUPHN ROXU .DUûÖODQPDVÖ RODQDNVÖ] ELUûH\ *HUoHN \DûDPODSHN
LOLûNLVL ROPD\DQ VDOW DNDGHPLN ELU J|Uû %XQD J|UH DKODN VDQNL NHQGL EDûÖQD ELU ûH\
NHQGL NHQGLQH YH NHQGL LoLQ YDUPÖû JLEL <DûDPGDQ \DOÖWÖOPÖû ELU DKODN dRN ID]OD L\L
ROPD\D oDOÖûPDN GRøDO RODUDN GHQJH\L ER]DU YH \DûDPGDQ VDSPDODUD \RO DoDU
<DûDPGDNL oRøXOFXOXøX oHûLWOLOLøL WHN ELU LONH\H EDøODPD JLULûLPOHUL \DûDPD NDUûÖ
\DSÖODQ ELU KDNVÖ]OÖNWÖU %X ]HQJLQOLN YH oHûLWOLOLN GRøDO RODUDN oDWÖûPDODUÖ oHOLûNLOHUL GH
$QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LoLQGH WDûÖU <DûDP WHN EWQFO ELU DKODNÖQ LoLQH VÖøPD\DFDN GHQOL JHQLûWLU %X
QHGHQOH \DûDPD D\NÖUÖ GûHQ DKODN \DûDPD \DEDQFÖODûDUDN NDUûÖWÖQD DKODNVÖ]OÖøD
G|QûPûWU
,,
%X |QEHOLUOHPHOHUOH ûX QRNWD\D JHOPH\H oDOÖûÖ\RUXP YDUROXû QHGHQLQL NHQGLQGH
WHPHOOHQGLUHQ DKODNODU \DûDPÖ ÖVNDOD\DUDN N|WOøQ WHPHO QHGHQL ROPXûODUGÖU +HU
DKODN DUD\ÖûÖ JLULûLPL GÖûODGÖøÖ LoLQH DOPDGÖøÖ DPD SDUDGRNVDO ELU ELoLPGH WHPHOH
DOGÖøÖ EHOOL ELU DKODNVÖ]OÖøD GD\DQÖ\RU .HQGLQL WHPHOOHQGLUPHN LoLQ |QFH N|W RODQÖ
DKODNVÖ]RODQÖWDQÖPODPDNODLûHEDûOÖ\RU$KODNVÖ]N|WRODQDKODNOÖL\LRODQÖQ\DUDUÖQD
X\JXQGûPH\HQRQD]DUDUYHUHQRODUDNEHOLUOHQL\RU%|\OHFH\DUDUYHoÖNDUKHUNRûXO
YHEDøODPGDG|QHPGHIDUNOÖOÖNJ|VWHUGLøLLoLQDKODNVÖ]RODQGDVUHNOLGHøLûL\RU
<DûDPÖoÖNDU\DUDULOLûNLVL\XPDøÖRODUDNDOGÖøÖPÖ]GDLQVDQ\DûDPÖGDVUHoLoLQGH
GHøLûHQ HNOHQHQ IDUNOÖ DKODNODUOD SDUoDODQÖU ELU NXOODQÖP QHVQHVL ROXU dÖNDU V|]
NRQXVX ROGXøXQGD D\QÖ ]DPDQGD ELU UDQW GD JQGHPH JHOLU %X UDQWÖQ E\NOø
DKODNVÖ]OÖøÖQ
QH
|OoGH
\D\JÖQODûWÖUÖOÖS
UHWLOGLøLQH
EDøOÖGÖU
5DV\RQHO
RODQOD
|]GHûOHûWLULOHQ \DûDPGD LUUDV\RQHOLQ \DûDP KDNNÖ VÖQÖUODQGÖUÖOÖS ED]HQ GH RUWDGDQ
NDOGÖUÖOÖU%|\OHFHLQVDQGRøDVÖQD\|QHOLNHQE\NDKODNVÖ]OÖN\DSÖOPÖûROXU
,,,
$KODNVÖ]RODQÖQGDEXoÖNDUGDQSD\DOPD\DKDNNÖROGXøXQXGûQ\RUXP7DULKVHO
VUHoWH WDQÖQPD\DQ EX KDNNÖ oDøÖPÖ]GD DKODNVÖ]OÖøÖQ NHQGL DKODNÖQÖ ROXûWXUDUDN JHUL
DOGÖøÖQÖ J|]OHPHNWH\L] 'QQ DKODNVÖ]OÖNODUÖ EXJQ DKODN ROPXûWXU %LU DKODN
HQIODV\RQX LOH NDUûÖ NDUûÖ\D NDOGÖøÖPÖ] ELU ROJX 9H EX ELU VHNW|U KDOLQH JHOPLûWLU
NXûNXVX] KHU VHNW|UGH ROGXøX JLEL EXQXQ GD LKDOHOHUL NUHGLOHUL PWHDKKLWOHUL
WDûHURQODUÖYDUGÖUhUQOHULQSD]DUODQPDVÖQDYHUHNODPÖQDEDøOÖRODUDNN|WYHDKODNVÖ]
RODQDOÖFÖVÖQDJ|UHL\LJ]HORODELOPHNWHGLU
'LQVHO DKODNVHNOHU DKODN WHNQRORML DKODNÖoHYUH DKODNÖ PHG\D DKODNÖELUH\
DKODNÖ KHU ELULQLQ DKODNVDO V|\OHPOHUL ELUELULQH NDUûÖ 7DULKVHO VUHoWH DKODN HUNHNNHQ
´HUNHN ROPDNµ DKODNOÖ\NHQ JQP]GH EXQXQ NDUûÖVÖQD GLNLOLS KDNNÖQÖ LVWH\HQ ´NDGÖQ
DKODNÖµ+HWHURVHNVHODKODNNDUûÖVÖQGDJD\YHOH]EL\HQDKODNÖ
%X UHVPH EDNWÖøÖPÖ]GD HQ D]ÖQGDQ DKODNÖQ ELUELULQH D\NÖUÖ YDUOÖNODUÖ ELU ELUOLøH
EWQOøH J|WUPH LVWHPOHULQGHQ YD]JHoPLû J|UQGøQ V|\OH\HELOLUL] $PD WHN
YD]JHoLOPH\HQ DKODN DUD\ÖûÖ %DQD J|UH EX DUD\Öû NHQGL DKODNVÖ]OÖøÖQGDQ XWDQDQ
|]QHQLQ ELU WU JQDK oÖNDUPD D\LQLQH G|QûW %LU oÖNPD] V|] NRQXVX NRUNX
NÖVNDQoOÖN Do J|]OON KÖUV YH \DUÖûPD ]HULQH NXUXOX ELU WRSOXPVDO \DSÖ ROVD ROVD
DKODNVÖ]OÖN UHWLU $KODN DUD\ÖûÖ GD ]DWHQ EXQXQ PHûUXODûWÖUÖOPDVÖGÖU %XUDGDNL VRUXQ
UHWLOHQEXDKODNVÖ]OÖNODUÖQELUNÖVPÖQÖQHJHPHQELUDKODNDG|QûPHVLGLU$KODNVÖ]OÖøÖQ
DKODNROPDVÖGÖU
,9
6|]Q VRQXQX EDøODPDP JHUHNLUVH VRUXQXQ WHPHOGH WRSOXPVDO \DSÖODUÖQ \HOHULQH
VXQGXøX
GD\DWWÖøÖ
NLPOLNWH
\DWWÖøÖQÖ
GûQ\RUXP
´%HQ
NLPLP"µ
VRUXVXQGD
VRPXWODûDQ EX V|] NRQXVX NLPOLN DQOD\ÖûÖ LQVDQD EHOLUOL \NPOONOHU |GHYOHU
\NO\RU 7HPHO JHUHNoHVLQL GH EHOOL WRSOXPVDO DPDoODUD KL]PHW HWPHNWH EXOX\RU
$KODN LoLQ WRSOXPVDO ELU NLPOLøLQ JHUHNOL ROGXøXQX YDUVD\Ö\RU %|\OHFH \HQL IDUNOÖ
LVWHPOHULQ VRUJXODPDODUÖQ LUGHOHPHOHULQ |Q NHVLOL\RU %X YHULOL HWLN YH SROLWLN NRGODUÖ
VRUJXODPDQÖQ GHøLûWLUHELOPHQLQ \ROXQXQ ´%HQ QL\H E|\OH\LP"µ VRUXVXQGD \DWWÖøÖQÖ
6DEUL%\NGYHQFL³$KODN(QGVWULVL
GûQ\RUXP ùQVDQODU NHQGL NLPOLNOHULQL ROXûWXUPDQÖQ \ROXQX EXOGXNoD DKODNÖQ
DKODNVÖ]OÖøÖGDDûÖOPD\DEDûODQDELOLU%HQYH|WHNLROPD\DQELUEHQ%XQODUÖQGÖûÖQGDYH
VWQGH \DûDPD EDøOÖOÖøÖ WHPHO DODQ ELU EHQ EXQD GD \DûDPVDO EHQ GL\RUXP
6DQÖ\RUXP VRUXQ WHPHOGH \D ´%HQµ \D GD ´|WHNLµ ]HULQH RGDNODQPÖû YH oÖNÖûÖQÖ
EXQODUGDQ DODQ \DNODûÖPODUGDQ ND\QDNODQÖ\RU %X \DNODûÖPODU NHQGLOHULQL NXUDUNHQ
ELUoRN ûH\L GÖûWD EÖUDNÖS ÖVNDOÖ\RU (Q |QFH GH \DûDPÖ <DûDP GQ\DVÖ QHVQHO ELU
GQ\D\D LQGLUJHQHPH] %XUDVÖ ELUH\OHUDUDVÖOÖøÖQ HJHPHQ EHOLUOH\HQ ROGXøX ELU DODQGÖU
PDQWÖNVDO
YH
XVVDO
GûQFHOHULQ
GHøLO
(QGVWULOHûHQ
DKODN
NLUOLOLN
(SLVWHPRORMLNEHQOHULPL]GHQVÖ\UÖOPDQÖQ\ROODUÖQÖEXOPDNGXUXPXQGD\Ö]
UHWL\RU
"
$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU" <UG'Ro'U(UGDO&HQJL]
)HOVHIH \D GD |]HO RODUDN DKODN IHOVHIHVL QH LûH \DUDU" +HUKDQJL ELU VRUXQXQ
o|]PQGH IHOVHIH JQGHOLN ELU DKODNL VRUXQXQ \DQÖWÖQGD DKODN IHOVHIHVL QHUHGH
GXUPDNWDGÖU"
g]HO
RODUDN
DKODN
IHOVHIHVL
GûQOGøQGH
JQGHOLN
DKODN
VRUXQODUÖPÖ]ÖQ o|]PQGH JHUoHNWHQ IHOVHIH\H \D GD IHOVHIHFH ELOJL\H JHUHNVLQLP
GX\XOPDNWDPÖGÖU"*QGHOLN\DûDPÖPÖ]DNDWNÖVÖROPD\DQELUûH\LûH\DUDPD]RODUDNPÖ
HWLNHWOHQPHOLGLU"
$KODN
IHOVHIHVLQLQ
LûH
\DUDUOÖOÖøÖ
X\JXODPD
DODQODUÖQD
J|UH
PL
EHOLUOHQPHOLGLU" 8\JXODPD DODQODUÖ X\JXODPD ELoLPOHULQL JHQHO ELU NXUDPVDO oHUoHYH\H
EDøOÖNDODUDNPÖEHOLUOHPHNWHGLU"(øHUEWQX\JXODPDODUD|UQHNVDøOD\DQELUNXUDPVDO
oHUoHYHGHQ V|] HGLOHELOLUVH EX NXUDPVDO oHUoHYHQLQ HYUHQVHO YH PXWODN ROPDVÖ
JHUHNWLøL VDYXQXOPDOÖ PÖGÖU" (øHU DKODN IHOVHIHVL oHYUH WÖS PHG\D LOHWLûLP YE
X\JXODPD DODQODUÖ LoLQ ELU NXUDPVDO oHUoHYH RODFDNVD EX X\JXODPD DODQODUÖ LoLQ JHoHUOL
RODELOHFHNYDUVD\ÖPODUÖQHOHUROPDOÖGÖU"
%WQ EX VRUXODUÖQ \DQÖWÖ JHQHO RODUDN DKODN IHOVHIHVLQLQ DODQÖQÖQ HøHU X\JXODPD
DODQODUÖYDUVDLûH\DUDUOÖOÖøÖQÖQPHûUXL\HWLQLJ|VWHUHFHNWLU%XoDOÖûPDDKODNIHOVHIHVLQLQ
X\JXODPD DODQODUÖ\OD RODVÖ LOLûNLOHQGLULOPH ELoLPOHULQL YH \|QWHPOHULQL VRUJXODPDNWD
X\JXODPD DODQODUÖQD EDøOÖ RODUDN HWLN \DUJÖODUÖQÖQ PHûUXL\HWLQLQ VDøODQDPD\DFDøÖQÖ LOHUL
VUPHNWH
X\JXODPD
JHQHOOHPHOHULQ
DODQODUÖQGD
HYUHQVHO
YH
EDûDUÖOÖ
PXWODN
VRQXoODU
\DUJÖ
VDøODGÖøÖ
ELoLPOHUL
RODUDN
YDUVD\ÖODQ
NXUDPVDO
WDQÖPODQDPD\DFDøÖQÖ
VDYXQPDNWDGÖU
%LU XøUDûÖQ X\JXODPD DODQÖ NXûNXVX] RQXQ \DUDUÖQÖQ \D GD LûH \DUDUOÖOÖøÖQÖQ V|]
NRQXVX HGLOGLøL YH X\JXODQDELOLUOLøLQLQ GHQHWOHQGLøL DODQGÖU %XQD J|UH KHUKDQJL ELU
XøUDûÖQ LûH \DUDUOÖOÖøÖ \DUDUOÖOÖN V|]FøQGHQ |WU SUDWLN ELU VRUXQOD LOJLOL ROXS
ROPDGÖøÖQD EDøOÖ J|UQPHNWHGLU %X GXUXPGD DKODN IHOVHIHVL ¶SUDWLN ELU VRUXQOD LOJLOL
PLGLU"· ELoLPLQGH VRUX \HQLGHQ VRUXODELOLU %X VRUX GD KHUKDQJL ELU XøUDûÖQ SUDWLN
ROPDVÖ\DGDSUDWLNROPDPDVÖELUEDûNDGH\LûOHSUDWLNROPDVÖ\DGDNXUDPVDOROPDVÖQH
DQODPD JHOPHNWHGLU ELoLPLQH G|QûWUOHELOLU 2 ]DPDQ VRUXODUÖ VRQGDQ EDûD GRøUX
\DQÖWODPDNHQoÖNDU\ROJ|UQPHNWHGLU
<DQÖWD JHQHO ELU D\UÖP \DSÖODUDN EDûODQÖUVD EHONL VRQXFD XODûPDNWD HQ NÖVD \RO
VHoLOPLûRODFDNWÖU%XJHQHOD\UÖPNXUDPVDOYHSUDWLNELOLPOHUDUDVÖQGDoL]LOHELOHFHNELU
D\UÖPGÖU .XUDPVDO ELOLPOHU ûH\OHULQ GRøDVÖ JHQHO \DSÖVÖ YH LûOH\Lû G]HQL KDNNÖQGD
JHQHO LONHOHU \D GD \DVDODU ROXûWXUPD XøUDûÖVÖGÖU ELoLPLQGH WDQÖPODQDELOLU %X XøUDûÖQ
EHOLUJLQ
|]HOOLøL
GLOH
JHWLUPLû
ROGXøX
YDUVD\ÖPODUÖQ
JHQHOOH\LFL
ROPDVÖ
RODUDN
J|VWHULOHELOLU *HQHOOH\LFL |]HOOLNWHNL YDUVD\ÖPODU WDQÖPODPDODUGDQ EHWLPOHPHOHUGHQ
DoÖNODPDODUGDQ \DVDODUGDQ YH JHQHOOHûWLUPHOHUGHQ ROXûXU 3UDWLN ELOLPOHU X\JXODPDOÖ
ELOLPOHUGDKDGRøUXVXNXUDPVDOELOLPOHULQX\JXODPDDODQODUÖRODUDNWDQÖPODQDELOLU$VÖO
DPDFÖ ROPDVD GD NXUDPVDO ELOLPOHULQ WHN WHN ûH\OHUH WLNHO DODQODUD X\JXODQPDVÖ SUDWLN
ELOLPOHUHDODQDoDUgUQHøLQELUWUGRøDELOLPOHULRODQNXUDPVDOELOLPOHULQWHNQRORMLN
%XPHWLQ)HOVHIH'Q\DVÖGHUJLVLQLQVD\ÖVÖQGD´$KODN)HOVHIHVL%LOLPVHOgUQHNOHPH
YH$KODN<DUJÖODUÖQÖQ*HoHUOLOLøLµEDûOÖøÖ\OD\D\ÖPODQPÖûWÖU
$QNDUDhQLYHUVLWHVL'7&))HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DQVÖPDODUÖ SUDWLN ELOLPOHU GHQLOHQ WHNQRORML DODQODUÖQÖ \DUDWPDNWDGÖU ùQûDDW WHNQRORMLVL
\D GD PKHQGLVOLøL RWRPRELO WHNQRORMLVL \D GD PKHQGLVOLøL WÖS WHNQRORMLVL \D GD
PKHQGLVOLøL JLEL 2 ]DPDQ LNLQFL VRUX\D EDNDUDN GRøD ELOLPOHULQLQ LûH \DUDUOÖOÖøÖQÖQ
PKHQGLVOLN X\JXODPDODUÖQGD RUWD\D oÖNWÖøÖQÖ EX \|Q\OH GH SUDWLN VRUXQODUÖQ
o|]PQ VDøODGÖøÖ VDYODQDELOLU ùON VRUX\D G|QOGøQGH IHOVHIHQLQ \D GD DKODN
IHOVHIHVLQLQ LûH \DUDUOÖOÖøÖ V|] HGLOHQ DODQÖQ NXUDPVDO ELOJLVLQLQ QH WUGHQ SUDWLN
VRUXQODUÖQ o|]PQGH NXOODQÖOGÖøÖQD GD\DQPDNWDGÖU 1H \DSPDP JHUHNLU GL\H LQVDQÖQ
NHQGLVLQH \|QHOWWLøL ELU VRUXQXQ \DQÖWÖ SUDWLN ELU X\JXODPDVÖ RODQ ELU DKODN LONHVLQL
EHQLPVHGLøLQL J|VWHULU YH JQON \DûDPÖQGDNL NDUDUODUÖQÖ GDYUDQÖûODUÖQÖ NÖVDFD SUDWLN
X\JXODPDODUÖQÖ EHOLUOHU úXQX \DSPDN JHUHNLU ELoLPLQGH ELU EX\UXøX ELU |øG \D GD
ELU GLOVHO \DUJÖ\Ö EDûNDVÖQD \D GD EDûNDODUÖQD \|QHOLN RODUDN GLOH JHWLUGLøLQGH VR\XW
JHQHO ELU LONHQLQ YDUOÖøÖQÖ GD GLOH JHWLUPLû ROXU %X GXUXPGD WHPHO DPDFÖQÖQ JQON
\DûDP ROPDGÖøÖ YDUVD\ÖPÖ\OD ELUOLNWH IHOVHIHQLQ VR\XW YH NXUDPVDO ELU HWNLQOLN ROGXøX
V|\OHQHELOLU $QFDN LûH \DUDUOÖOÖN EDNÖPÖQGDQ VUHNOL SUDWLN ELU EDø ROXûWXUPD
]RUXQOXOXøX RUWDGD GXUPDNWDGÖU %HONL IHOVHIHQLQ EXUDGDNL |]HO DQODPÖ\OD DKODN
IHOVHIHVLQLQ JQON \DûDPD LOLûNLQ ROGXøX SUDWLN X\JXODPDODUÖ ROGXøX GûQOHELOLU YH
EX
GûQFH\H
\RO
DoDQ
YDUVD\ÖPODU
ELU
ELoLPGH
WHPHOOHQGLULOHELOLU
GH
%X
WHPHOOHQGLUPH ELU H\OHPLQ DKODNOÖOÖøÖQÖQ JHUHNoHOHQGLULOPHVLQGH NXOODQÖODELOHFHN ELU
DKODNLoHUoHYHQLQYDUOÖøÖQDGD\DQPDNWDGÖU%XoHUoHYHVD\HVLQGHELUH\OHPLQDKODNOÖOÖøÖ
LOH H\OHPLQ GHøHUOHQGLULOGLøL DKODN LONHOHUL DUDVÖQGD ELU EDø ROXûWXUXOPDVÖ RODQDNOÖ
J|UOHELOLU
$KODNIHOVHIHVLQLQJQGHOLN\DûDPODELUEDøÖROGXøXQXVDYODPDQÖQELU\ROX\XNDUÖGD
GHøLQLOHQ NXUDPVDO YH SUDWLN ELOLPOHU DUDVÖQGDNL EDø EHQ]HWPHVL\OH RODQDNOÖ NÖOÖQDELOLU
%X EDø PKHQGLVOLNOH NXUDPVDO ELOLPOHU DUDVÖQGD NXUXODQ EDø JLEL YDUVD\ÖODELOLU
gUQHøLQ IL]LN ELOLPL PKHQGLVOLN X\JXODPDODUÖQGD NXOODQÖODELOLU 6UWQPH NDWVD\ÖVÖ
ELOJLVL RWRPRELO ODVWLøL UHWLPLQGH X\JXODQDELOLU YH NXUDPVDO ELU ELOJL PKHQGLVOLN
X\JXODPDVÖQGDNXOODQÖODUDNSUDWLNNXOODQÖPÖRODQELOLPVHOYHWHNQRORMLNELUUQRUWD\D
NRQXODELOLU%XWUGHQELUNXUDPVDOYHX\JXODPDOÖELOJLPKHQGLVOLN|UQHNOHPHVLRODUDN
WDQÖPODQDELOLU YH EX |UQHNOHPH DKODN IHOVHIHVL LOH X\JXODPDOÖ HWLN DUDVÖQGDNL EDøÖ
PHûUXODûWÖUDELOHFHNELU\|QWHPRODUDNLOHULVUOHELOLU
%X
|UQHNOHPH
NXUDPVDO
\|QQ
VDøÖQ
ELOLPOHUGHQ
DOPDNWDGÖU
\DQL
GRøD
ELOLPOHULQLQ JHOLûWLUPLû ROGXøX JHQHO \DVDODU PKHQGLVOLN ELOLPLQH WLNHO \D GD WHNLO
GXUXPODU LoLQ|UQHNOHPHROXûWXUXU'DKD DoÖN ELU GH\LûOH ELOLPVHO \DVDODUPKHQGLVOLN
HOL\OH SUDWLøH X\JXODQÖU YH SUDWLN ELU VRUXQXQ \DQÖWÖ ELOLPVHO YH XVVDO ELU ELoLPGH \DVD
DUDFÖOÖøÖ\OD o|]OPû ROXU %XQD ELOLPVHO DoÖNODPD PRGHOL GH GHQPHNWHGLU 0RGHO ELU
\|Q\OHGHJHQHO\DVDQÖQGRøUXOXøXQXQJ|VWHULOPHVLQLVDøODUú|\OHNL \DVDDUDFÖOÖøÖ\OD
o|]OHQ VRUXQ \DVDQÖQ JHoHUOLOLøLQL GRøUXOXøXQX SHNLûWLULU %|\OHFH KHP SUDWLN ELU
VRUXQo|]OPûROXUKHPGHJHQHO\DVDPHûUXL\HWND]DQPÖûROXU$\QÖELoLPGHDKODN
IHOVHIHVL GH D\QÖ GRøD ELOLPOHULQLQ \DSWÖøÖ JLEL ELU WDNÖP JHQHO LONHOHU ROXûWXUDELOLU EX
JHQHO LONHOHUGHQ VRPXW DKODN VRUXQODUÖQD LOLûNLQ \DQÖWODU WUHWLOHELOLU YH DKODNL ELU
VRUXQODNDUûÖNDUûÖ\DNDOÖQGÖøÖQGDo|]PJHQHOLONHQLQDUDFÖOÖøÖ\ODYHULOHELOLU6RPXWELU
DKODNL ROD\ JHQHO \DVD\OD DoÖNODQPÖû ROXU D\QÖ ]DPDQGD VRPXW ROD\ GD JHQHO DKODN
LONHVLQLQ JHoHUOLOLøLQL SHNLûWLUPLû ROXU %X GXUXPGD IHOVHIHFL XøUDû HGLQGLøL IHOVHIH
DODQÖQÖQ D\QÖ ELU PKHQGLV JLEL ELU X]PDQÖ RODUDN LûLQL XVVDO JHQHO LONHOHUH EDøOÖ
\DSDQELOLPVHOELUNLûLRODUDNWDQÖPODQDELOLU
$QFDN E|\OH ELU |UQHNOHPHQLQ JHoHUOLOLøL QHGLU" 6DøÖQ ELOLPOHU V|] NRQXVX
ROGXøXQGD EX ELOLPOHULQ X\JXODPD DODQODUÖ\OD LOLûNLOHUL WPGHQJHOLPVHO ELU \DSÖ
(UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU"
VHUJLOHPHNWHGLU 6DøÖQ ELOLPOHU ELU NDYUDPVDO oHUoHYHQLQ \D GD SDUDGLJPDQÖQ ÖûÖøÖQGD
\DUDWÖODQ NXUDPODUÖQ JHoHUOLOLøL VDøODPDN LoLQ GHQHWOHPH DODQODUÖQÖ WDQÖPODPDNWD YH
EHOLUOHPHNWHGLU gUQHøLQ 7KRPDV 6 .XKQ %LOLPVHO 'HYULPOHULQ <DSÖVÖ DGOÖ NLWDEÖQGD
ELOLPVHO ELU XøUDûÖQ \|QWHPOHULQLQ VRUXQODUÖQÖQ YH EDûDUÖ |OoWOHULQLQ EHOLUOHQPHVLQGH
X\JXOD\ÖFÖODUÖQ \D GD X]PDQODUÖQ EDøOÖ ROGXøX ELU SDUDGLJPDQÖQ EHOLUOH\LFL LûOHYLQGHQ
V|] HWPHNWH EHOLUOL ELU SDUDGLJPD DOWÖQGD oDOÖûDQ X]PDQODUÖQ SDUDGLJPDQÖQ RUWD\D
NR\GXøX
VRUXQODUD
YH
RQODUÖQ
o|]POHULQH
NDUûÖ
HOHûWLUHO
ROPD\DQ
ELU
WXWXP
VHUJLOHGLNOHULQL EHOLUWPHNWHGLU %WQ X]PDQODUÖQ NDEXO HWWLøL ELU NDYUDPVDO oHUoHYHQLQ
YDUOÖøÖ NXUDPODUÖQ YH YDUVD\ÖPODUÖQ ROXûWXUXOPDVÖQGD EX NXUDPODUD LOLûNLQ VRUXODU
\DUDWÖOPDVÖQGDGHQHWOHPHDODQODUÖQÖQYH\|QWHPOHULQLQEHOLUOHQPHVLQGHELULQFLOELULûOHY
J|UPHNWHGLU
8\JXOD\ÖFÖODU
GHQHWOHPH
DODQODUÖQÖ
|QJ|UOHELOHQ
NHVWLULOHELOHQ
YH
J|]OHPOHQHELOHQ ELU DODQ RODUDN EHOLUOHPHNWH YH NHQGLOHULQL DODQÖQ X]PDQODUÖ RODUDN
WDQÖPODPDNWDGÖUODU %|\OHFH |UQHNOHPH JHQHO YDUVD\ÖPODUÖQ X]PDQ X\JXOD\ÖFÖODU
WDUDIÖQGDQ
NHVWLULOHELOLU
J|]OHPOHQHELOLU
YH
GHQHWOHQHELOLU
DODQD
X\JXODQPDVÖ\OD
LûOHPHNWHGLU
$\QÖ |UQHNOHPHQLQ DKODN IHOVHIHVLQLQ X\JXODPD DODQODUÖQGDNL JHoHUOLOLøL QHGLU"
gUQHNOHPHQLQ LûOH\HELOPHVL LoLQ |QFHOLNOH ELU SDUDGLJPD\D JHUHNVLQLP GX\XOPDNWDGÖU
$KODNIHOVHIHVLWDULKLQGHSDUDGLJPDVD\ÖODELOHFHNoWHPHO\DNODûÖPGHøLûLNELoLPOHUL\OH
NHQGLOHULQL J|VWHUPLûOHUGLU HUHNVHOFLOLN |GHYFLOLN YH \DUDUFÖOÖN (Q E\N VDYXQXFXVX
$ULVWRWHOHV RODQ HUHNVHOFLOLN EWQ YDUOÖNODUÖQ ELU HUHøL ROGXøXQX LQVDQÖQ HUHøL RODQ
PXWOXOXøXQHUGHPOLOLNWHQJHoWLøLQLYHKHULQVDQÖQDGLOELUWRSOXPGDL\LELU\DûDPVUPH
HUHøL\OH GRQDWÖOGÖøÖQÖ GLOH JHWLUPHNWHGLU gGHYFLOLN LQVDQÖQ XVVDO ELU YDUOÖN ROGXøX
YDUVD\ÖPÖ\OD DKODNÖ LQVDQÖQ NHQGLVLQH YH EDûNDODUÖQD NDUûÖ ELU |GHY VRUXPOXOXøX\OD
GDYUDQPDVÖQÖQ ELOLPL RODUDN WDQÖPODPDNWDGÖU <DUDUFÖOÖN LQVDQODUÖQ NHQGL \D GD
EDûNDODUÖQÖQ PXWOXOXNODUÖQÖ HQ VW G]H\GH JHUoHNOHûWLUPH DPDFÖ\OD DKODN NXUDOODUÖ
JHOLûWLUGLNOHULQL
NXUDOODUÖQ
ND\QDøÖQÖQ
WRSOXPVDO
\DûDP
LoHULVLQGH
EXOXQGXøXQX
YDUVD\PDNWDGÖU .ÖVDFD GHøLQLOHQ EX o \DNODûÖPGDQ HUHNVHOFLOLN YH \DUDUFÖOÖN DKODNÖQ
GLøHU ELOLPOHU JLEL ELOJLVLQL WLNHO \D GD WHNLO DODQODUGD NXOODQÖODELOHFHN ELoLPGH
G]HQOHGLøLQL EX ELOJLQLQ LQVDQODUÖQ JHQHO HøLOLPLQL \DQVÖWWÖøÖQÖ EHOLUWPHNWHGLU %X
\DNODûÖPODUÖQ YDUVD\ÖPODUÖ\OD ELOLP |\NQPHVL YH |UQHNOHPHVL HOH DOÖQPDNWD DKODN
IHOVHIHVLQHX\JXODPDDODQÖDoÖOPD\DoDOÖûÖOPDNWDGÖU
%LOLP|UQHNOHPHVLQLQLûOH\HELOPHVLLoLQ|QFHOLNOHDKODNIHOVHIHVLQLQX\JXOD\ÖFÖODUÖQÖQ
YH X]PDQODUÖQÖQ EHOLUOHQPHVL YH WDQÖPODQPDVÖ JHUHNPHNWHGLU $KODN IHOVHIHVLQLQ
DODQÖQÖQ WDQÖPODQPDVÖ X\JXOD\ÖFÖVÖQÖQ GD DODQÖQÖ WDQÖPOD\DFDNWÖU (øHU DKODN IHOVHIHVL
DKODN WHULPOHULQLQ DKODN NDYUDPODUÖQÖQ GRøDVÖQÖ LoHULøLQL WDQÖPOD\DQ ELU DODQ RODUDN
EHOLUOHQLUVH EX GXUXPGD RQXQ X\JXOD\ÖFÖODUÖ GD NXUDPVDO DQODPGD Lû J|UHQ X]PDQODU
RODUDN WDQÖPODQDFDNWÖU <DQL DKODN IHOVHIHFLOHULQLQ X\JXODPD DODQÖ \LQH NXUDPVDO
oHUoHYH LoHULVLQGH NDODFDNWÖU %X GXUXPGD DKODNL NDUDU YHUPH VUHFL SUDWLN ELU DODQD
GHQN GûWøQGHQ DKODN IHOVHIHFLVLQLQ X]PDQOÖøÖ SUDWLN DODQD \|QHOLN ELU X]PDQOÖN
ROPD\DFDNWÖU
%X
\]GHQ
DKODNL
NDUDU
YHUPH
VUHFLQLQ
X]PDQODUÖ
DKODN
IHOVHIHFLOHULQGHQ|WHGRøUXGDQVUHFLQLoLQGHNDUDUYHUPHGXUXPXQGDRODQODURODFDNWÖU
dQN NLPL LQVDQODU DKODNL GDYUDQÖûWD \D GD NDUDU YHUPHNWH NLPLOHULQH J|UH GDKD L\L
RODELOLUOHUEX GDKD L\L LQVDQODUD DKODN X]PDQODUÖGHQLOHELOLU YH EX X]PDQOÖNODUÖ |]HO ELU
ELOJL\H VDKLS ROPDNWDQ ]L\DGH GX\DUOÖOÖNODUÖQGDQ \D GD EHOOL ELU \DûDP ELoLPLQH DKODN
LONHVLQH EDøOÖOÖNWDQ ND\QDNODQDELOLU %X GXUXPGD DKODN IHOVHIHFLVL DODQÖQÖQ WHN X]PDQÖ
$ULVWRWHOHV1LNRPDNKRV·D(WLN,.LWDS%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
RODUDN
J|UOHPH\HFHN
EHONL
GH
WHVDGIHQ
EX
DODQÖQ
ELU
X]PDQÖ
ROGXøX
V|\OHQHELOHFHNWLU g\OH\VH X]PDQOÖN WHPHOOHQGLUPHVL\OH IHOVHIHQLQ GRøD ELOLPOHULQH
|\NQPHVLQHERûELUNXUXQWXRODUDNNDODFDNWÖUYHE|\OHELUWHPHOOHQGLUPHGûHFHNWLU
ùNLQFL RODUDN DKODNÖQ ELOLP ROPDGÖøÖ GRøD ELOLPOHUL JLEL SUDWLN DODQOD \DQ \DQD
GXUPDGÖøÖ YDUVD\ÖPÖ\OD |UQHNOHPH\H NDUûÖ oÖNÖODELOLU dQN PKHQGLVOLN NDUDUODUÖQGD
IL]LN ELOLPLQLQ \DSWÖøÖ HWNL\OH ELU DKODNL GDYUDQÖûD NDUDU YHUPHGH DKODN IHOVHIHVLQLQ
\DSWÖøÖHWNLD\QÖER\XWWDYHQLWHOLNWHGHøLOGLU$KODNLNXUDOODUELOLP\DVDODUÖJLELGHøLOGLU
oQN DKODN NXUDOODUÖ X]PDQÖQGDQ EDøÖPVÖ] ELU ELoLPGH NHQGL WHNQLNOHULQL YH NHQGL
NDYUDPODUÖQÖ NXOODQDUDN X]XQ GHQH\VHO DUDûWÖUPDODU VRQXFXQGD EXOXQPXû ELOLP
\DVDODUÖQDEHQ]HPHPHNWHGLU%|\OHROXQFDDKODNNXUDOODUÖLoLQHQID]ODWHUEL\HNXUDOODUÖ
GHQHELOLU \HWLûPH G|QHPLPL]GH GRøUXQXQ YH \DQOÖûÖQ QHOHU ROGXøXQXQ D\ÖUWÖQD
YDUDELOPH \HWLPL] GH GHQHELOLU <HWLûNLQ YH DNOÖ EDûÖQGDKHU ELULPL] L\LQLQ YH N|WQQ
QHOHU ROGXøXQX ELOLUL] YH KHSLPL] DKODNL NDUDUODUÖPÖ]GD EX WUGHQ ELOJL\H ]DWHQ
VDKLEL]GLU .LPLOHULQLQ EX NDUDUODUÖ GDKD GRøUX ELU ELoLPGH YHUPHVLQLQ QHGHQL
VDøGX\XVX\ODNXUDOODUÖJHUoHNGXUXPODUDX\JXODPDEHFHULVLDNOÖVHOLPVDKLELELULROPDVÖ
YHEXQODUÖX\JXODPD\DLVWHNOLOLøLRODUDNJ|VWHULOHELOLU
hoQF RODUDN DKODN IHOVHIHVLQLQ DKODN NXUDOODUÖQÖQ HYUHQVHO ELOJLVL RODUDN
WDQÖPODQPDPDVÖ JHUHNWLøL LOHUL VUOHELOLU (YUHQVHO ELOJL RODPD] oQN E|\OH ELU
ELOJLQLQ RODQDNOÖOÖøÖ ]HULQH ELU XøUDû RODUDN WDQÖPODU NHQGLVLQL DKODN IHOVHIHVL %X
GXUXPGDDKODNIHOVHIHVLQLQNRQXVXQH\LQGRøUXQH\LQ\DQOÖûROGXøXQXV|\OHPHNGHøLO
GRøUXOXøXQ YH \DQOÖûOÖøÖQ |OoWOHULQLQ QHOHU ROPDVÖQD LOLûNLQGLU $KODN IHOVHIHFLOHUL
DKODNÖQ ND\QDøÖQÖ YH DKODN NDYUDPODUÖQÖQ LQVDQ GRøDVÖ EX\UXN DNÖO ROJX JLEL
NDYUDPODUOD LOLûNLVLQL DoÖNODPD\D oDOÖûÖUODU %X GXUXPGD DKODN IHOVHIHVL DUDFÖOÖøÖ\OD
ELOLPVHO ELU ELOJLQLQ HOGH HGLOPHVL EX \ROOD GD WLNHO \D GD WHNLO ELU DKODN GXUXPXQXQ
DoÖNODQPDVÖ DPDoODQPD] <DOQÖ]FD GRøUX \D GD \DQOÖû JLEL DKODN WHULPOHULQLQ ROXûXP
VUHFL WDQÖPODQPD\D oDOÖûÖOÖU %X GXUXPGD DKODN IHOVHIHVL ELU ELOLP GHøLOGLU EX
QHGHQOHELOLP|UQHNOHPHVLJHoHUVL]NDOPDNWDGÖU
%X|UQHNOHPH\HHQ\DNÖQGXUDQDKODNIHOVHIHVL\DNODûÖPÖRODQ\DUDUFÖOÖNWDHQ\NVHN
\DUDU LONHVLQLQ X\JXQ RUWDPGD VRPXW DKODN NDUDUODUÖQÖQ YHULOPHVLQGH HWNLOL ROGXøX
YDUVD\ÖOPDNWDGÖU %X \DNODûÖP X\JXODPDOÖ HWLN XøUDûÖQÖ ELOLPVHO |UQHNOHPH\H NXUDPVDO
ELOLP LOH RQXQ PKHQGLVOLN X\JXODPDVÖQD GHQN GûUU J|UQPHNWHGLU $QFDN KD]]ÖQ
DUWÖUÖOPDVÖ DFÖQÖQ D]DOWÖOPDVÖ LONHVLQH GD\DQDQ \DUDUFÖ DKODN IHOVHIHVL DKODNÖQ WHPHO
NDYUDPÖRODQL\LLQVDQNDYUDPÖQGDQX]DNODûPÖûROXU|UQHNOHPHGHJHoHUVL]NDOÖU
%X o DUJPDQ DKODN IHOVHIHVLQLQ SUDWLN ELU \|Q ROPDGÖøÖQÖ DKODND LOLûNLQ
NDUDUODUÖPÖ]GD DKODN IHOVHIHOHULQGH GLOH JHWLULOHQ JHQHO LONHOHULQ JHoHUVL] ROGXøXQX
J|VWHUPHNWHGLU $QFDN KHUo DUJPDQGD ELOLPVHO |UQHNOHPH \|QWHPLQHGD\DQÖODUDN
LOHULVUOPHNWHGLU
*QGHOLN
\DûDPÖPÖ]GDNL
DKODN
\DUJÖODUÖQÖQ
DKODND
LOLûNLQ
NDUDUODUÖPÖ]ÖQ
EHOLUOHQPHVLQGH DKODN IHOVHIHFLVLQH SHN Lû GûPHPHNWHGLU +HUNHV DKODN IHOVHIHVL
HøLWLPLDOPDVDELOHGRøUXGDYUDQÖûÖQQHROGXøXQXELOPHNWHGLU2KDOGHDKODNIHOVHIHVL
QHUHGH Lû J|UU" (WLN \DUJÖODUÖQ PHûUXL\HWL \D GD HWLN QHUHGHGLU" <DQÖW EHONL HWLøLQ HQ
WHPHOVRUXODUÖQGDQELULRODQELUH\OHPLGRøUXNÖODQûH\QHGLUVRUXVXQDYHULOHELOHFHNELU
\DQÖWOD
VDøODQDELOLU
(WLN
GRøUX
GDYUDQÖûÖ
\DQOÖû
GDYUDQÖûWDQ
D\ÖUDQ
|]HOOLNOHUL
EHOLUOH\HUHNEXVRUX\D\DQÖWYHUHELOLUgUQHøLQ$KPHWLOH0HKPHWWDUWÖûPDNWDGÖU(øHU
0HKPHW $KPHW·H GHøLO GH $KPHW 0HKPHW·H ELU WRNDW DWÖ\RUVD $KPHW KDNOÖ 0HKPHW
KDNVÖ] PÖGÖU JHUoHNWH" <D GD $KPHW 0HKPHW·H GHøLO GH 0HKPHW $KPHW·H ELU WRNDW
DWÖ\RUVD 0HKPHW KDNOÖ $KPHW KDNVÖ] PÖGÖU JHUoHNWH" <D GD KHU LNLVL \DUÖ KDNOÖ \DUÖ
(UGDO&HQJL]³$KODN<DUJÖODUÖ0HûUX<DUJÖODUPÖGÖU"
KDNVÖ] PÖGÖUODU" <D GD KHU LNLVL EWQ\OH KDNVÖ] \D GD EWQ\OH KDNOÖ PÖGÖUODU"
ùNLVLQLQ DUDVÖQGD GRøUX\X NLP ELOHFHNWLU" <D GD ELU KDNHP DWDPDN KDNOÖ\Ö KDNVÖ]Ö
EHOLUOH\HELOHFHN PLGLU" $KPHW NHQGLVL JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH
]DWHQ$KPHWJLELGûQGøQGHQQDVÖOKDNHPVD\ÖODELOHFHNWLU"<DGD0HKPHWNHQGLVL
JLEL GûQHQ ELULQGHQ KDNHPOLN LVWHGLøLQGH ]DWHQ 0HKPHW JLEL GûQGøQGHQ QDVÖO
KDNHPVD\ÖODELOHFHNWLU"+HP$KPHWKHPGH0HKPHWJLELGûQPH\HQELUL]DWHQRQODU
JLEL GûQPHGLøLQGHQ QDVÖO KDNHP VD\ÖODELOHFHNWLU" +HU LNLVL JLEL GûQHQ ELUL ]DWHQ
RQODU JLEL GûQGøQGHQ QDVÖO KDNHP VD\ÖODFDNWÖU" %X \]GHQ $KPHW 0HKPHW YH
KDNHPOLN\DSDFDNEDûNDODUÖDUDVÖQGDGRøUX\XELOHQKLoNLPVHROPD\DFDNWÖU
$QFDN ELUELULQLQ NDUûÖWÖ LNL GDYUDQÖûWDQ ELULQLQ KDNOÖ GLøHULQLQ KDNVÖ] ROPDVÖ
NDoÖQÖOPD] ELU ELoLPGH DoÖøD oÖNPDNWDGÖU (WLN ROPDNVÖ]ÖQ KHU KDQJL ELU GDYUDQÖûÖQ
KDNOÖOÖøÖ JHUHNoHOHQGLULOHPH] GH (WLN HQ D]ÖQGDQ ELU ELUH\LQ ELU WRSOXOXøXQ ELU
XOXVXQ GDYUDQÖûÖQÖQ \DUJÖODQPDVÖQGD ELU WDNÖP |OoWOHU VXQPDOÖGÖU gUQHøLQ ELU
FLQD\HWLQ ELU VR\NÖUÖPÖQ ELU XOXVXQ \RN HGLOLûLQLQ ELU HWLN GHøHUOHQGLUPHVL ROPDOÖGÖU
2UJDQ KÖUVÖ]OÖøÖQÖQ JHQ PKHQGLVOLøL WHNQRORMLOHULQLQ oHYUH VRUXQODUÖQÖQ EDûNDODUÖQÖQ
KDNODUÖQÖQ HWLN ELU LoHULøL ROPDVÖ JHUHNPHNWHGLU <D GD LQVDQ \DûDPÖQÖQ oRFXN
KDNODUÖQÖQNDGÖQKDNODUÖQÖQWDQÖPODQPDVÖHWLNELUGHøHULoHUPHOLGLU%WQEXVRUXQODU
DKODN NDYUDPODUÖQÖQ EWQ ]HULQH NXUDPVDO ELU GûQFH ROXûWXUPDN JHUHNWLøLQL
J|VWHUPHNWHGLU (WLN \DOQÖ]FD NHQGL VRUXQODUÖQÖ o|]PH\H oDOÖûDQ ELU XøUDû DODQÖ JLEL
J|UQPHNWHGLU %LOLPVHO DoÖNODPDODUGD ROGXøX JLEL WHN WHN ROJXODUÖ NXUDPVDO oHUoHYH
LoHULVLQGHX\JXQGûHFHNELUELoLPGHVÖUD\DNR\PDLûOHPLQGHQoRNHWLNNHQGLVLQH\HQL
EDNÖû DoÖODUÖ \DUDWDQ \HQL \|QOHU EXOPD\D oDOÖûDQ NDYUDPODUÖ DUDVÖQGD D\UÖPODUÖ
EHOLUJLQOHûWLUHQ LoH G|QN ELU XøUDû RODUDN WDQÖPODQPDOÖGÖU (WLN \DUJÖODUÖQ PHûUXL\HWL
\LQHNHQGLLoLQGHND]DQÖODFDNELUPHûUXL\HWWLU
.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU
3URI'U<DVLQ&H\ODQ .UHVHOOHûPH KDUHNHWLQLQ VHEHS RODFDøÖ \HQLNOHUGHQ HQ |QHPOLVL YH EHNOHQPHGLN
RODQÖ EX KDUHNHWLQ \DûD\DQ NOWUOHULQ WHPHO GD\DQDNODUÖ RODQ YH IDUNOÖ \DûDP
PRGHOOHUL VXQDQ GHøHUOHU VLVWHPL ]HULQGHNL \ÖNÖFÖ HWNLVLGLU %D]Ö GûQUOHU EDøOÖ
ROGXNODUÖ NOWUQ GHøHUOHULQH ]DUDU JHOPHVLQ GL\H NUHVHOOHûPH\H ûLGGHWOH NDUûÖGÖUODU
%XQODU oRøX ]DPDQ QHUHGHQ JHOLUVH JHOVLQ KHU WUO \HQLOLøH NDUûÖ WHPNLQOL GDYUDQDQ
YH HOGHNLQLQ ND\EROPDVÖQGDQ NRUNDQ NLPVHOHUGLU %X PXKDID]DNkU GûQFHQLQ
GD\DQGÖøÖ\HJkQHDUJPDQELUNOWUEHOLUOH\HQYHIDUNOÖNÖODQGHøHUOHULQo|]OPHVL\OH
RUWD oÖNDFDN EHOLUVL]OLN YH EXQXQ QHWLFHVL R NOWU \DûD\DQ ELUH\OHULQ PDUX]
NDODFDNODUÖ NLPOLN EXQDOÖPÖGÖU %X WDYUÖ GHVWHNOH\HQ GLøHU ELU HQGLûH GH NUHVHOOHûPH
DGÖQD HJHPHQ ELU NOWUQ \HQL ELU HPSHU\DOL]P VWUDWHMLVL\OH GLøHU NOWUOHU ]HULQGH
]DWHQ NÖVPHQ PHYFXW RODQ KHJHPRQ\DVÖQÖ SDVLI NOWU QH]GLQGH PHûUXODûWÖUDUDN GDKD
HWNLQKDOHJHWLUPHVLGLU
.UHVHOOHûPH KDUHNHWLQH IDUNOÖ ELU DoÖGDQ EDNÖS RQX ROXPOX ELU VUHo RODUDN
WDQÖPOD\DQODU GD YDUGÖU %XQODUD J|UH NUHVHOOHûPH DNÖPÖ ELOLP WHNQRORML VDQDW
LOHWLûLP YH WLFDUHW JLEL HWNLQOLNOHULQ XOXVODUDUDVÖ DODQGD \RøXQOXN ND]DQPDVÖ\OD EXQODUÖQ
GRøDO ELU VRQXFX RODUDN RUWD\D oÖNDQ ELU DûDPDGÖU %X VHEHSOH EX KDUHNHWLQ
JHWLULOHULQGHQ NRUNPDPDN JHUHNWLøLQL LOHUL VUHUOHU 5DV\RQHO YH GLQDPLN ELU ]LKLQ
\DSÖVÖQD VDKLS RODQ EX LNLQFL WU GûQUOHUH J|UH \DûDPÖPÖ]ÖQ KHU DODQÖQGD ELU GRøD
NXUDOÖ JFQGH RODQ ELU GHøLûLP YH\D HYULOPH SUHQVLEL YDUGÖU <DûDPÖPÖ]D KNPHGHQ
EX GHøLûLP LONHVLQLQ JHUHN ELUH\VHO YH JHUHNVH WRSOXPVDO \DûDQWÖPÖ]GD GHQJHVL]OLNOHUH
\RO DoPDPDVÖ LoLQ ED]Ö \DûDP DODQODUÖQÖ EX LONHQLQ LûOHUOLøLQH DoÖN EÖUDNÖUNHQ GLøHU
DODQODUÖNDSDOÖWXWDPD\Ö]2]DPDQKHUDODQLoLQIDUNOÖELUKÖ]NDWHJRULVLQLNDEXOOHQHUHN
\DûDPÖPÖ]ÖQ WP GHSDUWPDQODUÖQÖ EX GRøD LONHVLQLQ VH\ULQH DoÖN WXWPDN JHUHNLU %|\OH
ROXQFD NLPOLøLPL]L YH GQ\D\D EDNÖû WDU]ÖPÖ]Ö EHOLUOH\HQ NOWUHO GHøHUOHULQ GH
GHøLûPHVLQHPVDDGHHWPHNJHUHNLU
.UHVHOOHûPH\L IDUNOÖ NOWUOHUH PHQVXS WRSOXPODUÖQ ED]Ö HYUHQVHO GHøHUOHU
]HULQGH DQODûÖS X]ODûPDODUÖQD \RO DoDFDN ELU VUHo RODUDN DOJÖODUVDN EX PLV\RQX
JHoPLû PHGHQL\HWOHULQ KLo ELULQLQ JHUoHNOHûWLUHPHGLNOHULQL J|UU] dQN HVNL
PHGHQL\HWOHU \D |UIH GD\DQDQ PDKDOOL ELU NOWUQ \D GD ELU LQDQo VLVWHPLQLQ NRPûX
WRSOXPODU ]HULQGH ELU Jo KDOLQH JHOLS JHQLûOHPHVL ûHNOLQGH ROPXûWXU *HUHN |UIOHULQ
YH JHUHNVH LQDQo VLVWHPOHULQLQ HYUHQVHOOLN YDVÖIODUÖ ROPDGÖøÖQGDQ EX WHPHOOHU ]HULQGH
NXUXOPXû GQ\D J|UûOHULQLQ WP GQ\D KDONODUÖ WDUDIÖQGDQ EHQLPVHQPHVL ]DWHQ
EHNOHQHPH]GL %X VHEHSOH |UI YH LQDQFD GD\DQDQ NOWUOHU WP oDEDODUD UDøPHQ
HYUHQVHO ELU PHGHQL\HW YH\D JOREDO GHøHUOHU UHWHPHPLûOHUGLU 2ODVÖ ELU FLKDQ
PHGHQL\HWL YH\D ELU ]DPDQ GLOLPLQGH PHYFXW EWQ WRSOXPODUÖQ LûWLUDN HGHELOHFHøL
JOREDO ELU GQ\D J|UûQQ YDU RODELOPHVL LoLQ LNL WHPHO ûDUWÖQ \HULQH JHWLULOPHVL
OD]ÖPGÖU %LULQFLVL E|\OH ELU GQ\D J|UûQQ LVNHOHWLQL ROXûWXUDFDN LONHOHULQ DNÖO
WHPHOLQHGD\DQPDVÖGÖUùNLQFLVLEXLONHOHULQ\D\ÖOPDYHSURSDJDQGD\|QWHPLQLQELOLQFH
2'7h)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\|QHOLN LNQD PHWRGX\OD JHUoHNOHûPHVLGLU %LULQFL ûDUWWD ¶DNÖO· XQVXUXQX YXUJXODPDNOD
LQDQo
YH
JHOHQHNOHULQ
\HUHO
|]HOOLNOHU
WDûÖPDVÖ
VHEHEL\OH
HYUHQVHO
NDEXOH
XODûDPD\DFDNODUÖQÖ GROD\ÖVÖ\OD HYUHQVHOOLN VÖIDWÖQÖQ DQFDN EWQ LQVDQODUGD RUWDN ELU
|øH RODQ DNÖO WHPHOLQGH RODELOHFHøLQL LIDGH HWPHN LoLQGLU ùNLQFL ûDUWWD ¶LNQD· \|QWHPLQL
YXUJXODPDNOD DNOD GD\DQDQGHøHUOHULQ Jo YHûLGGHW X\JXODPDODUÖ\OD \D\ÖODPD\DFDøÖQÖ
EX GHøHUOHULQ NXYYHWLQL |]JU LûOH\HQ ELOLQFLQ NDEXOOHQPHVLQGHQ DOGÖøÖQÖ EHOLUWPHN
LoLQGLU
7HPHOLQGHVDIDNOLGHøHUOHURODQYH\|QWHPRODUDN¶LNQD·PHWRGXQXVHoHQELUGQ\D
J|Uû WDULKWH EHQ]HUL ROPD\DQ ELU GQ\D J|UûGU ùQVDQÖ DOÖûÖOPÖûÖQ GÖûÖQGD ELU
\DûDP PRGHOLQH VUNOH\HQ EX GQ\D J|Uû ELUH\OHU WDUDIÖQGDQ EHQLPVHQLS HWNLQOLN
ND]DQÖQFD ]DPDQ LoLQGH ELUH\LQ GDKD |QFH EDøOÖ ROGXøX XOXVDO YH GLQVHO GHøHUOHULQ
]HULQGH D\UÖûWÖUÖFÖ ELU URO R\QD\DFDNWÖU 'HøHUOHU DODQÖQGD ELU GHYULP \DUDWDFDN RODQ
NUHVHOOHûPH GDOJDVÖQÖQ WDULKVHO DUNDSODQÖQÖ EDûND ELU DUDûWÖUPD\D EÖUDNÖS EX \HQL
GûQFH KDUHNHWL\OH KDQJL GHøHUOHULQ ND\EROXS \HULQH KDQJL GHøHUOHULQ RWXUDFDøÖQÖ
LOHUL\HG|QNELUVSHNODV\RQELoLPLQGHHOHDODOÖP
.UHVHOOHûPH|QFHVL\DQLKDOLKD]ÖUGDPHYFXWRODQGHøHUOHUHEDNWÖøÖPÖ]GDRQODUÖûX
ûHNLOGHVÖUDOD\DELOLUL]'LQÖUNGLOYDWDQWDULK%XQODUÖQKHSVLQLQYH\DELUNÖVPÖQÖQELU
DUD\D JHOPHVL\OH XOXVDO NOWU PH\GDQD JHOLU 8OXVDO NOWU oRøX ]DPDQ EDûND XOXVDO
NOWUOHUL GH NDSVD\DQ ELU GQ\D J|UûQQ DOW NLPOLøL QLWHOLøLQGHGLU 'Q\D
J|UûQGHNL GHøLûPHOHUNL EX X]XQ ]DPDQ LVWHU XOXVDO NOWU ROXûWXUDQ |øHOHUGHNL
GHøLûPHOHUH EDøOÖGÖU .UHVHOOHûPH U]JkUÖQD PDUX] NDODQ XOXVDO NOWUQ EX WHPHO
|øHOHULQL WDQÖPODPD\D oDOÖûÖUVDN ûX |]HOOLNOHU GLNNDW oHNHU %LU XOXV LoHULVLQGHNL
ELUH\OHUL ED]Ö RUWDN GHøHUOHUGH ELUOHûWLUHQ EX NDYUDPODU KHU ûH\GHQ |QFH ND]DQÖOPÖû
VÖIDWODU GHøLO YHULOPLû VÖIDWODUGÖU <DQL ELUH\ NLPOLøLQL ROXûWXUDQ EX |]HOOLNOHUL NHQGLVL
HOGH HGLS VHoPH] .HQGLVLQL EHOOL ELU ÖUNÖQ PHQVXEX RODUDN EHOOL ELU YDWDQGD EHOOL ELU
GLQGH YH EHOOL ELU GLOL NRQXûPD\D ]RUODQPÖû RODUDN J|UU %LUH\ EL\RORMLN \|QGHQ
NHQGLVLQLGLøHULQVDQODUGDQQDVÖOIDUNOÖJ|U\RUVDNHQGLVLQHHPSR]HHGLOPLûEXVÖIDWODU
VHEHEL\OH GH NHQGLVLQL EDûND NOWUQ LQVDQODUÖQGDQ D\UÖ J|UPHNWHGLU .LPOLøL
ROXûWXUDQ |øHOHUOH GRøDGDQ JHOHQ |]HOOLNOHU DUDVÖQGD ELU SDUDOHOOLN RUWD\D oÖNPDNWDGÖU
úLPGL ELU GRøD NXUDOÖ YH\D ]RUXQOX ELU ûDUW ELoLPLQGH ELUH\LQ VWQH o|NHQ EX NLPOLN
EHOLUOH\HQ IDNW|UOHU JLWWLNoH |]JUOHûPH\H YH RWRQRP ROPD\D oDOÖûDQ JOREDO LQVDQÖQ
NDEXOHGHFHøLELUGXUXPPXGXU"
%LU NÖVPÖ 2UWDoDøGDQ GHYUDOÖQDQ EX NOWUHO GHøHUOHULQ EDûND ELU RUWDN |]HOOLøL GH
DOJÖ\D GD\DQPDODUÖGÖU ,UN NDUDNWHUOHUL GLQL ELoLP YH ULWHOOHU OLQJXLVWLN VHV IDUNOÖOÖNODUÖ
YHFRøUDILNDULQHOHUKHSDOJÖREMHOHULGLU<DQLDNÖOVDOOÖNWDQGRøDQYHDOJÖVÖQÖUODUÖQÖDûDQ
VR\XW GHøHUOHUH ]ÖW J|UPH YH LûLWPH\H GD\DQDQ ]RUXQOX VÖQÖU EHOLUOH\HQ VRPXW
GHøHUOHUGLU
$OJÖ REMHVL ROPDODUÖ YH GROD\ÖVÖ\OD VÖQÖU EHOLUOHPHOHUL VHEHEL\OH ELU WDUDIWDQ ELUH\OHU
DUDVÖQGD X]ODûÖPODU VDøODUNHQ GLøHU WDUDIWDQ D\UÖûPDODUD \RO DoDU %X \]GHQ EX
GHøHUOHU\HUHOOLøHPDKNPROGXNODUÖQGDQHYUHQVHOOLNG]H\LQHoÖNDPD]ODU
6DøODGÖNODUÖ X]ODûÖPODUÖQ NDOLWHVLQH JHOLQFH H\OHPLQ JHULVLQGHNL HWLN YH\D SUDJPDWLN
SUHQVLSOHUGHQ \RNVXQ ROGXNODUÖ LoLQ EX GHøHUOHUOH \HWLQHQ ELUH\ EHGHQVHO YH ]LKLQVHO
\HWHQHNOHULQL KDUHNHWH JHoLUHPH] %XQXQ VRQXFX RODUDN PXWOXOXN YH HUGHPOLOLN
PLV\RQXQX LFUD HGHPH] %LUH\LQ LQVDQ RODUDN \HWLOHULQL ROXPOX \|QGH KDUHNHWH
JHoLUHPH\HQEXGHøHUOHUHEX\]GHQ¶DWÖO·GHøHUOHUGHQLOHELOLU
'LøHU WDUDIWDQ EX GHøHUOHU HWUDIÖQGD ELUOHûHQ ELUH\OHULQ ELUELUOHULQL GDKD ID]OD
VHYGLNOHULQL \DUGÖPODûWÖNODUÖQÖ VD\JÖ GX\GXNODUÖQÖ GD V|\OHPHN ]RUGXU dQN GDKD
<DVLQ&H\ODQ³.UHVHOOHûPH6UHFLQGH(WLN6RUXQODU
|QFH GH EHOLUWWLøLPL] JLEL EX GHøHUOHU H\OHPOHULPL]LQ KHPHQ JHULVLQGHNL SUHQVLSOHU
GHøLOOHUGLU GDKD X]DNWD DLGL\HW ELOGLUHQ NDYUDPODUGÖU +DWWD EX DLGL\HWOHU ED]Ö
GXUXPODUGD L\LOLN YH J]HOOLNOH |]GHûOHûWLULOGLøLQGH ELUH\L VRUXPVX] GDYUDQÖûODUD
LûOHGLøLN|WONOHULHUGHPRODUDNJ|UPH\HVUNOH\HELOLU
%X DWÖO GHøHUOHU D\UÖFD LQVDQODUÖ KDNVÖ] NULWHUOHU ]HULQGH NDPSODUD D\ÖUÖU %LUH\LQ
NHQGLVLQLQ VHoPHGLøL QH L\L QH GH N|W RODQ EX GHøHUOHU ED]ÖQGD LQVDQODU EHOOL
NDWHJRULOHUHD\UÖOÖQFDEXNDWHJRULOHULQELUNÖVPÖQDVÖUINH\ILELULUDGH\OH¶L\L·GLøHUOHULQH
¶N|W·GHQLOPHVLWRSOXPODUDUDVÖQGDILWQHoÖNDUPDQÖQHQVLQVLPHWRGXGXU
0RGHUQ]DPDQODUGDLOHWLûLPYHXODûÖPDUDoODUÖQÖQKÖ]ND]DQPDVÖ\ODIDUNOÖNOWUYH
\DûDP ELoLPOHULQL EHQLPVH\HQ WRSOXPODUÖQ ELUELUOHULQH NDUûÖ GX\GXNODUÖ JHOHQHNVHO
NXûNXODU \DYDû \DYDû RUWDGDQ NDONPDNWDGÖU )DUNOÖ ELU GLQH YH\D ÖUND PHQVXS ROPDNOD
WRSOXPODUÖQ ¶L\LOLNOHU· YH ¶N|WONOHU· EDNÖPÖQGDQ ELU LPWL\D]D VDKLS ROPD\DFDNODUÖQÖ
YH\D oHNLQFH\H PDUX] NDOPD\DFDNODUÖQÖ LQVDQODU EL]]DW ELUELULOHULQL J|]OHPOH\HUHN
NDYUDPÖûODUGÖU +HQ] D\GÖQODQPDPÖû NLWOHOHUL ELU DUDGD WXWPDN LoLQ NXOODQÖODQ YH
DNÖOVDO JHUHNoHGHQ \RNVXQ EX DWÖO YH KDWWD oRøX ]DPDQ ]DUDU YHUHQ X]ODûÖPODUÖQ
PRGHUQD\GÖQWRSOXPODUÖQGHøHUOHUVLVWHPLQGH\HUL\RNWXU
%LOLP WHNQRORML HNRQRPL YH HWLN NRQXODUÖQGD ]RUXQOX RODUDN EHQ]HûHQ YH RUWDN
GHøHUOHUH GRøUX VUNOHQHQ WRSOXPODUÖQ EX HøLOLPL WDPDPODPDN LoLQ XOXVDO NOWU
oHPEHULQGHQ oÖNÖS EWQ LQVDQODUD KLWDS HGHQ \HQL GHøHUOHU EXOPDVÖ ûDUWWÖU %X
GHøHUOHULQ HQ EDUL] YDVIÖ \HUHOOLNWHQ YH DOJÖVDOOÖNWDQ X]DN ROPDVÖGÖU %XQXQ DGÖ ¶DNOL
GHøHUOHU·GLU %X GHøHUOHU D\QÖ ]DPDQGD GLQDPLN GHøHUOHUGLU ùQVDQODUÖ JHUHN GRøD\OD
RODQ LOLûNLVLQGH YH JHUHNVH ELUELUOHUL\OH RODQ LOLûNLVLQGH ELULNLPFL ELU PNHPPHOOLøH
J|WUU
$NOLGHøHUOHUELUH\OHUYHNLWOHOHUDUDVÖQGDDQODPOÖYHYHULPOLLUDGHYHHUNLûELUOLøLQH
\RODoDUNHQELUH\VHOOLøHGHJHQLûELUDODQEÖUDNÖU%LUH\LLKPDOHGHQGQ\DJ|UûOHULQLQ
WDULK VUHFLQGH RUWD\D NR\GXNODUÖ PHGHQL\HW WHûHEEVOHUL KHS HNVLN NDOPÖûWÖU 7RSOXP
DGÖQDELUH\LIHGDHGHQNOWUOHUVRQXQGDLQVDQVWKD\DOLGHøHUOHU\DUDWDUDNLQVDQODUÖ
NHQGL NXUXQWXODUÖQD N|OH \DSPDN VXUHWL\OH ]LKQHQ QH WU KDVWDOÖNOÖ FHPDDWOHU
\DUDWWÖNODUÖQÖEXJQN\DûD\DQIDUNOÖWRSOXPODU\HOSD]HVLQGHJ|UPHNPPNQGU
$NOL GHøHUOHULQ HJHPHQ ROGXøX JOREDO ELU GQ\D J|UûQGH LQVDQ ELOLQFL WHPHO
PHûUXL\HW ]HPLQL ROGXøXQGDQ ELU GHøHULQ GHøHU PHUWHEHVLQH oÖNPDVÖ LoLQ ELOLQo
WDUDIÖQGDQ DQODûÖOPDVÖ YH ELUH\OHUDUDVÖ ELU NDEXOH XODûPDVÖ JHUHNLU %LOLQo LoLQGH
NDYUDQPDVÖ PPNQ ROPD\DQ YH D\QÖ JHUHNoH ED]ÖQGD ELUH\OHUDUDVÖ ELU RUWDNOÖøD
XODûDPD\DQV|]GH\FHGHøHUOHULQE|\OHELUGQ\DJ|UûQGH\HUL\RNWXU
*OREDO VHYL\H\H JHOHELOPHN LoLQ \HJkQH ûDUW RODQ DNOD X\JXQOXN YH\D GHøHULQ DNÖO
WHPHOOL ROPDVÖ ûDUWÖ EX GHøHUL LIDGHGH NXOODQÖODQ GLOLQ PHWDIL]LN YH\D VÖQÖUÖ EHOOL
ROPD\DQ JL]HPOL NDYUDPODUGDQ DUÖQPÖû ROPDVÖQÖ GD JHUHNWLULU 6DGH DQODPÖ EHOLUJLQ
V|]FNOHUOH WDQÖPODQDQ JOREDO GHøHUOHULQ JOREDO \DûDP WDU]ÖQD JHoLû VUHFL LoHULVLQGHNL
NOWUOHUGHD\QÖDQODPODUÖYHUPHVLJHUHNOLGLU
*OREDO ELU GQ\D J|UûQH HULûHELOPHN LoLQ JOREDO GHøHUOHU UHWHFHN RODQ LQVDQ
ELOLQFLQLQEXPLV\RQXQXLFUDHGHELOPHVLLoLQ|]JUROPDVÖHQ|QHPOLNRûXOGXU$QFDN
|]JUFH LûOH\HQ ELU ELOLQo NHQGLVLQL KDSVHGHQ HPSR]H HGLOPLû KDVWDOÖNOÖ GHøHUOHUGHQ
NXUWDUÖS \HQL GHøHUOHU UHWHELOLU g]JU RODPDPÖû ELOLQo ]LKLQVHO LûOHYLQL IHOo HGHQ
V|]GH GHøHUOHULQ ND\EROPDVÖQGDQ DFÖ KLVVHGHU (Q N|NO NLPOLøLPL] RODQ ¶LQVDQ·
NLPOLøLPL]LJoOHQGLUPHNXøUXQDGLøHUHNVLNDLGL\HWOHULPL]LEÖUDNPDPÖ]GRøDOGÖU(øHU
LQVDQ \DûDPÖQD ELU DPDo YHULOHELOVH\GL RQD HQ \DNÖûDQ DPDo EX WHPHO YH |] NLPOLøL
LFUDHWPHNRODELOLUGL
'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQHELUùQFHOHPH
'Ro'U6DUDdHOLN *QON NRQXûPDODUÖPÖ]GD oHûLWOL EDøODPODUGD VUHNOL RODUDN NXOODQGÖøÖPÖ] ´L\Lµ
´N|Wµ ´GRøUXµ ´\DQOÖûµ ´KDNOÖµ ´KDNVÖ]µ ´|GHYµ ´VRUXPOXOXNµ ´JHUHNOLOLNµ JLEL
WHULPOHU \D GD NDYUDPODU HWLN GHøHUOHUL \D GD QLWHOLNOHUL J|VWHULUOHU %XQODUÖQ LoLQGH \HU
DOGÖøÖ \DUJÖODU GD HWLN \DUJÖODU RODUDN VÖQÖIODQGÖUÖOÖU $QFDN EX HWLN \DUJÖODU GH\LPL
ROGXNoDJHQLûoHUoHYHOHQPLûELUDODQÖDQODWPDNWDGÖUdQNEXoHUoHYHLoLQGH|QFHOLNOH
HWLN GHøHUOHULQ ´L\Lµ ´N|Wµ JLEL GHøHU WHULPOHULQLQ WDQÖPODUÖ YH E|\OH WDQÖPODUÖQ
JHoHUOLOLøLQL \D GD RODVÖOÖøÖQÖ DUDûWÖUDQ |QHUPHOHU RODELOLU ùNLQFL RODUDN DKODNVDO
\NPOON \D GD VRUXPOXOXNWDQ GRøDQ DKODNVDO GDYUDQÖûÖQ JGOHULQL DUDûWÖUDQ YH
VRUJXOD\DQ |QHUPHOHU RODELOLU %LU oQFV DKODNVDO HUGHPL |øWOH\HQ WHûYLN HGHQ
\DUJÖODU RODELOLU YH QLKD\HW LQVDQODUÖQ NLûLOLN QLWHOLNOHULQH NLûLOLNOHULQLQ EWQQH
H\OHPOHULQH JHQHO RODUDN ELU H\OHP WUQH \|QHOLN \DUJÖODU |QH VUOPû RODELOLU (WLN
WHRULLoLQGHDVÖOGDUDQODPGDGHøHU\DUJÖODUÖEXVRQXQFXODUÖGÖU
$VOÖQGD EX G|UW HWLN \DUJÖ WU DUDVÖQGDNL D\UÖP JHoPLûWHQ EXJQH SHN oRN HWLN
ILOR]RIX WDUDIÖQGDQ DoÖN RODUDN J|UOPû YH GX\DUOÖOÖNOD HOH DOÖQPÖû GHøLOGLU +DWWD
oRøXQOXNOD ILOR]RIODUÖQ HWLN NDYUDPODUÖQGD QH\LQ QH ROGXøX VRQ GHUHFH EXODQÖN ELU
GXUXPGDGÖU%XGDHWLNDODQÖQGDLûOHULQROGXNoDNDUPDûÖNELUJ|UQPDOPDVÖQDQHGHQ
ROPDNWDGÖU
$-$\HUEXG|UWOVÖQÖIODPD\ÖYXUJXOD\DUDNEXQODUGDQVDOWELULQFLNDWHJRULQLQ\DQL
HWLN GHøHU WHULPOHULQLQ WDQÖPODUÖ\OD LOJLOL RODQ |QHUPHOHU DODQÖQÖQ NDWÖNVÖ] DKODN
IHOVHIHVLQL ROXûWXUGXøXQX LIDGH HGHU 2QD J|UH LNLQFL JUXEX ROXûWXUDQODU \DQL DKODNVDO
VRUXPOXOXNOD LOJLOL \DUJÖODUÖQ JGOHULQL DUDûWÖUDQODU |QQGH VRQXQGD VRV\RORML YH
SVLNRORML |QHUPHOHULQH LQGLUJHQHELOLUOHU $KODNVDO HUGHPL |øWOH\HQOHU LVH KLoELU
ELoLPGH ELU ROJX |QHUPHVL ROPD\ÖS ELUH\L EHOLUOL WUGHQ ELU H\OHPH \|QHOWPH LûOHYLQL
VWOHQHQ HPLU \D GD GLOHN \D GD QOHP WUQGH LIDGHOHUGLU %XQODU QRUPDWLI HWLNWH ERO
ERO \HU DODQ LIDGHOHU ROPDNOD ELUOLNWH EXJQ oDøGDû ELU EDNÖû DoÖVÖ RODQ PHWDHWLN \D GD
HOHûWLUHO HWLN DoÖVÖQGDQ |QHUPH ELOH GHøLOGLUOHU %X QHGHQOH GH ELOJL GHøHUL WDûÖGÖNODUÖQÖ
V|\OHPHN VRQ GHUHFH ]RUGXU '|UGQF JUXS \DUJÖODUD \DQL GDU DQODPGD GHøHU
\DUJÖODUÖQDJHOLQFHEXQODUÖQGDQDVÖOGHøHUOHQGLULOPHOHULJHUHNWLøLKHQ]WDPRODUDNJQ
ÖûÖøÖQD oÖNDUÖOPÖû GHøLOGLU $QFDN EXJQ LoLQ HWLN WDUWÖûPDODUÖQ oRN E\N ELU E|OP
EXDODQ]HULQGHRGDNODQPÖûJ|UQPHNWHGLU
%XGHøHU\DUJÖODUÖQÖQJHUoHNPDQWÖøÖQHGLU"%XQODUROJX|QHUPHVLPLGLU\RNVDGHøLO
PLGLU"ùONEDNÖûWDWDQÖPÖJHUHøLELUNLûLQLQELUWDNÖPQLWHOLNOHULNDUDNWHUL\DGDELUH\OHP
LOH LOJLOL \DUJÖODU ROGXNODUÖQD J|UH EXQODUÖQ ELU ROJXVDOOÖøÖ GLOH JHWLUPHOHUL GRøDOPÖû JLEL
J|UQPHNWHGLU$QFDNLûOHUKLoGHGûQOGøJLELNROD\GHøLOGLUdQNELUH\OHP\D
GD NLûL ELU GHøHU V|]Fø LOH QLWHOHQPHNWHGLU YH EX GHøHU V|]FøQQ ELU ROJX\X
J|VWHULS
J|VWHUPHGLøL
NXûNXOXGXU
%XUDGDNL
VRUXQ
´L\Lµ
´N|Wµ
JLEL
GHøHU
NDYUDPODUÖQÖQ \D GD WHULPOHULQLQ QH ROGXøXQXQ QH WU YDUOÖNODU ROGXøXQXQ WDP RODUDN
JQÖûÖøÖQDoÖNDUÖODPDPDVÖQGDQND\QDNODQPDNWDGÖU%XQODUJHUoHNPLLGHDOPLRODQPÖ
0HUVLQhQLYHUVLWHVL)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROPDVÖJHUHNHQPLPXWODNPÖJ|UHOLPL"(WLN\DNODûÖPODUEXVRUXODUDVRQGHUHFHIDUNOÖ
\DQÖWODU YHUPLûWLU YH YHUPH\H GH GHYDP HWPHNWHGLUOHU $VOÖQGD HWLN VRUXQODUOD LOJLOL KHU
DODQGD ROGXøX JLEL EX DODQGD GD WDP ELU X\XûPD]OÖN YDUGÖU %X WHPHOGHQ X\XûPD]OÖN
NXûNXVX]GDUDQODPGDGHøHU\DUJÖODUÖDODQÖQÖGDGRøUXGDQHWNLOHPHNWHGLU
%L] EXUDGD GLNNDWLPL]L GHøHU \DUJÖODUÖQÖQ PDQWÖNVDO \DSÖVÖQD \|QHOWWLøLPL] LoLQ EX
DODQÖ GRøUXGDQ LOJLOHQGLUHQ J|UûOHUL LQFHOH\HUHN ELU GHøHUOHQGLUPH \DSPD \ROXQD
JLGHFHøL]'HøHU\DUJÖODUÖQÖQPDQWÖNVDO\DSÖVÖQD\|QHOLNHQWXWDUOÖYHNDSVDPOÖDoÖNODPD
\\ RUWDODUÖQD GRøUX IHOVHIH VDKQHVLQGH \HULQL DODQ 0DQWÖNoÖ 3R]LWLYLVWOHUGHQ
JHOPLûWLU %XQODUÖQ \DNODûÖPÖQD GX\JXVDOFÖ NXUDP GHQLOPHNWHGLU $PD EX NXUDPÖ GD
LoLQHDODQGDKDJHQHOELUGRøUXOWX|]QHOFLOLNVEMHNWLYL]PRODUDNEHOLUOHQPHNWHGLU%X
\DNODûÖPÖQ WHPHOOHUL GH \\·D 'DYLG +XPH·D NDGDU J|WUOHELOLU \\·ÖQ HWNLOL
GûQU %HUWUDQG 5XVVHOO·ÖQ GD HWLN HOHûWLULOHUL EDNÖPÖQGDQ D\QÖ \DNODûÖPÖ EHQLPVHGLøL
GLNNDWOHUGHQNDoPDPÖûWÖU
0HWDHWLNELU\DNODûÖP\DQLELUHWLNHOHûWLULVLRODQ|]QHOFLOLøLQJHQHOVDYÖQDJ|UHWP
HWLN\DUJÖODUGLOVHOJ|UQPOHULQDVÖOROXUVDROVXQEXHWLN\DUJÖ\Ö|QHVUHQLQGÖûÖQGDNL
QHVQHO ELU YDUOÖøD \D GD GXUXPD GHøLO WDP WHUVLQH \DUJÖ\Ö |QH VUHQLQ NHQGL
]LKLQVHOOLøLQH NHQGL ]LKLQVHO ELU HGLPLQH J|QGHUPHGH EXOXQXUODU g] EDNÖPÖQGDQ
EXUDGDHWLN\DUJÖ\Ö|QHVUHQNLûLQLQGX\JX\DGD ]LKLQVHO\|QHOLPLLOHLOJLOLELUDQODWÖP
YDUGÖU RUWDGD %|\OH ROXQFD GD HWLN \DUJÖODU GDLPD |]QHO DQODWÖPODUGÖU 6RQXO RODUDN
DKODNOÖOÖNGDLPDVDOWELUKRûODQPDNRQXVXGXUù\LGL\HELUûH\\RNWXUDPDGûQPHRQX
YDU
HGHU
$KODNVDO
X\XûPD]OÖNODU
E\N
|OoGH
WXWXPODUGD
NDUûÖPÖ]D
oÖNDQ
X\XûPD]OÖNODUGÖU $KODNVDO WDUWÖûPDODU HøHU VRQD HUGLULOHFHNVH DQFDN ûX EDøODPGD
RODELOLU %HQ ´(QYHU3DûD L\L ELU DGDPGÖµGL\RUVDP VHQGH ´KD\ÖU (QYHU3DûD N|WELU
DGDPGÖµGL\RUVDQEXUDGDNLWDUWÖûPDV|]JHOLPLEHQLPVHQLVXVWXUPDPDQODPÖQGD\DGD
VHQLQ GX\JXODUÖQÖ EHQLPNLQH \DNODûWÖUPDP DQODPÖQGD VRQD HUGLULOHELOLU YH EHQ EX
DQODPGDELU]DIHUND]DQDELOLULP<RNVDKLoELU]DPDQVHQLQ\DUJÖQÖQ\DQOÖûEHQLPNLQLQ
GRøUXROGXøXDQODPÖQGDGHøLOGLUEX
g]QHOFLOLøH SHN oRN NDUûÖ oÖNÖû \DSÖOPÖûWÖU ùON DNOD JHOHQOHUGHQ ELULVL |]QHOFL
GûQUOHULQ KLoELU HWLN \DUJÖ |QH VUPHPHOHUL \|QQGHGLU dQN |QH VUHUOHUVH
NHQGL VDYODUÖ LOH WXWDUVÖ] ELU GXUXP ROXûDFDNWÖU $QFDN ELOLQGLøL JLEL 5XVVHOO HYOLOLN
ERûDQPD
GRøXP
NRQWURO
GûPDQOÖN
NÖVNDQoOÖN
VXoOXOXN
NRUNX
VHYJL
JLEL
NRQXODUGD|øWYHULFL\DQLQRUPDWLIQLWHOLNWHSHNoRN|QHUPHRUWD\DNR\PXûWXU3HNLR
]DPDQ 5XVVHO HWLN \DUJÖODUÖQ PDQWÖNVDO \DSÖVÖQD |]QHOFL \DNODûÖPOÖ ELULVL RODUDN NHQGL
NHQGLVL\OHoHOLûPL\RUPX".HVLQOLNOHGHøLOdQN5XVVHOO|QHVUGøILNLUOHULQELULFLN
GRøUXOXNODU ROGXNODUÖQÖ LGGLD HWPL\RU 6DGHFH NHQGLVLQLQ KRûXQD JLGHQ EX DoÖGDQ
NHQGLVLQLQ
RQD\
YHUGLøL
o|]POHUL
|QH
VU\RU
%X
DoÖGDQ
3DXO
(GZDUGV·ÖQ
XVODPODPDVÖQÖ GD DNWDUDELOLUL] ´)DUNOÖ EHVWHFLOHULQ HVHUOHULQLQ ELULQLQ |WHNLQGHQ GDKD
VWQ ROGXøXQX V|\OH\HPH\L] dQN EXUDGDNL GXUXP WP\OH ELU EHøHQL NRQXVXGXU
%X GXUXPGD EHQ 6LEHOLXV·WDQ GDKD oRN 6FKXEHUW·WHQ KRûODQGÖøÖPÖ V|\OHUVHP KLoELU
ELoLPGH WXWDUVÖ] GDYUDQPÖûROPDP 6DGHFH ûX ûHNLOGH WXWDUVÖ] RODELOLUGLP (øHU EHQLP
6FKXEHUW·LWHUFLKLPLQVHQLQ6LEHOLXV·XWHUFLKLQGHQGDKDGHøHUOLROGXøXQXV|\OHVH\GLPµ
$\QÖ ûHNLOGH ELU |]QHOFL GHRUWD\D DKODN \DUJÖODUÖ NR\GXøXQGD ¶VHQLQ HWLN \DUJÖODUÖQVDOW
QH KLVVHWWLøLQOH LOJLOL \DUJÖODUGÖU EHQLPNLOHUVH QHVQHO GRøUXOXNODUGÖU· GHPHGLNoH KLoELU
ELoLPGH WXWDUVÖ] GDYUDQPÖû ROPD] %X GXUXP WÖSNÖ :LWWJHQVWHLQ·ÖQ ûX \DNODûÖPÖQD
EHQ]HPHNWHGLU:LWWJHQVWHLQHWLNYHHVWHWLN\DUJÖODUÖQGÖûGQ\DGDQHVQHOELUNDUûÖOÖNODUÖ
ROPDGÖøÖQÖ EX QHGHQOH DQODPGDQ \RNVXQ ROGXNODUÖQÖ \DQL QH GRøUX QH \DQOÖû RODELOHQ
|QHUPHOHUROGXNODUÖQÖ|QHVUQFHNHQGLVLQH´VHQLQEXV|\OHGLNOHULQL\DGD\D]GÖNODUÖQÖ
6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH
QDVÖO DQODPDOÖµ GL\H VRUXOPXû R GD ´EHQLPNLOHU GH ELU PHUGLYHQ J|UHYL J|UPHNWHGLU
oÖNDFDøÖQÖ] \HUH oÖNWÖNWDQ VRQUD HOLQL]OH LWLS \ÖNDELOLUVLQL]µ GHPLûWLU *|UOGø JLEL
|QHPOLRODQVDYXQXODQILNLUOHUGHQoÖNDELOHFHNRODQWXWDUOÖVRQXoODUÖYXUJXODPDNWÖU
$PD EX DODQGD \DSÖODQ GDKD VDUVÖFÖ NDUûÖ oÖNÖûODU NDUûÖVÖQGD |]QHOFLOHU J|UûOHULQL
ELUD] GDKD JHOLûWLUPH \ROXQD JLWPLûOHUGLU gUQHøLQ ´[ L\LGLUµ GHQGLøLQGH EXQXQ VRQXO
DQODPÖ ´[·GHQ KRûODQÖ\RUXPµ GHPHNWLU úX KDOGH EXQODU ELUELULQH |]GHû |QHUPHOHU
ROX\RUODU g\OH LVH ELULQL NDQÖWOD\DQ ROJXODU |WHNLVLQL GH NDQÖWODPDOÖ |UQHøLQ 5XVVHOO·ÖQ
DWHLVW ROGXøXQX NDQÖWOD\DQ WP YHULOHU RQXQ WDQUÖQÖQ YDUOÖøÖQÖ \DGVÖ\DQ ELU NLûL
ROGXøXQXGDNDQÖWODPÖûROXU3HNLELULVL´GRøXPNRQWURON|WELUX\JXODPDGÖUµGHUVH
|]QHOFLOLøHJ|UHEXQXQDQODPÖ´GRøXPNRQWUROX\JXODPDVÖQÖRQD\ODPÖ\RUXPµROX\RU
$QFDNEXLNLVLQLGHVWHNOH\HQYHULOHUELUYHD\QÖPÖ"gUQHøLQNLûLQLQGRøXPNRQWUROQ
RQD\ODPDGÖøÖ \DUJÖVÖQÖ GHVWHNOH\HQ ROJXODU GRøXP NRQWUROQH NDUûÖW ELU WRSOXOXøD \H
ROPDVÖ DOH\KLQGH \D]ÖODU \D]ÖS NRQXûPDODU \DSPDVÖ DKODNVDO NRQXPXQD HWNLQOLNOHULQH
GHVWHN ROPDVÖ JLEL RWREL\RJUDILN ROJXODU RODFDNWÖU 7P EX ROJXODU RQXQ ¶GRøXP
NRQWURO X\JXODPDVÖQÖ RQD\ODPÖ\RUXP· \DUJÖVÖQÖ GRøUXODPD\DELOLU DPD WP EX ROJXODU
¶GRøXPNRQWUROX\JXODPDVÖN|WGU·\DUJÖVÖQÖQDVÖOGHVWHNOH\HELOLUNL"úXKDOGHEXLNL
|QHUPHELUELULQHHûGHøHUGHøLOPLû%|\OHFHWPHWLN|QHUPHOHUNLûLQLQKRûODQPD\DGD
KRûODQPDPD GX\JXODUÖ LOH LOJLOL |QHUPHOHUH LQGLUJHQHPH] %XQGDQ GD |]QHOFLOLøLQ HWLN
\DUJÖODUÖQÖQDQODPÖ\ODLOJLOLRODUDNKLoWHX\JXQELUJ|UûROPDGÖøÖVRQXFXoÖNDFDNWÖU
%XQXQ ]HULQH |]QHOFLOHU GLOOHQGLULOGLøL ûHNOL\OH NXUDPODUÖQÖQ QH DQODPD JHOGLøLQL
ELUD] GDKD DoÖN KDOH JHWLUPH oDEDVÖQD JLUPLûOHUGLU gUQHøLQ 5LFKDUG%UDQGW·D J|UH ELU
NLûL ¶[ L\LGLU· GHGLøL ]DPDQ DVOÖQGD ûXQX LIDGH HWPHNWHGLU (øHU [ LOH LOJLOL RODUDN WP
ROJXODUD VDKLS ROVD\GÖP YH HWLN RODUDN WXWDUOÖ ROVD\GÖP [·L RQD\ODUGÖP gUQHøLQ
$YXVWUDO\DOÖ GûQU -RKQ 0DFNLH·\H J|UH EL]OHU ELU ûH\LQ L\L ROGXøXQX V|\OHGLøLPL]
]DPDQ KRûODQPDPÖ]ÖQ \DQÖ VÖUD RQXQ EHOLUOL QHVQHO ELU QLWHOLøH VDKLS ROGXøXQX GD
GûQPHN LVWL\RUX] $PD GûQPHN LVWHPHPL] LOH E|\OH ELU QHVQHO QLWHOLN YDU ROPXû
ROPX\RU 6RQXo RODUDN ¶[ L\LGLU· LIDGHVL\OH EL]LP RQX RQD\ODPDPÖ]GDQ GDKD ID]ODVÖQÖ
NDVWHWPHPL]H NDUûÖQ E|\OH ELU QHVQHO ELU ¶L\L· QLWHOLøL EXODPDGÖøÖPÖ] LoLQ EX \DUJÖ LOH
LOJLOL RODUDN VDKLS ROGXøXPX] GRøUXQXQ WP [·L RQD\ODGÖøÖPÖ]Ö LIDGH HWPHNWHGLU
%|\OHFH |]QHOFLOLN L\L YH N|W JLEL |]HO QLWHOLNOHULQ YDUROXûXQX \DGVÖGÖøÖ |OoGH VHV
JHWLUHQELUNXUDPRODUDNNDEXOHGLOHELOLU
6RQ RODUDN EX EDøODPGD GX\JXVDOFÖ HPRWLYH NXUDPÖQÖQ V|]Q HGHFHøL] $QFDN
|]QHOFLOLøLQ HQ WDQÖQPÖû YH HWNLOL ROPXû RODQ EX WUQH JHoPHGHQ |QFH QHVQHOFLOLøLQ
JHQHO VRUXODUÖQD GD |]HW RODUDN ELU J|] DWPDN |]QHOFLOLøLQ \HULQLQ GDKD NROD\
EHOLUJLQOHûPHVLQHNDWNÖVDøOD\DFDNWÖU
2OGXNoDIDUNOÖODûPDODUROPDVÖQDNDUûÖQEXUDGDEX\DNODûÖPÖLNLDQDGRøUXOWXRODUDN
J|USHOHDOPDNNRQX\XoRNID]OD\D\PDPDNDGÖQD\DUDUOÖRODFDNWÖU
1HVQHOFLOLøLQ ELU WLSL GHøHU \DUJÖODUÖQÖQ NRQXVXQXQ GDLPD QHVQHO \DQL \DUJÖ\Ö |QH
VUHQLQ ]LKQLQLQ GÖûÖQGD GRøDO ELUûH\ ROGXøXQX |QH VUHU %X GRøDOûH\ KHU QHROXUVD
ROVXQ EL]LP GHQH\LPLPL]LQ ELU QHVQHVLGLU %X QHGHQOH HWLN \DUJÖODU GRøDO ELOLPOHUGH
NXOODQÖODQ ELU WU \|QWHPOH GRøUXODQDELOLU \D GD \DQOÖûODQDELOLUOHU %X \|QWHP KLo
NXûNXVX] J|]OHPGLU %X \DNODûÖPÖ EHOLUOH\HQ ILOR]RIODUD QHVQHO GRøDOFÖODU GHQLU %X
QHVQHO GRøDOFÖOÖøÖQ HQ ELOLQHQ IRUPX \DUDUFÖOÖN XWLOLWDUL]P GÖU 1RUPDWLI ELU DKODN
NXUDPÖ ROPDNWDQ GDKD oRN PHWDHWLN ELU NXUDP RODUDN DOJÖODQPD\D oDOÖûÖOGÖøÖQGD
\DUDUFÖOÖNûXQXLIDGHHGHU¶[GRøUXGXU\DGD[L\LGLU·GHPHN[HQID]ODVD\ÖGDLQVDQLoLQ
PPNQ RODQ HQ E\N PXWOXOXøX VDøODU· GHPHNWLU %XUDGD ¶[ L\LGLU· \DUJÖVÖ \DUDUFÖ
GRøUXOXN |OoWQH EDûYXUXODUDN YH VWHOLN QH GHQOL oRN LQVDQD \DUDU VDøODGÖøÖQD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EDNÖODUDN GRøUXODQPD\D oDOÖûÖOÖU gUQHøLQ ELULVL ¶GRøXP NRQWURO X\JXODPDVÖ L\LGLU·
GHUVH EX ¶L\L ROPD·QÖQ NDUûÖOÖøÖ RODUDN WRSOXPXQ HQ E\N NHVLPLQH QH WU \DUDUODU
VDøODGÖøÖ J|]OHP \ROX\OD EHOLUOHQPH\H oDOÖûÖOÖU 3HNL DPD EX X\JXODPD ELU NLûL\H ELOH
]DUDU JHWLUPLû ROVD WDQÖP JHUHøL RQXQ LoLQGH \LQH L\L ROPD\D GHYDP PÖ HGHFHN"
*HUoHNWHEXDODQGDGDLûOHUKLoGHVRUXQVX]GHøLOGLU%XJ|Uû$PHULNDOÖGûQU-RKQ
'HZH\WDUDIÖQGDQELUD]GDKDVLVWHPDWL]HHGLOPLûWLU2QDJ|UHGHH\OHPLPL]LQYH\DHWLN
LONHQLQ VRQXoODUÖ DPSLULN NDQÖWODUOD GRøUXODQDELOPHOLGLU YH EXQD EDøOÖ RODUDN HWLN
\DUJÖODUÖPÖ]VRQXoODUÖQVÖQDYÖQGDQEDûDUÖ\ODoÖNDELOPHOLGLU
%X J|UûH GH E\N LWLUD]ODU ROPXûWXU %LU NH] PXWOXOXøX KD] LOH HûOHûWLULUVHN oRN
VD\ÖGD LQVDQÖQ RODELOGLøLQFH KD] DOPDVÖQÖ VDøOD\DQ ELU G]HQHN ]QWO VRQXoODU
GRøXUDELOLU$\UÖFDVRQXoODUÖQÖQNRQWURO\DGDLûOHQPHVLEDNÖPÖQGDQ]RUOXNODURODELOLU
YH \LQH EX L]OH\LûJ|]OHP KDQJL ]DPDQ VUHFL ER\XQFD RODFDNWÖU gUQHøLQ ELOLPVHO WÖS
E\FONWÖEEÖQDJ|UHVRQXoODUÖEDNÖPÖQGDQ\DUDUOÖYHoRNGDKD\D\JÖQRODELOLU$QFDN
KHUELOLPVHOX\JXODPDPXWODND\DUDUOÖVRQXoODUGRøXUXUGL\HPL\RUX]
1HVQHOFLOLøLQ ELU GLøHU WU VH]JLFLOLN HQWLV\RQL]P GLU 6H]JLFLOHUH J|UH GX\XODUD
YH Lo J|]OHPH HN RODUDN ELU GH DKODNVDO VH]JL YH\D LoJ|U GL\HELOHFHøLPL] ELU \HWLPL]
GDKD YDUGÖU %X \HWL LOH NLûLOHU KLo ROPD]VD HQ WHPHO HWLN \DUJÖODUÖQ GRøUXOXøXQX
NDYUDUÖ]%X\HWLELUWUDQODPD\HWLVLGLUDSULRULGLU%LUDQGD¶LoHGRøPD·GHQLOHQûH\LOH
KLoELU LOJLVL \RNWXU 7HUVLQH XVVDO ELU \HWLGLU %X NXUDPD J|UH WHPHO DKODNVDO LONHOHU
PDQWÖN YH PDWHPDWLN LONHOHUL\OH D\QÖ NRQXPD VDKLSWLU $PD EXQODU ELU WU WDQÖP GD
GHøLOGLU dQN EXQODU ROXPVDO GRøUXOXNODU NDWHJRULVLQGH \HU DOPD]ODU HYUHQGHNL
JHUoHNYH]RUXQOXLOLûNLOHUL\DQVÖWÖUODU%XNXUDPÖQROGXNoDHVNLWHPVLOFLOHULQGHQ6DPXHO
&ODUNH ´DNÖO VDKLEL ELU LQVDQ EXQODUÖQ GRøUXOXøXQX \DGVÖUVD EX GXUXP
JHRPHWUL \D GD DULWPHWLNWHNL GRøUXODUÖ \DGVÖPDNOD D\QÖ DQODPD JHOLUµ GHPHNWLU \\·GDEXJ|UûWXWDQODUDUDVÖQGD'DYLG5RVV$&(ZLQJ1LFRODL+DUWPDQQ·ÖQDGODUÖ
VD\ÖODELOLU *(0RRUH·GD 3ULQFLSLD (WKLFD·VÖQGD EX J|UûH \DNÖQ GûPûWU 2QD J|UH
L\LYHN|WVÖUDGDQGX\XGHQH\LPLLOHYHULOHPH\HQELUWUQHVQHOQLWHOLNOHUHLûDUHWHGHUOHU
YH EX QLWHOLNOHU \DOÖQ ELU \DSÖGD ROGXNODUÖ LoLQ WDQÖPODQDPD]ODU )DNDW 0RRUH D SULRUL
HWLN ELU \HWLGHQ V|] HWPHPHNWH YH HWLN WDULKLQGH ûLPGL\H GHN \DSÖODQ WP L\L
WDQÖPODUÖQÖQGDJHoHUVL]OLøLQL´NDSDOÖVRUXDoÖNVRUXµJLELELUWDNÖPXVODPODPD\ROODUÖLOH
NDQÖWODPD\D oDOÖûPDNWDGÖU $VOÖQGD 0RRUH·XQ oDOÖûPDVÖ oRN E\N |OoGH PHWDHWLN ELU
oDOÖûPDGÖUYHNHQGLQH|]JGU<XNDUÖGDV|]HGLOGLøLJLELVH]JLFLOHUGHGHL\L·QLQKLoELU
WDQÖPÖ \RNWXU %X GXUXPGD QH WU DoÖNODPD \DSÖOÖUVD \DSÖOVÖQ VH]JLFL QHVQHOFLOLN GH
\HWHUVL]NDOPD\DPDKNPGXU
0RRUH·XQL\LWDQÖPODQDPD]\DUJÖVÖJHUoHNWH|]QHOFLOLN\DNODûÖPÖQÖELUEDûND\|QGHQ
GHVWHNOHU J|UQPHNWHGLU 1LWHNLP 0DQWÖNoÖ 3R]LWLYLVWOHU :LWWJHQVWHLQ·ÖQ ´HWLN \DUJÖODU
DQODPGDQ \RNVXQGXUµ \DNODûÖPÖ NDGDU 0RRUH·XQ ´L\L WDQÖPODQDPD]µ \DUJÖVÖQGDQ GD
E\N Jo DODUDN NHQGL ELOJLELOLPVHO \DNODûÖPODUÖQÖQ GD ÖûÖøÖ DOWÖQGD HWLN \DNODûÖPODUÖQÖ
UDKDWoD IRUPOH HWPLûOHUGLU %|\OHFH \\·GD HQ oRN NRQXûXODQ YH HQ HWNLOL HWLN
NXUDPODUGDQELULRUWD\DoÖNPÖûROX\RUGX%XNXUDPDGX\JXVDOFÖNXUDPGHQGLøLQL]DWHQ
V|\OHPLûWLN %XQODU |QFO RODUDN 0RRUH·XQ L\L WDQÖPODQDPD] |QHUPHVLQGHQ \ROD
oÖNDUODU DPD \LQH 0RRUH·XQ YXUJXODGÖøÖ \DOÖQ ELU QLWHOLøL J|VWHUGLøL LoLQ GHøLO DQODPVÖ]
ROGXøXDQODPGDQ\RNVXQROGXøXLoLQWDQÖPODQDPD](øHUPXWODNDELUDQODPÖROPDOÖGÖU
GL\H ÖVUDU HGLOLUVH R ]DPDQ ûX V|\OHQPHOLGLU ù\L YH |WHNL HWLN \NOHPOHU EHWLPOH\LFL \D
GD ELOLûVHO DQODPGDQ \RNVXQ RODUDN VDOW GX\JXVDO ELU DQODPD VDKLSWLUOHU %LUH\OHUGH
ROXûDQGX\JXVDOOÖNLVHWDQÖPODQDELOHFHNWUGHQELUûH\GHøLOGLU%XQHGHQOHRQODUDJ|UH
DKODN \DUJÖODUÖQÖQ LûOHYL |WHNL NXUDPODU WDUDIÖQGDQ ûLPGL\H GHN KHS \DQOÖû DQODûÖOPÖûWÖU
6DUDdHOLN³'HøHU<DUJÖODUÖQGDg]QHOOLN1HVQHOOLN7DUWÖûPDVÖh]HULQH
%XHWLN\DUJÖODUGRøUX\DGD\DQOÖûRODELOHFHNWUGHQ\DUJÖODUGHøLOGLUdQNRQODUROJX
|QHUPHOHUL GHøLOGLU 2QODUÖQ LûOHYL KHUKDQJL ELU ûH\ KDNNÖQGD ELOJL YHUPHN GHøLOGLU
+DWWD EL]LP NHQGL GX\JXODUÖPÖ] KDNNÖQGD GD ELOJL YHUPH]OHU (WLN \DUJÖODUÖQ LûOHYL
GLQDPLNWLU EL] RQODUÖ GX\JXODUD LûDUHW HGHQ QOHPOHU JLEL \D GD GX\JXODUÖ KDUHNHWH
JHoLUHQ HPLUOHU YH \LQH LQVDQODUÖQ H\OHPOHULQL HWNLOHPHN ]HUH YHULOHQ HPLUOHU JLEL
NXOODQÖUÖ] (øHU ´6OH\PDQ 'HPLUHO L\L ELU DGDPGÖµ GL\RUVDP EX NDEDFD ´6OH\PDQ
'HPLUHO oRN \DûDµ GHPHNOH Hû DQODPOÖGÖU (øHU ELULVL ´JHOLU YHUJLVL YHULUNHQ YHUJL
NDoÖUPDPDOÖGÖUµ GL\RUVD EX WÖSNÖ ´YHUJL NDoÖUPD KDDµ GHPHNOH Hû DQODPOÖGÖU 6DGHFH
EXUDGD EHOLUOL |]HO ELU WRQ YH YXUJXODPD LoLQGH NRQXûDUDN GRøUXGDQ GRøUX\D HPLU
YHUPHNWHQ
NDoÖQÖOPDNWDGÖU
úX
KDOGH
HWLN
\DUJÖODU
DODQÖQGD
NDUûÖPÖ]D
oÖNDQ
X\XûPD]OÖNODU GX\JXODUÖPÖ]GDQ JGOHQHQ WDYÖU YH WXWXPODUGDNL X\XûPD]OÖNODUGÖU %X
QHGHQOHHWLNWDUWÖûPDODUEHONLVRQDHUGLULOHELOLUDPDo|]POHQHPH]
*HOLQHQ EX QRNWDGD RUWD \RO WXWDQ ED]Ö GûQUOHU GH HWLN \DUJÖODUÖQ KHP GX\JXVDO
KHP GH EHWLPOH\LFL ELU DQODP WDûÖGÖøÖQÖ J|VWHUPH DUD\ÖûÖ LoLQH JLUPLûOHUGLU GHQHELOLU
%XUDGDNL WHPHO WH] |UQHøLQ ´6OH\PDQ 'HPLUHO L\L ELU LQVDQGÖUµ GHQGLøLQGH EXQX
GL\HQ NLûL 6OH\PDQ 'HPLUHO·H NDUûÖ |QH oÖNDQ KRûODQPD GX\JXODUÖQÖ LIDGH HWPHNOH
ELUOLNWH \LQH GH 6OH\PDQ 'HPLUHO·LQ LoWHQOLøL LQVDQVHYHUOLøL ELOJHOLøL JLEL QLWHOLNOHUL
]HULQH
ROJXVDO
ELUWDNÖP
LGGLDODU
|QH
VUPHNWHGLU
9H
\LQH
ELULVL
´YHUJL
NDoÖUÖOPDPDOÖGÖUµ GHGLøLQGH R ELU WU HPLU YHUPHNWHGLU DPD ELU WDUDIWDQ GD YHUJL
NDoÖUPDQÖQ RUJDQL]H WRSOXPXQ WHPHOLQL DOWWDQ o|NHUWPH\H G|QûHELOHFHøL \ROOX ELU
ELOJL YHUPLû ROPDNWDGÖU $QFDN \LQH GH HWLN \DUJÖODUÖQ EHWLPOH\LFL ELU DQODPD VDKLS
ROPDVÖQD L]LQ YHUHQ EX GûQUOHU EXUDGD GDLPD ´GRøDO ELU ûH\µ |QH VUGNOHULQGH
|]HO ELU \HWLQLQ ND\QDNOÖN \DSPDVÖQD JHUHNVLQLP ROPDNVÖ]ÖQ EX GRøDO ûH\LQ D\ÖUW
HGLOHELOHFHøLQH LQDQÖUODU gUQHøLQ 6OH\PDQ 'HPLUHO·LQ \UHNOL YH YDWDQVHYHU ROXS
ROPDGÖøÖQÖ DQOD\DELOPHN LoLQ JHUHNVLQLP GX\XODQÖQ WP ELU WU GX\X J|]OHPLQLQ
\HULQH JHWLULOPHVLGLU 'X\JXVDOFÖ NXUDPÖQ DOGÖøÖ EX ELoLPH LVH ´GX\JXVDOFÖ GRøDOFÖOÖNµ
GHQPHNWHGLU%XGD|]QHOFLOLNOHQHVQHOFLOLøLQEHOLUOLWUOHULQLQELUOHûWLULOPH\HoDOÖûÖOPDVÖ
DQODPÖQD JHOPHNWHGLU 'X\JXVDOFÖ NXUDP LOH GRøDO QHVQHOFLOLN ELUELUOHULQL EWQOHPH
\|QHOLPLLoLQHJLUPLûOHUGLU
7P EX DoÖNODPDODUGDQ oÖNDQ VRQXFD J|UH HWLN \DUJÖODUÖQ ELOJL GHøHUL DoÖVÖQGDQ VDOW
GX\JXVDO ELU DQODP WDûÖGÖNODUÖ \DNODûÖPÖ ROGXNoD JoO RODUDN JHUHNoHOHQGLULOPHVLQH
NDUûÖQ KHP VÖUDGDQ LQVDQ KHP GH KLo GH D] ROPD\DQ ELU GûQU JUXEXQX \HWHULQFH
LNQD HGHPHPHNWHGLU (WLN \DUJÖODUÖQ VDGHFH GX\JXVDO ELU DQODP WDûÖPDVÖQÖQ \DQÖQGD \D
GD|WHVLQGHQHVQHOELUYHUL\HGHLûDUHWHWPHOHULJHUHNWLøLLQDQFÖ\DGD\DNODûÖPÖWHPHOLQL
VDQÖUÖP û|\OH ELU EHNOHQWLGHQ DOPDNWDGÖU (WLN GHøHU \DUJÖODUÖ EL] LQVDQODUÖQ \DûDPÖQÖ
E\N|OoGHHWNLOH\HQYHKDWWD\|QOHQGLUHQ\DUJÖODUGÖU'DYUDQÖûODU]HULQGHE|\OHVLQH
\|QOHQGLULFLOLN JF RODQ EX \DUJÖODUÖQ PDQWÖNVDO \DSÖODUÖ EDNÖPÖQGDQ GD JoO YH
VDøODP ROPDODUÖ JHUHNWLøL LQDQFÖ VDQNL WXWDUOÖ GûQPHQLQ GRøDO ELU VRQXFXGXU
g]QHOFLOHULQEHWLPOHGLøLELoLPL\OHNDUDUVÖ]ELUPDQWÖNVDOYHGLOVHO\DSÖHWNLJF\NVHN
RODQ EX \DUJÖODUD DGHWD \DNÖûWÖUÖODPDPDNWDGÖU %X V|\OHQHQOHUGHQ oÖNDQ VRQXFD J|UH
GHøHU \DUJÖODUÖQÖQ QHVQHO ELU YHUL\H LûDUHW HWPHVL JHUHNWLøLQL |QH VUHQ \DNODûÖPODUÖQ
WHPHOLQGH\LQHGX\JXVDOLQVDQVDOELUWXWXPXQYDUOÖøÖGLNNDWLoHNHUJLELGLU%XDODQGDNL
DUD\ÖûODUVRQDHUPLûGHøLOGLU
+DVWDQH<|QHWLPLQLQ+HNLP²+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN
%R\XWODUÖ
'U1HVULQdREDQRøOX +DVWDQHOHU WÖEEÖQ GDKD GRøUXVX WHGDYL HGLFL KHNLPOLøLQ DPDFÖQÖ JHUoHNOHûWLUPHN
LoLQ
G]HQOHQHQ
oDøGDû
KL]PHW
NXUXPODUÖGÖU
+DVWDQH
\|QHWLPL
´KDVWDODUÖQ
L\LOHûWLULOPHVLµ RODQ EX DPDFÖQ JHUoHNOHûPHVL LoLQ ELU DUDoWÖU <|QHWLPLQ J|UHYOHUL LOH
KHNLPKDVWD
LOLûNLVLQLQ
|]HUNOLøL
EX
DPDoOD
X\XPOX
ROPDOÖGÖU
dQN
KL]PHW
VXQXPXQXQ PHUNH]LQGH KHNLP²KDVWD LOLûNLVL YDUGÖU +HNLP²KDVWD LOLûNLVL VÖUDVÖQGD
RUWD\DoÖNDQDKODNLGHøHUVRUXQODUÖ7ÖEEL(WLNDODQÖQÖQNRQXVXGXU%XLOLûNLJHoPLûWHQ
JQP]H GRøDVÖ JHUHøL |]HUN ROPXû ELU LOLûNLGLU +DVWDQHOHULQ HYULPLQGH JHOLQHQ
QRNWD YH ELOLPVHO²WHNQLN JHOLûPHOHULQ HWNLVL\OH EX |]HUNOLøLQ NXUXP \|QHWLPL
WDUDIÖQGDQ VÖQÖUODQGÖUÖOPDVÖ V|] NRQXVX ROPD\D EDûODPÖûWÖU %X VÖQÖUODPDODUÖQ WHPHO
DPDoOD X\XPOX NXUXPXQ NHQGLQL JHOLûWLUPHVL YH LûOHYVHOOLøLQLQ DUWWÖUÖOPDVÖQD \|QHOLN
FLGGLGHøHUVRUXQXROXûWXUPDGDQ\DSÖOPDVÖ|QHPOLGLU
*HOLûHQ WÖS WHNQRORMLVL WRSOXPVDO LOLûNLOHULQ oRN ER\XWOXOXøX YH VL\DVDO JHOLûPHOHU
KHNLP²KDVWD LOLûNLVLQL GH HWNLOHPHNWHGLU gWH \DQGDQ ELUH\LQ |]HUNOLøL NDYUDPÖQÖQ
JLGHUHN |QHP ND]DQPDVÖ KHNLP²KDVWD LOLûNLVLQH \DQVÖPDNWD KDVWDQHOHUGH KDVWD
PHUNH]OL
\|QHWLP
\DNODûÖPODUÖ
NDEXO
J|UPHNWHGLU
dDøGDû
KDVWDQH
\|QHWLPOHUL
WRSOXPXQ YH ELUH\OHULQ EHNOHQWL YH JHUHNVLQLPOHULQL HQ L\L ELoLPGH NDUûÖODPD\Ö
KHGHIOH\HQ ´'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLµ \|QWHPLQL X\JXODPD\D \DQVÖWDELOGLNOHUL
RUDQGDEDûDUÖOÖROPDNWDGÖUg]QHVLYHQHVQHVLLQVDQROGXøXLoLQ|WHNLUHWLPYHKL]PHW
UHWLPL DODQODUÖQGDQ D\UÖODQ KHNLPOLN PHVOHøLQGH KDVWD\Ö |]QHOHûWLUHQ EX \|QHWLP
ELoLPLQLQ X\JXODPD\D DNWDUÖOPDVÖ WHGDYL HGLFL KHNLPOLNWH YHULOHQ KL]PHWWH NDOLWH\L
JHOLûWLUPHN DPDFÖ\OD WRSOXPVDO VL\DVDO GHøLûPHOHULQ HWNLVL\OH YDUÖODQ ELU VUHoWLU
*QP]GH GHøLûHQ YH NDUPDûÖNODûDQ KDVWDQHOHUGH VXQXODQ KL]PHWL GHQHWOHPHN YH
JHOLûWLUPHN J|UHYL\OH \NPO \|QHWLPLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL X\JXODPDGD
GHøHUVRUXQX\DUDWPD\DEDûOD\ÖQFD\|QHWLPNDUûÖVÖQGDLOLûNLQLQ|]HUNOLøLNDYUDPÖWÖEEL
HWLNDoÖVÖQGDQVRUXQNPHVLRODUDNJQGHPHJHOPLûWLU
+DVWDQH<|QHWLPLQLQ+HNLPOHUHYH+DVWDODUD.DUûÖ6RUXPOXOXøX
7ÖEEL
HWLN
VRUXQ
NPHOHULQL
LUGHOHUNHQ
|QHPOL
RODQ
LNL
NDYUDP
KDN
YH
VRUXPOXOXNODUGÖU +DVWDQH \|QHWLPL VDøOÖN KL]PHWL YHUHQ YH DODQODU DUDVÖQGD JHoHQ
LOLûNLQLQED]Ö\|QOHUL\OHWDUDIODUÖQKHUELULQHNDUûÖD\UÖVRUXPOXOXNODUWDûÖU
+DVWD KDNODUÖ DoÖVÖQGDQ KDVWDQH \|QHWLPLQLQ HWLN X\JXODPDODUÖQÖQ DPDFÖ KHU ELU
KDVWDQÖQKDNODUÖQDVD\JÖJ|VWHUHUHNKDVWDOÖøÖQWHGDYLVUHFLQGHKDVWD\ODNDPXVDOYHLoLû
LOLûNLOHULQL HWLN \DNODûÖPODUOD o|]POH\HUHN KDVWDQÖQ L\LOHûPHVL VRQXFXQX VDøODPD\D
oDOÖûPDNWÖU dREDQRøOX +DVWDQH \|QHWLPOHULQLQ HWLN GDYUDQÖûÖ |QFHOLNOH
KDVWDQÖQ |QHULOHQ WHGDYL \|QWHPLQL UHGGHWPHVLQL GH NDSVD\DFDN ELoLPGH RQXQ
GHøHUOHULQHYH|]HUNOLøLQHVD\JÖJ|VWHULOPHVL\OHEDûODU<HULQHJ|UHKDVWDQÖQKDVWDQH\H
XODûÖPÖQÖQHQNROD\\ROGDQVDøODQPDVÖLOHEDûODPDVÖJHUHNHQLOLûNLRQDKDVWDOÖøÖLOHLOJLOL
ELOJLOHULQ
JHUHNHQ
|OoOHUGH
YHULOPHVL
X\JXODQDFDN
WHGDYL
\|QWHPOHULQLQ
*D]LhQY7ÖS)DN7ÖSGRNWRUX.DPX<|QHWLPLX]P7ÖEEL(WLN%LOLPGRNWRUX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUDUÖQÖQ]DUDUÖQÖQ DQODWÖOPDVÖ KDVWD WHGDYLVL LOH LOJLOL NDUDU DODELOHFHN \HWHUOLOLøH
XODûWÖøÖQGDGDLUDGHVL\OHDOGÖøÖNDUDUDVD\JÖJ|VWHUHUHNR\|QGHLûOHPOHULNROD\ODûWÖUÖFÖELU
\DSÖGD ROPDOÖGÖU $PHULFDQ 0HGLFDO $VVRFLDWLRQ +DVWDQHQLQ ELUH\LQ VDøOÖNOÖ
\DûDP KDNNÖQD LOLûNLQ \DVDO VRUXPOXOXNODUÖQÖQ IDUNÖQGD RODUDN JHUHNOL DFLO |QOHPOHUL
DOPDVÖ EXQODUÖ \DSDUNHQ KDVWDQÖQ YH \DNÖQODUÖQÖQ RQXQ KDVWDOÖøÖQÖQ \DûDPÖQGDNL
ELULFLNOLøLQLQJ|]GHQX]DNWXWXOPDGDQNRQX\ODLOJLOLRODUDNELOJLOHQGLULOPHVL|QHPOLGLU
+DVWDQH \|QHWLPL WDUDIÖQGDQ KDVWD HøLWLP |øUHWLP SROLWLNDVÖ ROXûWXUXOPDOÖ YH EX
GRøUXOWXGD KDVWD\D KDNODUÖ YH VRUXPOXOXNODUÖ NRQXVXQGD oHûLWOL ELoLPOHUGH ELOJL
YHULOPHOLGLU +DVWDOÖøÖQÖQ QHGHQOHULQLQ WDQÖ WHGDYL YH EDNÖPÖ LoLQ JHUHNOL RODQ
JLULûLPOHULQKDVWD\DYHDLOH\H|øUHWLOPHVLKDVWDQÖQVDøOÖNKL]PHWLYHUHQOHUOHRODQLOHWLûLP
YH LûELUOLøLQL DUWÖUÖU L\LOHûPH VUHFLQL KÖ]ODQGÖUÖU +DVWD YH DLOH WHGDYL YH EDNÖPOD HOGH
HGLOHQ L\LOHûPH\L VUGUPHN LoLQ oDUHVL]OLN NDGHUFLOLN EDøÖPOÖOÖN GDYUDQÖûODUÖQÖ NHQGL
VDøOÖøÖLoLQVRUXPOXOXNDOPDGDYUDQÖûODUÖQDG|QûWUU%LUVDøOÖNNXUXOXûXQGDEXQXQOD
LOJLOL ELU ELULPLQ NXUXOPDVÖ LoLQ NDUDU YHULOGLNWHQ VRQUD \Dû JUXSODUÖ YH GHøLûLN VDøOÖN
VRUXQODUÖQÖ LoLQH DODQ HøLWLP²|øUHWLP SURJUDPODUÖ KD]ÖUODQPDOÖ EHOJHOHQGLULOPHOL
X\JXODQPDOÖ
L]OHQPHOL
GHøHUOHQGLULOPHOLGLU
ND\GHGLOPHOL
+HGHIOHQHQ
YH
DOÖQDQ
HøLWLP²|øUHWLP
VRQXoODU
VRQXoODUÖ
EHOLUOL
VDøOÖN
DUDOÖNODUOD
NXUXOXûXQXQ
DPDoODUÖQD X\JXQOXN J|VWHUPL\RUVD RQODUÖQ HNVLN YH DNVD\DQ \|QOHUL JLGHULOPHOL YH
VUHNOLOLøL VDøODQPDOÖGÖU +DVWD YH DLOHQLQ VDøOÖN VRUXQXQX DQODPDODUÖ KDVWDQHQLQ WDQÖ
WHGDYL YH EDNÖP KL]PHW X\JXOD\ÖFÖODUÖ LOH LûELUOLøL LoLQGH ROPDODUÖ HøLWLP²|øUHWLP
SURJUDPÖQÖQ LoHULøLQH YH X\JXOD\ÖFÖODUÖQ SURIHV\RQHO EHFHULOHULQH EDøOÖGÖU dRUXK
EV
%LU KDVWDQÖQ WHGDYL YH EDNÖPÖQGDQ DPDoODQDQ WHGDYLGHQ HQ NÖVD VUHGH HQ L\L
VRQXFX DOPDN YH EXQX VUGUHELOPHNWLU %X DPDFD YDUPDN LoLQ KDVWDQÖQ YH\D DLOHQLQ
KDVWDOÖN QHGHQOHULQL ELOPHOHUL WHGDYL SODQÖQÖ HNVLNVL] X\JXODPDODUÖ KDVWDOÖøÖQ WHNUDUÖQÖ
|QOHPH ELOJLOHULQL ND]DQPDODUÖ YH EWQ EXQODUGD VRUXPOXOXN DOPDODUÖ JHUHNPHNWHGLU
+DVWDDLOH NHQGLOHULQL LOJLOHQGLUHQ VDøOÖNVRUXQXQX DQODGÖNODUÖQGD WHGDYL YH EDNÖP LoLQ
JHUHNOL LûELUOLøL YH VRUXPOXOXN SD\ODûÖPÖQD NDWÖODFDNWÖU +DVWD HøLWLP ² |øUHWLPL
KDVWDQH\HNDEXO|QFHVLQGHEDûODWÖOPDOÖYHVDøOÖNVRUXQXQXQQHGHQOHULYHGRøDVÖQDJ|UH
KDVWD WDEXUFX ROGXNWDQ VRQUD GD VUGUOPHOLGLU dRUXK E V $NDED\DVKL
+DVWDQH \|QHWLPL KDVWDODUD DLW ELOJLOHULQ JL]OLOLøLQLQ NRUXQPDVÖQGDQ JHQHO RODUDN
VRUXPOXGXU +DVWDOÖNODUÖQ JUXSODQGÖUÖOGÖøÖ GRV\DODU YH ELOJLVD\DUGD WXWXODQ ND\ÖWODU
JL]OLOLN
NXUDOODUÖ
DoÖVÖQGDQ
GHQHWOHQPHOLGLU
%LUoRN
ONHGH
KDVWDQH
ND\ÖWODUÖQÖQ
ELOJLVD\DUODU DUDFÖOÖøÖ\OD WXWXOPDVÖ EX ELOJLOHULQ JL]OLOLN VÖQÖUODUÖ LOH LOJLOL VRUXQODU
\DûDQPDVÖQD QHGHQ ROPDNWDGÖU .XûNXVX] EX \|QHWLPOHULQ VRUXPOXOXN DODQÖQGDNL
VRUXQODUGDQELULGLUdREDQRøOXYHhQDO
+HNLPOHU
\DVDO
RODUDN
X\PDN
]RUXQGD
ROGXNODUÖ
JL]OLOLN
NXUDOODUÖQD
X\JXQ
GDYUDQVDODU GD ELOJLVD\DUODUD JLULOHQ ELOJLOHUH R E|OPGH \D GD EDûND E|OPGH oDOÖûDQ
ELULVL NROD\OÖNOD JLUHELOLU YH |UQHøLQ KDVWDQÖQ FLQVHO \DûDPÖ GD LoLQGH ROPDN ]HUH WP
ELOJLOHUHXODûDELOLU+DVWDQHQLQELOJLVD\DUKDWODUÖQDJLUPH\LEDûDUDQKHUKDQJLELULELOHEX
ELOJLOHUL HOGH HGHELOLU %X NRQXGD KHNLPOHULQ JHUHNHQL \DSPDVÖQD NDUûÖQ ELU N|W
KHNLPOLN
\D
GD
KHNLP
KDWDVÖ
X\JXODPDVÖ
JLEL
VUPHNWH
RODQ
EX
EXQDOÖP
o|]POHQLQFH\H NDGDU NXUDOODUÖQ G]HQOHQPHVLQL EHNOHPHNVL]LQ HWLN \DNODûÖPODUOD
|]HQ
J|VWHUHUHN
|QOHP
DOPDOÖ
YH\D
\|QHWLPOH
X]ODûDUDN
ûLIUH
NXOODQÖOPDVÖQÖ
|QHUPHOL\L]<RNVDELOJLOHUL\NOHPH\LUHGGHWPHNGDKDX\JXQELUHWLNo|]PRODFDNWÖU
-D\DZDUGHQD
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
+HNLP²KDVWD
DUDVÖQGD
GûQFH
D\UÖOÖNODUÖQÖQ
D]DOPDVÖQD
\DUGÖPFÖ
RODFDN
GHVWHNOH\LFL ELU LOLûNL\L ELoLPOHQGLUPHN LoLQ LOHWLûLP EHFHULVLQLQ NDUûÖOÖNOÖ JHOLûWLULOPHVL
JHUHNOLGLU %LOJL
GRøUXGDQ
X\JXODPD\D
G|QûHPH]
X]PDQOÖN
YH
SURIHV\RQHOOLN
JHUHNWLUHQ DODQODUGD EXQXQ \DQÖQGD ELU VRQUDNL DGÖP \HQL WHNQLNOHU |øUHQHUHN
EHFHULOHULJHOLûWLUPHNYHGDYUDQÖûODUGDGHøLûLNOLN\DSPDNWÖU.XUW]YHDUNV
+DVWDQH\|QHWLPLSURIHV\RQHOELOJLYHEHFHULQLQHWNLOLNXOODQÖOPDVÖQÖQDUDoODUÖQGDQELUL
RODQ LOHWLûLPLQ DUWPDVÖQÖ KHGHIOH\HUHN EXQD \|QHOLN HøLWVHO YH PHNkQVDO G]HQOHPHOHU
\DSPDOÖGÖU
´ù\L ELU KHNLP ROPDQÖQ \ROX KDVWDODUOD VDøOÖNOÖ LOHWLûLP NXUPDNWDQ JHoHUµ <NVHN
NDOLWHOL WHGDYL X\JXODPDN LoLQ HWNLOL LOHWLûLP ]RUXQOXGXU 'RøUX LOHWLûLP KHNLP²KDVWD
DUDVÖQGD ]RUOXNODUD QHGHQ RODQ \DQOÖû DQODPDODUGDQ GRøDQ oDWÖûPDODUÖ D]DOWÖU GDKD
KDVWD PHUNH]OL ELU \DNODûÖP VHUJLOHQPHVLQH \RO DoDU %|\OHFH KHNLPOHULQ WDQÖODUÖ GDKD
GRøUX KDOH JHOLUNHQ NDUDUODUÖ SD\ODûDQ YH KD]ÖUODQDQ WHGDYL SODQODUÖQD GDKD X\XPOX
RODQKDVWDODUODNOLQLNEDûDUÖ\NVHOHFHNWLU.XUW]YHDUNV
+DVWDQH\|QHWLPLVDøOÖNSHUVRQHOLQHNHQGLVDøOÖøÖQÖNRUXPDVÖLoLQJHUHNOLWÖEELDUDo
JHUHoYHIL]LNL\DSÖ\ÖVDøODPDNOD\NPOGU6DøOÖNSHUVRQHOLQLQNHQGLQLNRUXPDNLoLQ
DOPDVÖ JHUHNHQ |QOHPOHUL ELOGLøL YH X\JXODGÖøÖ YDUVD\ÖOPDNWDGÖU .RUXQPD\D \|QHOLN
GRQDQÖP VDøODQPÖ\RUVD \|QHWLPLQ R LûOHPLQ \DSÖOPDVÖQÖ EHNOHPH KDNNÖ \RNWXU
7UNL\H·GHNLX\JXODPDGDELUoRNKDVWDQHGHEXQODUÖQVDøODQPDGÖøÖQÖELOL\RUX]$FLOYH\D
NURQLN VRUXQODUÖQ o|]PQGH ELUoRN NH] VDøOÖN SHUVRQHOLQLQ |]YHULVL GHYUH\H
JLUPHNWHGLU %D]Ö EXODûÖFÖ KDVWDOÖNODUD NDUûÖ JHUHNVL] EXODûPD NRUNXVXQX YH |Q\DUJÖ\Ö
\RN HWPHN LoLQ SHUVRQHOLQ NRUXQPD NRQXVXQGD VUHNOL HøLWLPL\OH ELUOLNWH VDøOÖN
SHUVRQHOLQL NRUXPD\D \|QHOLN GRQDQÖPÖQ VDøODQPDVÖ HWNLQ ELU o|]P VDøOD\DFDNWÖU
dREDQRøOXhQDOV
gUJWOHUGH PRGHUQ GHQHWLP DQOD\ÖûÖ JHUHøL KDVWDQHOHUGH \|QHWLP ELUOLNWH oDOÖûWÖøÖ
SHUVRQHOLQ
HøLWLPLQGHQ
YHULPOL
ELU
ELoLPGH
oDOÖûPD\D
\|QOHQGLULOPHVLQGHQ
YH
oDOÖûPDODUÖQ JGOH\LFL ELU RUWDP LoLQGH GHøHUOHQGLULOPHVLQGHQ VRUXPOXGXU %X
SODQODPDQÖQ \DSÖODELOPHVL oDOÖûDQ SHUVRQHOLQ KDQJL Jo oHûLWOHULQGHQ HWNLOHQGLøLQLQ
PHVOHNLGHøHUVLVWHPOHULQLQELOLQPHVL\OHRODQDNOÖGÖU$VWODUÖQÖHWNLOHPH\ROODUÖQÖL\LELOHQ
ELU \|QHWLFL PRGHUQ VDøOÖN |UJWQQ YHULPLQL DUWÖUPD YH oDOÖûDQODUÖQ GR\XPXQX
VDøODPD JLEL LNL |QHPOL DPDFÖQÖ JHUoHNOHûWLUPHGH GDKD EDûDUÖOÖ RODFDNWÖU .DVDSRøOX
V
$PDoODUÖ L\L VDSWDQPÖû YH oDOÖûDQODU WDUDIÖQGDQ |]PVHQPLû ELU NXUXPGD HWNLOL ELU
GHQHWLP
LûOHYOHULQ
DNVD\DQ
\|QOHULQLQ
VDSWDQPDVÖ
YH
G]HOWLOPHVLQH
RODQDN
VDøOD\DFDNWÖU
+DVWDQHOHUGH \|QHWLP KHNLP YH KDVWD\D oHûLWOL VRUXPOXOXNODU \NOH\HUHN YH
GHQHWOH\HUHNLOLûNL\HJ|UHYLJHUHøLPGDKDOHHGHFHNWLU
+DVWDQH<|QHWLPL$oÖVÖQGDQùOLûNL\H0GDKDOH*HUHNoHOHUL
6DøOÖN
KL]PHWOHULQGH
NDOLWH
NDYUDPÖ
KL]PHWL
WDOHS
HGHQOHULQ
LVWHN
YH
JHUHNVLQLPOHULQL NDUûÖODPDQÖQ \DQÖQGD ELOLPVHO YH WHNQLN RODQDNODUÖQ NXOODQÖPÖQÖ GD
LoHUPHNWHGLU +L]PHW VXQXPXQGD DPDoODQDQ VRQXFD XODûPDN LoLQ NOLQLN DOW\DSÖ
GHVWHN
KL]PHWOHUL
JLEL
WP
KL]PHW
ELULPOHULQGH
VUHNOL
YHULELOJL
WRSODPD
GHøHUOHQGLUPH YH L\LOHûWLUPHOHULQ ELU HûJGP LoLQGH \UWOPHVL JHUHNLU dDøÖPÖ]
LQVDQÖ JHOLûHQ VDøOÖN ELOLQFL LOH VDøOÖøÖ\OD GDKD oRN LOJLOHQPHNWH YH RODQDNODUÖ |OoVQGH
HQ L\L WDQÖ YH WHGDYL RODQDNODUÖQD XODûPD\Ö LVWHPHNWHGLU 6DøOÖN KL]PHWOHULQLQ GHøLûLN
DODQODUGD YH \NVHN G]H\GH HøLWLP J|UPû X]PDQODUD YH PRGHUQ WDQÖ WHGDYL DUDo ²
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHoOHULQ NXOODQÖPÖQD JHUHNVLQLP J|VWHUPHVL LVH DûÖUÖ PDOL\HW DUWÖûODUÖQD QHGHQ
ROPDNWDGÖU dRUXK V %XQXQ VRQXFXQGD |QFHOLNOH $%'·GH YH |]HOOLNOH
ILQDQVPDQÖ VDøOD\DQ KNPHW YH VLJRUWD ûLUNHWOHULQLQ EDVNÖVÖ\OD KDVWDQÖQ WHGDYLVLQL
HWNLOH\HQ ELU NÖVÖP NOLQLN YH LGDUL VUHoOHULQ L]OHQPHVLQL KHGHI DODQ VWDQGDUWODU
JHOLûWLULOPLûWLU
+DVWD WHGDYL YH EDNÖPÖQGDNL KÖ]OÖ IL\DW DUWÖûODUÖ \DQÖQGD LQVDQODUÖQ VDøOÖNOÖ YH X]XQ
ELU \DûDP VUPH LVWHNOHUL \DûDP NDOLWHVL EHNOHQWLVLQLQ \NVHOPHVL VDøOÖN KL]PHWOHUL
VXQXPXQGD\HQL\DNODûÖPODUGRøXUPDNWDGÖU+DVWDOÖN\|QHWLPLVUHFLQGHULVN\|QHWLPL
VUHo NRQWURO NRQXODUÖ SODQODPDODUGD \HU DOPDNWDGÖU %|\OHFH ´\|QHWLPOL KDVWD
EDNÖPÖµNDYUDPÖ\|QHWLPVUHFLQHJLUPHNWHGLU%XNDYUDPGDQVDøOÖNKL]PHWLVXQXPX
|QFHVLQGH KHU KDVWD LoLQ D\UÖ D\UÖ KHVDSODQPDN ]HUH KDVWDQÖQ WHGDYLVL YH EDNÖPÖQÖ
HWNLOH\HQVDøOÖNPDVUDIODUÖQÖQKDVWDYH|GHPH\L\DSDFDNNXUXPXQ|QFHGHQKHVDSODPD
\DSPDVÖQD \DUGÖPFÖ RODFDN ELoLPGH \|QOHQGLULOPHVL LoLQ NXOODQÖODQ WHNQLNOHU EWQ
DQODûÖOPDNWDGÖU
2
KDVWD\D
VXQXODQ
WP
KL]PHWOHULQ
VÖQÖUOÖ
ND\QDN
NXOODQÖPÖ
oHUoHYHVLQGH RQXQ KHU DûDPDVÖQÖ L]OH\HUHNVRQXoWDPDNVLPXP \DUDUÖQ HOGH HGLOPHVLQL
DPDoOD\DQELUVUHoRODUDNWDQÖPODQPDNWDGÖU%X\HQL\DNODûÖPODUVDøOÖNNXUXOXûODUÖQGD
YHULOHQ KL]PHW SHUIRUPDQVODUÖQÖQ L\L WDQÖPODQPDVÖ YH |OoOPHVLQL JHUHNWLUPHNWHGLU
dRUXKV
%X VUHoWH KHNLP²KDVWD LOLûNLVLQH |QFHVLQGHQ SODQODQDQ LOLûNL VÖUDVÖQGD YH VRQXFD
\|QHOLN ELU PGDKDOH ROGXøX J|UQHQ ELU JHUoHNWLU 7HGDYL \|QWHPOHULQH J|UH
VWDQGDUWODûWÖUÖOPÖû KDVWDQHGH NDOPD VUHOHUL EHOLUOHQLU WHGDYL ER\XQFD KDQJL G|QHPGH
NLPOHULQ QHOHUGHQ VRUXPOX RODFDøÖ |QFHGHQ \D]ÖOÖ ND\ÖWODUOD \|QOHQGLULOLU YH \DSÖODQ
LûOHULQ VWDQGDUWODUD X\JXQOXøX KHU DûDPDGD LOJLOL NRQX\D J|UH KD]ÖUODQPÖû IRUPODUOD
GHQHWOHQLU
%XPGDKDOHQHGHQL\OHKHNLP²KDVWDLOLûNLVLQLQ|]HUNOLNDODQÖQÖVÖQÖUOD\DQNRûXOODUÖQ
JHUHNoHOHULQLQ L\L DoÖNODQPDVÖ RODQDNODU HOYHUGLøLQFH |QFHGHQ VDSWDQDQ NXUDOODUOD
EHOLUOHQPLûROPDVÖYHULOHQKL]PHWWHQLWHOLøLQ\NVHOWLOPHVLDoÖVÖQGDQJHUHNOLGLU+DVWDQH
\|QHWLPLQLQ KHNLP²KDVWD LOLûNLVLQH HWNLOHUL NLûLVHO ROPDPDOÖ YH NLûLOLN KDNODUÖQÖ
]HGHOH\LFL QLWHOLN WDûÖPD\DQ VWDQGDUW LûOHPOHUOH ROPDOÖGÖU %X VWDQGDUWODU VÖN \DûDQDQ
VRUXQODUD
o|]P
RODFDN
GHQH\LPOHUOH
ROXûDFDøÖQGDQ
VRUXQ
ROXûPDGDQ
|QOHP
DOÖQPDVÖQD NDWNÖGD EXOXQXU $\UÖFD LOLûNL\H JHUHNVL] \HUH PGDKDOH HWPHGHQ GHQHWLP
LûOHYLQL NROD\ODûWÖUDFDøÖ JLEL VRUXQ oÖNDQ QRNWDODUÖQ JHUL\H G|QN DUDûWÖUÖOPDVÖQGD YH
LOHUL\H \|QHOLN SODQODPDODUGD EX VWDQGDUW ND\ÖWODU \RO J|VWHULFL RODFDNWÖU +DVWDQH
NXUXPXQXQ |UJWOHQPH G]HQLQGH VRUXQ \DUDWDQ DNVDNOÖNODUÖQ o|]P GH \|QHWLPLQ
J|UHYOHULDUDVÖQGDGÖU
%|\OHFH
\|QHUJHOHULQ
KDVWDQÖQ
WHGDYL
KD]ÖUODQDUDN
SODQÖQÖQ
X\JXODQPDVÖ
KD]ÖUODQPDVÖQGD
GDKD
D]
KDWD
\RO
J|VWHUHQ
\DSÖOPDVÖQÖ
LûOHP
YH
YH
JHUHNVL]
WDUWÖûPDODUÖQ |QOHQPHVLQL VDøODU dRUXK D +DVWD ER\XWXQGD LVH KDVWDQHOHUGH
KDVWDODUÖQ |]HUNOLøLQL VDYXQXUNHQ VÖQÖUVÖ] ELU |]HUNOLNWHQ V|] HGHPH\L] %XUDGD KDVWD
KDNODUÖ YH VRUXPOXOXNODUÖ\OD ELUOLNWH KDVWDQHQLQ NXUDOODUÖ YH KDVWDQHQLQ \DVDODU
NDUûÖVÖQGDNL\NPOONOHULKDNNÖQGDGDKDVWDELOJLOHQGLULOPHOLGLU+DVWDODUDEDûNDODUÖQÖ
UDKDWVÖ] HWPHGHQ KDVWDOÖøÖQÖQ EDNÖPÖQÖ HQJHOOHPH\HFHN ELoLPGH HQ JHQLû |]HUNOLN
DODQÖQÖQ VDøODQPDVÖQD oDOÖûÖOPDOÖGÖU %X QHGHQOH KDVWDQHOHUGH KDVWD HøLWLP|øUHWLP
SURJUDPODUÖ
ROXûWXUXOPDVÖ
GDKD
L\L
LOHWLûLP
NXUXODQ
KDVWDODU
ROXûWXUDFDøÖQGDQ
KDVWDQHQLQKL]PHWNDOLWHVLQLQ\NVHOPHVLQH\|QHOLNYHHWLNDoÖVÖQGDQKDVWDPHUNH]OLL\L
ELUDGÖPRODUDN\|QHWLPLQVRUXPOXOXNDODQÖQGDGÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
*HoPLûWHQJQP]HKHNLP²KDVWDLOLûNLVLQGHQLWHOLN|QHPOLROPXûWXU$QFDNGDKD
ELUH\VHO \DNODûÖPOD VUGUOHELOHQ PXD\HQHKDQH KHNLPOLøLQGH JHQHOGH |OoW KHNLPLQ
QOHQPHVL YH KDVWD VD\ÖVÖQÖQ DUWPDVÖ \D GD D]DOPDVÖ ROPXûWXU %XUDGD QLWHOLøLQ WHN ELU
QLFHOLNVHO \|QWHPOH NÖVPHQ GH ROVD GHøHUOHQGLULOPHVL V|] NRQXVXGXU 6RUXPOXOXN
KL]PHWL VXQDQ YH VRQXoODUÖQGDQ HWNLOHQHFHN RODQ ´WHNµ KHNLPLQGLU *QP]GH
KDVWDQHOHUGHYHULOHQWDQÖWHGDYLYHEDNÖPKL]PHWOHULQGHNLNDUPDûÖNKL]PHWVXQXPXQGD
QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN DoÖGDQ JHUHNOL ELU VRUXPOXOXøXGXU
7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN HWNLOLOLN
JLEL ER\XWODU LoHUHQ ELU GHQHWLP VUHFLQLQ NLûLVHOOLNWHQ X]DN \|QWHPOHUOH KL]PHWH |]HO
VWDQGDUWODUOD GHQHWOHQPHVL JHUHNOLGLU %XUDGD \DOQÖ]FD WHN WHN ELUH\OHULQ GHøLO WP
oDOÖûDQODUÖQ WDNÖP ELoLPLQGH \HVL ROGXNODUÖ KDVWDQHQLQ ELU VLVWHP RODUDN KDVWDODU
DUDFÖOÖøÖ\ODWRSOXPDNDUûÖELUEDûDUÖ\DGDEDûDUÖVÖ]OÖøÖV|]NRQXVXGXU
<|QHWLPLQg]HOOLN*|VWHUHQ8]PDQOÖN$ODQODUÖQD(WNLOHUL
+DVWDQH \|QHWLPLQLQ LQVDQÖ EWQVHOOLøL LoLQGH YH ´FDQOÖµ RODUDN J|UHQ YH DUDFÖVÖ]
LOHWLûLP NXUDQ NOLQLNoL KHNLP LOH KDVWDVÖ DUDVÖQGDNL LOLûNL\H HWNLOHUL DoÖVÖQGDQ ED]Ö
X]PDQOÖN DODQODUÖQD J|UH IDUNOÖOÖNODU YDUGÖU 7ÖSWD SURIHV\RQHO PHVOHNL ELOJL \DQÖQGD
HWNLOL LOHWLûLP NXUPD EHFHULVL VDøOD\DQ WHNQLNOHUL ELOPHNOH RQODUÖ X\JXODPDGDNL
GDYUDQÖûD G|QûWUHUHN NXOODQPDN DUDVÖQGDNL IDUNÖQ DOWÖQÖ oL]HUHN LOHUL X]PDQOÖN
JHUHNWLUHQKHNLP²KDVWDDUDVÖQGDNLLOHWLûLPGHKDVWDQH\|QHWLPLQNRQXPXQXLUGHOH\HOLP
+DVWDQH \|QHWLPLQLQ FHUUDKL DODQODUÖQGDNL KHNLP²KDVWD LOLûNLVLQGH EHNOHQWLVL
KDVWDOÖøÖQ X\JXQ \|QWHPOHUOH WDQÖVÖQÖQ NRQXODUDN VDøOÖN DoÖVÖQGDQ LVWHQPH\HQ GXUXPX
|QOH\HQ D]DOWDQ \D GD \RN HGHQ WHGDYL \|QWHPLQLQ KDWDVÖ] RODUDN X\JXODQPDVÖ YH
VRQXFXQ
KDVWD
WDUDIÖQGDQ
EHNOHQHQOH
X\XPOX
ROPDVÖGÖU
%X
EHNOHQWLQLQ
JHUoHNOHûWLULOPHVL YH GHQHWLPL DoÖVÖQGDQ KDVWDODUÖQ FHUUDKL WHGDYL VUHFLQGH \|QHWLPLQ
ED]Ö \D]ÖOÖ LûOHP VWDQGDUWODUÖ ROXûWXUPDVÖ JHUHNLU 6DøOÖN VRUXQXQXQ DQODûÖOPDVÖ LoLQ
KDVWD²KHNLP
DUDVÖQGD
|QFHOLNOH
L\L
ELU
LOHWLûLP
NXUXODUDN
WDQÖ
\|QWHPOHUL
X\JXODQPDOÖGÖU $VÖO FHUUDKL WDQÖ L\L VDSWDQPDOÖ RQXQ JHUHNoHOHUL YHULOHELOPHOL YH
DPHOL\DW|QFHVLLûOHPOHUL\L\DSÖOPDOÖGÖU%XQDEDøOÖRODUDNFHUUDKLDPHOL\DWODUVÖUDVÖQGD
KHNLP²KDVWD DUDVÖQGD HWNLQOLN²HGLOJHQOLN ELoLPLQGHNL LOLûNL WLSLQLQ JHoHUOL ROPDVÖQD
NDUûÖQ WRSOXPVDO YH VL\DVDO DoÖGDQ HYULOHQ KDVWD KDNODUÖ NDYUDPÖ GRøUXOWXVXQGD
LOLûNLQLQ DPHOL\DW |QFHVL YH VRQUDVÖ DûDPDODUÖQGD NDUDUODUÖ SD\ODûPDQÖQ V|] NRQXVX
ROGXøX ELU KHNLP KDVWD LOLûNLVL EHNOHQWLVL WP DODQODUGD ROGXøX JLEL FHUUDKL DODQODUGD
GD LVWHQHQ LOLûNL WU RODUDN EHOLUPHNWHGLU g]HOOLNOH WP FHUUDKL WHGDYL \|QWHPOHULQLQ
ED]HQ \DûDPVDO |QHP WDûÖ\DQ ED]HQ GH \DûDPVDO |QHPL ROPD\DQ YH VÖQÖUOÖ ELU \DUDU
LoLQ YFXW EWQOøQH ]DUDU YHUGLøL GûQOUVH EX DODQGDNL NDUDUÖQ KDVWD\OD
SD\ODûÖOPDVÖ YH D\GÖQODWÖOPÖû RQDPÖQ |QHPL GDKD L\L DQODûÖODELOLU 0HUHGLWK YH :RRG
&HUUDKL DODQODUGD DFLO DPHOL\DWODU GÖûÖQGD WDQÖ NR\PD\D \|QHOLN NRQWURO YH
LQFHOHPHOHUOH
EDûOD\DQ
LOLûNL
WHGDYL
\|QWHPLQLQ
VHoLPL
VHoLOHQ
WHGDYLQLQ
JHUoHNOHûWLULOPHVLYHWHGDYLVRQUDVÖL]OHPOHUL\OHVUGUOPHNWHGLU
$PHOL\DW|QFHVLQGHEXRODøDQLQFHOHPHOHULQVRQXoODUÖYHQHDPDoODQDUDNDPHOL\DWD
JLULOGLøL DoÖNoD \D]ÖOPDOÖGÖU $PHOL\DW NDUDUÖQÖQ R DQGD YH\D LOHULGH RUWD\D oÖNDFDN ELU
VRUXQ QHGHQL\OH \DSÖOGÖøÖ KDVWD\D DQODWÖOPDOÖ EX ND\ÖWODUD JHoLULOPHOLGLU %XUDGD
|]HOOLNOH LOHUGH RUWD\D oÖNDFDN ELU VRUXQXQ JLGHULOPHVL DPDoODQÖ\RUVD DPHOL\DWÖQ
JHUHNoHVLL\LYHULOPHOLEXQODUJHUHNLUVHOLWHUDWUGHQWDQÖPODQDUDN\D]ÖOPDOÖGÖU$PHOL\DW
ROPD]VD QH RODFDøÖ EXQXQ \DQÖQGD DPHOL\DWÖQ NRPSOLNDV\RQODUÖ DoÖNODQPDOÖ DPHOL\DW
NDUDUÖ KDVWD\OD SD\ODûÖODUDN DOÖQPDOÖGÖU dRUXK D %D]Ö KDVWDQH \|QHWLPOHUL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
|UQHøLQ ùVWDQEXO·GDNL &HQWHU +RVSLWDO KHU DPHOL\DW NDUDUÖQÖQ LOJLOL X]PDQODUGDQ
ROXûWXUXOPXû
ELU
NXUXO
WDUDIÖQGDQ
GHøHUOHQGLULOLS
RQD\ODQGÖNWDQ
VRQUD
JHUoHNOHûWLULOPHVLQLLVWHPHNWHGLUOHU7HPSR
$PHOL\DWNDUDUÖQÖQKDVWDWDUDIÖQGDQDOJÖODQDUDNEHQLPVHQPHVLYHRQXQD\GÖQODWÖOPÖû
RQDPÖQÖQ \D]ÖOÖ RODUDN DOÖQPDVÖ |QHPOLGLU %X KDVWDOÖøÖQ DOJÖODQPDVÖ YH L\LOHûPH
VUHFLQH ROXPOX NDWNÖ \DSPDNWD YH KDVWD PHPQXQL\HWLQL DUWÖUPDNWDGÖU 0HUHGLWK 3
:RRG & V *HQHOOLNOH ELOLQGLøL JLEL DPHOL\DW |QFHVL JHUHNOL RODøDQ
LQFHOHPHOHULQ WDPDPÖ \DSWÖUÖOPDOÖ YH GHøHUOHQGLULOPHOLGLU \ÖOÖQGD 7UN 7DELSOHU
%LUOLøL <NVHN 2QXU .XUXOX WDUDIÖQGDQ ELU FHUUDKD YHULOHQ D\ PHVOHNWHQ PHQ
FH]DVÖQÖQ JHUHNoHVL DPHOL\DW |QFHVL DNFLøHU JUDILVLQLQ LVWHQPHVLQH NDUûÖQ EXQXQ
GHøHUOHQGLULOPHGHQ
DPHOL\DWD
JLULOLS
KDVWDQÖQ
DNFLøHUOHULQGHNL
VRUXQ
QHGHQL\OH
ND\EHGLOPHVLGLU 5DGLNDO V $%'·QGH -RKQ +RSNLQV +DVWDQHVLQGH J|]
NOLQLøLQGH KDVWDQÖQ FHUUDKL WDQÖVÖ QHGHQL\OH \DWÖUÖOPDVÖ YH \DWÖû |QFHVL VDSWDQPDPÖû
EDûND DODQODUÖ LOJLOHQGLUHQ VRUXQODU QHGHQL\OH LûOHP \DSÖOPDGDQ EDûND E|OPH VHYN
HGLOPHVL
KL]PHW
NDOLWHVLQL
GûUHQ
LVWHQPH\HQ
ELU
ROD\
RODUDN
J|UOPûWU
dRUXKD
$PHOL\DW VRQUDVÖQGD DPHOL\DW VUHFL GRV\D\D \D]ÖOPDOÖGÖU +DVWDQÖQ DPHOL\DW
VRQUDVÖ \DNÖQPDODUÖQÖQ JLGHULOPLû \D GD D]DOPÖû ROPDVÖ |QHPOLGLU +DVWD\D EXQGDQ
VRQUDNL VUHo NRQXVXQGD ELOJL YHULOPHOL YH R NRQWUROOHU LoLQ ]DPDQ VDSWDQDUDN
L]OHQPHOLGLU%|\OHFHDPDoODQDQVRQXFDXODûÖOÖSXODûÖOPDGÖøÖL]OHQHUHNGHQHWOHQPHOLGLU
&HUUDKLDODQODUGDEDûOÖFDVÖNÖQWÖ\DUDWDQGXUXPODUDPHOL\DW|QFHVLEHOLUOHQPH\HQELU
JLULûLPLQ \DSÖOPDVÖ ONHPL]GH YH 'Q\D·GD WÖS KXNXNXQXQ NXVXU RUDQÖ HQ WDUWÖûPDOÖ
GXUXPODUÖQGDQDPHOL\DW\HULQGHSHQVWDPSRQXQXWXOPDVÖDPHOL\DWÖWDPDPODQPÖûELU
KDVWDQÖQ WHNUDU DPHOL\DWD DOÖQPDVÖ JLEL ROD\ODUGÖU $ûoÖRøOX V %XQODU
KDVWDQH
\|QHWLPLQLQ
DODFDøÖ
|QOHPOHUOH
D]DODELOHFHN
´|]HQ
\NPOOø
NXVXUODUÖµQGDQVD\ÖOPDNWDGÖU
+DVWDQH \|QHWLPL DoÖVÖQGDQ \HQLGRøDQ KHNLPOLøL NOLQLN KHNLPOLNWH HWLN VRUXQODUÖQ
HQ \RøXQ ROGXøX DODQODU LoLQGHGLU %XUDGDNL VRUXQODU YH o|]POHUL HULûNLQ NOLQLN
KHNLPOLøLQGHQ ROGXNoD IDUNOÖGÖU <HQLGRøDQ DODQÖQGD HWLN VRUXQODUÖ DQQH YHYH\D
EDED\OD ELUOLNWH NOLQLN KHNLPL EDNÖP VRUXPOXODUÖ YH KDVWDQH \|QHWLPL \DûDPDNWDGÖU
.DUDUÖ YHULUNHQ DLOH LOH SD\ODûPDVÖQD NDUûÖQ KHNLPLQ EXUDGDNL VRUXPOXOXøX HULûNLQ
NOLQLNGDOODUÖQDRUDQODGDKDID]ODGÖUdQNJ|]GHQJHoLULOPLû/L]ERQ%LOGLUJHVLQHJ|UH
´oRFXN KDNNÖQGD NDUDU DOPD\Ö VWOHQPHVL |QHULOHQ \DVDO WHPVLOFLµ +DWXQ RODQ
DQQHEDEDQÖQ NDUDUÖ oRFXøX HWNLOH\HFHN DQFDN KHNLP GH NHQGLQL VRQXoWDQ VRUXPVX]
KLVVHGHPH\HFHNWLU %HEHN YH RQXQ VRUXQODUÖ\OD oRøX GXUXPGD EDû EDûD NDODQ
SHGLDWULVWOHU
KDVWDQHOHUGH
HWLN
NXUXOODUÖQ
|QHPLQL
HQ
oRN
GLOH
JHWLUHQ
KHNLP
JUXSODUÖQGDQELULROPDNWDGÖUODUdREDQRøOXYH7DQÖU
$PHULND·GD \ÖOÖQGD ´'RH %HEHN .XUDOODUÖµ GL\H WÖS WDULKLQGH \HULQL DODQ YH
HWLN WDUWÖûPD \DUDWDQ VUHoWH ELUL 6SLQD %LILGD·OÖ |WHNLVL 'RZQ 6HQGURPOX LNL EHEHøLQ
DQQH²EDEDODUÖ JHOHFHNWHNL \DûDP NDOLWHVL DoÖVÖQGDQ FHUUDKL JLULûLP NDUûÖWÖ NDUDU
YHUPLûOHUGLU .LQODZ 3HDERG\ <HQLGRøDQ FHUUDKLVL YH \RøXQ EDNÖP
ELULPOHULQGH VÖN NDUûÖODûÖODQ HWLN VRUXQODUGD ELULPGH J|UHYOL VDøOÖN HOHPDQODUÖQÖQ YH
EHEHøLQDQQHEDEDVÖQÖQ\DûDPIHOVHIHVLGHøHUYHLQDQoODUÖNDUDUYHULOPHVLQLYHH\OHPH
JHoLOPHVLQL|QHPOL|OoGHHWNLOHPHNWHGLU6DøOÖNHOHPDQODUÖWHPHOHWLNLONHYHNXUDPODUÖ
J|]|QQHDOGÖNODUÖYHKDVWDKDNODUÖQDVD\JÖOÖRODUDNDQQHEDEDODUÖQVRUXQLOHEDûHWPH
JFQH VD\JÖ GX\GXNODUÖ RUDQGD EHEHN LoLQ HQ \DUDUOÖ RODQÖQ VHoLPLQH NDWNÖGD
EXOXQDELOHFHNOHUGLU $OJÖHU YH DUN +DVWDQH \|QHWLPOHUL GH EX DODQGDNL
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
HWLN NXUXOODUÖ ELU DQ |QFH NXUDUDN EXQODUD HWNLQ LûOHYVHOOLN ND]DQGÖUPDOÖGÖU .DUDU
VUHFLQGH /L]ERQ %LOGLUJHVLQGH \HU DOGÖøÖ JLEL DQQH²EDEDQÖQ NDUDUÖ GLNNDWH DOÖQPDOÖ
D\UÖFD NRQX\X RQXQOD LOJLOL RODUDN EHEHøLQ EDNÖPÖQGDQ VRUXPOX RODQODUOD YH LOJLOL WÖEEL
SHUVRQHOOHSD\ODûDFDNHWLNNXUXOODUÖEXUDGDHWNLOLROPDOÖGÖU
<HQLGRøDQ KHNLPOLøLQGH NOLQLN HWLN VRUXQODUÖQ XOXVDO YH XOXVODUDUDVÖ ER\XWODUÖ GD
YDUGÖU gUQHøLQ ONHPL]GH JHOLûPLû ONHOHUH RUDQOD EHEHN |OP RUDQODUÖQÖQ oRN
\NVHN ROGXøX DûÖODPD G]H\OHULQLQ LVWHQHQ ·ON RUDQODUD XODûDPDGÖøÖ VDøOÖN
RUWDPÖQGDGRøXPVDODQRPDOLOLYH\DSUHPDWUHEHEHNOHULQ\DûDWÖOPDVÖLoLQSDUDYHoDED
KDUFDQPDVÖGRøUXPXGXU"%XQDKHNLPLQNDUûÖODûWÖøÖROD\G]H\LQGHEDNWÖøÖPÖ]GDRQXQ
DoÖVÖQGDQNXûNXVX]\DûDWPDoDEDVÖQGDQEDûNDELUVHoHQHNROPDPDOÖGÖU
+DVWDVÖQÖ \DûDWPDN LONHVL KHU ûH\GHQ |QFH JHOHQ KHNLPOLN DQOD\ÖûÖQD NDUûÖ PDOL\HW
YH VDøODP GRøDQ EHEHN |OPOHULQGHNL ID]ODOÖN JHUHNoH J|VWHULOHUHN SUHPDWUHOHULQ
\DûDWÖOPDVÖoDEDVÖQÖHWLNELUVRUXQRODUDNLOHULVUHQOHUEXOXQPDNWDGÖU<X7ÖEEL
WHGDYL\H EDûODQPDPDVÖQÖ \D GD RQXQ VUGUOPHPHVLQL GHVWHNOH\HQ oHûLWOL J|UûOHU
YDUGÖU %XQODUGDQ ED]ÖODUÖ VDøOÖN HOHPDQÖQÖQ EHEHøLQ JHOHFHNWHNL \DûDP NDOLWHVLQL
GûQHUHNNDUDUYHUPHVLQLVDYXQXUNHQ&DQLDQRED]ÖODUÖDUDoJHUHoHNRQRPLN
\N SHUVRQHO VÖQÖUOÖ ND\QDNODUÖQ SD\ODûÖPÖ LoLQH DODQ \DNODûÖPODUÖ GHVWHNOHPHNWHGLU
3LQFK .DUûÖ J|UûWHNLOHUL GH oDEDODUÖQÖ VUGUPHNWH YH VDøOÖN SROLWLNDODUÖQGD
ND\QDN D\UÖOPDVÖ KDVWDQH \|QHWLPOHULQLQ NRQX\D |QHP YHUPHVL YH\D HQ D]ÖQGDQ
UHIHUDQVPHUNH]OHULNXUXOPDVÖLVWHøLQGHEXOXQPDNWDODU
.RQXPX]%DøODPÖQGDhONHPL]GHNL+XNXNVDO'XUXP
$QD\DVDPÖ]GD´KXNXNGHYOHWLµRODUDNWDQÖPODQDQ7UNL\H&XPKXUL\HWL'HYOHWL·QGH
|]HO
VHNW|U
YH
NDPX
KDVWDQHOHULQGHNL
oDOÖûPD
LOLûNLOHULQL
ELoLPOH\HQ
KXNXNVDO
G]HQOHPHOHU YDUGÖU <|QHWLP KXNXNX \D GD \|QHWVHO \DUJÖ NDSVDPÖQD JLUHELOHFHN EX
KXNXNVDO G]HQOHPHOHU |]HOOLNOH KDVWDQH oDOÖûDQODUÖQÖQ KL]PHW YHUGLNOHUL NLûLOHUOH
KDVWDODUOD LOLûNLOHUL NHQGL DUDODUÖQGDNL Lû JHUHøL NXUXODQ UHVPL LOLûNLOHU YH \|QHWLPOH
RODQ LOLûNLOHU oHUoHYHVLQGH EDøOD\ÖFÖGÖU <|QHWLP EX LOLûNLOHU DøÖQGD \DVDODUOD VDSWDQDQ
GHQHWLPJ|UHYLEDøODPÖQGDLOLûNL\LHWNLOH\HQKXNXNVDOVRUXPOXOXNWDûÖPDNWDGÖU
hONHPL]GHKHNLP²KDVWDLOLûNLVLQLQJHUoHNOHûWLøLKDVWDQHOHUKXNXNVDORODUDN\|QHWLP
\HWNLVL DoÖVÖQGDQ NDPX KDVWDQHOHUL YH |]HO KDVWDQHOHU RODUDN LNL\H D\UÖOPDNWDGÖU
hONHPL]GH ´+XVXVL +DVWDQHOHU .DQXQXµ DGOÖ ELU \DVD ROPDNOD ELUOLNWH NDPX
KDVWDQHOHUL\OH LOJLOL ELU \DVD \RNWXU <DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøL
6DøOÖN %DNDQOÖøÖQD EDøOÖ \DWDNOÖ WHGDYL NXUXPODUÖQÖQ LûOHWLOPHVLQH LOLûNLQ KNPOHU
LoHUPHNWHGLU %X \|QHWPHOLøLQ |]HOOLøL GD\DQGÖøÖ ELU \DVDQÖQ EXOXQPD\ÖûÖGÖU 2\VD ELU
´g]HO +DVWDQHOHU 7]øµ YH EXQXQ GD\DQGÖøÖ ´+XVXVL +DVWDQHOHU .DQXQXµ YDUGÖU
6D\ÖVDO DoÖGDQ oRN RODQ NDPX KDVWDQHOHUL LOH LOJLOL \DVD YH W]N ROPD\ÖûÖ LOJLQo ELU
GXUXPGXUg]FDQYH*HQoV
hONHPL]GH KDVWDQH \|QHWLPLQLQ \HWNL YH J|UHYOHUL WDULKOL 1R %DNDQODU .XUXOX NDUDUÖ\OD 1R LOH WDULKOL 5HVPL*D]HWH GH \D\ÖQODQDQ
´<DWDNOÖ 7HGDYL .XUXPODUÖ ùûOHWPH <|QHWPHOLøLµ LOH WDQÖPODQPÖûWÖU %X \|QHWPHOLøLQ
DPDFÖ \DWDNOÖ WHGDYL NXUXPODUÖQGD oHûLWOL KL]PHWOHULQ X\JXODPD HVDVODUÖQÖ SHUVRQHOLQ
J|UHY \HWNL YH VRUXPOXOXNODUÖQÖ EHOLUOHPHN YH VUDWOL NDOLWHOL HNRQRPLN ELU KDVWDQH
LûOHWPHFLOLøLVDøODPDNRODUDNEHOLUWLOPLûWLU
.DPXGD
YH\D
|]HO
KDVWDQHGH
oDOÖûDQ
KHNLP
LOH
KDVWD
DUDVÖQGDNL
LOLûNLQLQ
JHUoHNOHûPH ELoLPL QDVÖO ROXUVD ROVXQ EXUDGD KDVWDQÖQ KHNLP VHoPH KDNNÖ ROGXøX YH
|]HOKXNXNLOLûNLVLQLQYHNDOHWEXOXQGXøXNDEXOHGLOPHOLGLUg]HOOLNOHKHNLPLQWHGDYL\L
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LGDULKXNXNNXUDOODUÖQDJ|UHGHøLOEDøÖPVÖ]WÖSNXUDOODUÖQDJ|UH\DSWÖøÖXQXWXOPDPDOÖGÖU
$ûoÖRøOXV
6DøOÖN %DNDQOÖøÖ·QÖQ oÖNDUGÖøÖ +DVWD +DNODUÖ <|QHWPHOLøL 6D\ÖOÖ 6DøOÖN
+L]PHWOHUL 7HPHO .DQXQX·QXQ 0DGGHVLQLQ F EHQGLQH YH VD\ÖOÖ 6DøOÖN
%DNDQOÖøÖ·QÖQ 7HûNLODW YH *|UHYOHUL +DNNÖQGD .DQXQ +NPQGH .DUDUQDPH·QLQ 0DGGHVLQH GD\DQÖODUDN KD]ÖUODQPÖû ELU PHWLQGLU %X PHWLQ VD\ÖOÖ 5HVPL
*D]HWH·GH \D\ÖQODQDUDN \UUOøH JLUPLûWLU %X \|QHWPHOLN LOH \DVDO G]HQOHPH DOWÖQD
DOÖQDQ KDNODUÖQ ´VDøOÖN KL]PHWLQGHQ \DUDUODQPD NRQXVXQGD VÖUI LQVDQ ROPDN KDVHEL\OH
VDKLS ROXQDQ YH 7UNL\H &XPKXUL\HWL $QD\DVDVÖ XOXVODUDUDVÖ DQWODûPDODU NDQXQODU YH
GLøHU
PHY]XDW
LOH
WHPLQDW
DOWÖQD
DOÖQPÖû
EXOXQDQ
KDNODUÖQµ
WDQÖPODQPDVÖQÖQ
KHGHIOHQGLøLJ|UOPHNWHGLU
+DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH HWNLVL GHQHWLP DPDoOÖ YH \DVDO oHUoHYHGH
VRUXPOXOXN RODUDN RUWD\D oÖNPDNWDGÖU %X HWNLQLQ HWLN ND\JÖODU ROXûWXUGXøX GûQOHQ
\|QOHUL WDUWÖûÖODELOLU DQFDN EX WDUWÖûPD VRQXoODUÖQÖQ X\JXODPD\D \DQVÖPDVÖ LoLQ
\DVDOODûPDVÖ JHUHNLU 6RQXoWD LOLûNL\H \|QHOLN YH HWLN DoÖVÖQGDQ VRUXQ \DUDWDQ ED]Ö
KXNXNVDO HWNLOHU WDUWÖûPD\D DoÖN ROPDNOD ELUOLNWH \|QHWLPLQ KXNXNVDO VRUXPOXOXøX
LoLQGHGLU hONHPL]GH \|QHWLPLQ X\JXODPDODUÖQÖQ KXNXN GÖûÖQD oÖNDUDN LOLûNL\H YH
LOLûNLQLQ |]HUNOLøLQH \DQVÖGÖøÖ ROD\ODU KXNXNVDO GXUXPXQ \DUDWWÖøÖ WHUV HWNLOHUGHQ GDKD
ND\JÖ YHULFLGLU ´+XNXN 'HYOHWLµ JHOHQHøL \HULQH NRûXOODUD J|UH ELoLPOHQHQ ´LOLûNLOHU
DøÖµ HWNLQOHûPHNWHGLU 7HN WHN ROD\ODU G]H\LQGH ROGXøXQGDQ NDQÖWODQPDVÖ YH VLVWHPOL
ELU ELoLPGH HOHûWLULOPHVL GH JoON \DUDWPDNWDGÖU g]HOOLNOH KHNLP YH LûNHQFH J|UHQ
LQVDQODUÖQ WHGDYLVL PDKNPODUÖQ WHGDYLVL JHUHNVL] SHULQH PXD\HQHVL JLEL NRQXODUGD
\|QHWLPOHULQ
LOLûNL\H
JHUHNVL]
\HULQH
J|UH
HWLN
GÖûÖ
PGDKDOHOHUGH
EXOXQGXøX
J|]OHQPHNWHGLU %X WÖEEL HWLN VRUXQ ROPDQÖQ |WHVLQGH WRSOXPVDO GHøHU VRUXQX RODUDN
GûQOHELOLU
8OXVODUDUDVÖ+XNXNVDO'XUXP
´+HNLPOLN $KODNÖ 8OXVODUDUDVÖ <DVDVÖµ 'Q\D 7DELSOHU %LUOLøL·QLQ \ÖOÖQGD
/RQGUD·GD \DSÖODQ ·QF *HQHO .XUXOX·QGD EHQLPVHQPLû ·QFL 'Q\D 7DELSOHU
.XUXOX·QGD6\GQH\YH·LQFL'Q\D7DELSOHU%LUOLøL*HQHO.XUXOX·QGD
9HQHGLN JHOLûWLULOPLûWLU %XQD J|UH NRQXPX] EDøODPÖQGD KHNLPOHULQ JHQHO RODUDN
J|UHYOHUL DUDVÖQGD ´KHNLP PHVOHøLQL KHU ]DPDQ HQ \NVHN G]H\GH VUGUHFHNWLU
+HNLP KDVWDODUÖQÖQ \DUDUÖ LoLQ |]JU YH EDøÖPVÖ] RODUDN YHUHFHøL NDUDUODUÖ oÖNDU
JGOHULQLQ HWNLOHPHVLQH L]LQ YHUPH\HFHNWLU +HNLP KDQJL oHûLW WÖEEL X\JXODPD LoLQGH
ROXUVD ROVXQ LQVDQÖQ GHøHULQH VD\JÖ YH VHYHFHQOLN J|VWHUHFHN YH JHUHN WHNQLN JHUHNVH
DKODN \|QQGHQ EWQ\OH EDøÖPVÖ] \HWHUOL ELU WÖEEL KL]PHW VDøODPD\D NHQGLQL
DGD\DFDNWÖUµ QRNWDODUÖ EXOXQPDNWDGÖU $\UÖFD &HQHYUH %LOGLUJHVL·QGH EHQLPVHQHQ
KHNLP DQGÖQGD ´'LQ GLO ÖUN SDUWL SROLWLNDODUÖ \D GD WRSOXPVDO GXUXPOD LOJLOL
GHøHUOHQGLUPHOHULQ
J|UHYLPOH
KDVWDPÖQ
DUDVÖQD
JLUPHVLQH
L]LQ
YHUPH\HFHøLPµ
ELoLPLQGH YXUJXODQGÖøÖ JLEL KDVWD²KHNLP LOLûNLVLQLQ |]HUNOLøLQLQ |QHPL DoÖNoD GLOH
JHWLULOPHNWHGLU &H]DHYOHUL KHNLPOHUL LûNHQFH YH KHNLP $,'6 YH KHNLP VRUXPOXOXøX
NRQXOXELOGLUJHOHUGHGHGHøLûLNDQODWÖPODUODLOLûNLQLQ|]HUNOLøLQLQ|QHPLEHOLUWLOPHNWHGLU
77%V
/L]ERQ%LOGLUJHVL+DVWD+DNODUÖ'Q\D7DELSOHU%LUOLøL·QLQ*HQHO.XUXOX·QGD
(\OO(NLP /L]ERQ3RUWHNL] EHQLPVHQPLûWLU .RQXPX]OD LOJLOL NÖVÖPODUÖ
ûXQODUGÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
8\JXODPD\D \|QHOLN DKODNL YH \DVDO JoONOHULQ YDU RODELOHFHøLQL J|]
|QQH DOPDNOD ELUOLNWH KHNLP KHU ]DPDQ LoLQ KHP NHQGL YLFGDQÖQD J|UH
KHP GH KDVWDQÖQ HQ oRN \DUDUÖQD RODFDN ûHNLOGH GDYUDQPDOÖGÖU %LOGLUJH
WÖS PHVOHøLQLQ KDVWDODUÖQD VDøODPD\D oDOÖûWÖøÖ NLPL WHPHO KDNODUÖ GLOH
JHWLUPHNWHGLU <DVDO GXUXP \D GD KNPHWLQ WXWXPX KDVWDODUÖQ EX
KDNODUÖQÖ \DGVÖ\RUVD KHNLPOHU EX KDNODUÖQ HOGH HGLOPHVL \D GD RQDUÖOPDVÖ
LoLQ
\ROODU
DUDPDOÖGÖU
%X
KDNODUÖQ
DUDVÖQGD
|UQHøLQ
ûXQODUD
\HU
YHULOPHNWHGLU D +DVWDQÖQ KHNLPLQL |]JUFH VHoPH KDNNÖ YDUGÖU E
+DVWDQÖQ GÖûDUÖGDQ KHUKDQJL ELU NDUÖûPD ROPDGDQ NOLQLN YH DKODNL
\DUJÖODUD |]JUFH YDUDELOHQ ELU KHNLP WDUDIÖQGDQ EDNÖOPD\D KDNNÖ YDUGÖU
F +DVWDQÖQ \HWHUOL ELOJLOHUL DOGÖNWDQ VRQUD WHGDYL\L NDEXO HWPH\H \D GD
\DGVÖPD\D KDNNÖ YDUGÖU G +DVWDQÖQ NHQGLVL\OH LOJLOL WÖEEL YH NLûLVHO
ELOJLOHULQ JL]OLOLøLQH JHUHNHQ VD\JÖ\Ö J|VWHUPHVLQL KHNLPGHQ EHNOHPH\H
KDNNÖYDUGÖU77%V
'Q\D
7DELSOHUL
%LUOLøL·QLQ
\ÖOÖQGD
+DPEXUJ·WD
WRSODQDQ
*HQHO
.XUXOX·QGD EHQLPVHGLøL ´6DøOÖN %DNÖPÖQGD 'HYDPOÖ .DOLWH ù\LOHûWLULOPHVLQGH $QD
dL]JLOHUµ ELOGLUJHVLQLQ PDGGHVLQGH ´'HYDPOÖ NDOLWH L\LOHûPHVL LoLQ DKODNL DQD KDWODU
WP
KHNLPOHUL
VDøOÖN
EDNÖP
KL]PHWOHULQL
KDVWDODU
LoLQ
VDøOD\DQ
NXUXPODUÖ
YH
GHøHUOHQGLUPHKL]PHWOHULQLUHWHQOHULLOJLOHQGLULUµPDGGHVLQGH\HWNLOLOHUWDUDIÖQGDQ
GHøHUOHQGLUPHYHJHQHOGHQHWLPEDûOÖøÖDOWÖQGD\|QHWLPLQHWNLVLDoÖVÖQGDQNRQX\ODLOJLOL
RODUDN ûX GLOH JHWLULOPLûWLU ´6DøOÖN EDNÖPÖQÖQ NDOLWH GHøHUOHQGLUPHVL YH KL]PHWOHUGH
GHYDPOÖ NDOLWH DUWÖûÖ KHU KHNLP YH NXUXPXQ HWNLQOLøLQLQ ELU SDUoDVÖGÖU 6DøOÖN VXQXPX
\HWNLOLOHUL WDUDIÖQGDQ JHUoHNOHûWLULOHQ XøUDû HWNLQOLøLQLQ GHQHWLPL D\UÖ ELU LûWLU YH VDøOÖN
EDNÖPÖ
GHøHUOHQGLUPHVLQGHQ
D\UÖ
WXWXOPDOÖGÖU
+HNLPOHULQ
GHøHUOHQGLUPHVLQLQ
VRQXoODUÖ XOXVDO \DVDODU WHUVLQL J|VWHUPHGLNoH VDøOÖN KL]PHWL \HWNLOLOHUL YH LOJLOL
KHNLPOHULQ
GHQHWLPOHUL
DQODûPDN
ND\GÖ\OD
GHQHWLP
NXUXPODUÖQÖQ
DPDoODUÖ
LoLQ
NXOODQÖODELOLUµ%XPHWQLQPDGGHVLQGHLVHWÖEELEDNÖPGHøHUOHQGLULOHFHNVH´HWNLQOLøL
GHøHUOHQGLUHQELUKHNLPROPDOÖGÖUµJ|UûOHULQH\HUYHULOPHNWHGLU77%V
6DøOÖN
KL]PHWOHUL
VXQXPXQGD
NDOLWH
NDYUDPÖ
´XOXVODUDUDVÖ
JHoHUOLOLøL
RODQ
J|VWHUJHOHUGHNL VWDQGDUWODUD X\JXQ WDQÖ WHGDYL YH EDNÖP KL]PHWOHULQLQ \DQÖ VÖUD WP
KL]PHW VUHoOHULQGH KDVWDODUÖQ EHNOHQWL YH JHUHNVLQLPOHULQLQ WDP RODUDN NDUûÖODQPDVÖµ
RODUDN WDQÖPODQDELOLU =RUOXWXQD 7RSOXPVDO VL\DVDO DoÖGDQ VDøOÖN KL]PHWOHULQGH
JHOLQHQ QRNWDGD 'Q\D 7DELSOHU %LUOLøL·QLQ ELOGLUJHOHUL EX NRQXGD GD X\JXQ \RO
J|VWHULFL ROPDNWDGÖU %XQODU oDOÖûPDPÖ]GD VDYXQXODQ J|UûOHULQ |]\OH GH X\XP
LoLQGHGLU +DVWDQH \|QHWLPLQGH NDOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLN RODUDN EHOLUOHQLS
WÖEEL HWLN DoÖVÖQGDQ |]HQOL ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW oHNLOPHNWHGLU $QFDN
EXQODUÖQGD ]DPDQ LoLQGH RUWD\D oÖNDFDN \HQL NRûXOODUD J|UH J|]GHQ JHoLULOLS
GHøLûWLULOHELOHFHNOHULQLNXûNXVX]J|]DUGÖHGHPH\L]hONHOHUDUDVÖGHøHUVLVWHPOHULQLQYH
WÖEEL HWLN LONHOHULQ DOJÖODQPDVÖQGDNL NOWUHO IDUNOÖOÖNODU GûQOPHOLGLU &KHQJ YH
DUNDGDûODUÖ $\UÖFD ONHPL]LQ NRûXOODUÖQÖQ \DUDWWÖøÖ KHNLP VD\ÖVÖ KDVWDQH VD\ÖVÖ
IL]LNVHO DOW\DSÖ NOWUHO GRNX \DSÖODQ DUDûWÖUPDODUOD VDSWDQDQ EL]H |]J GHøHU
VLVWHPLQLQ J|] |QQH DOÖQPDVÖ\OD \DSÖODFDN KXNXNVDO G]HQOHPHOHULQ GDKD X\JXQ
RODFDøÖDoÖNWÖU%XQXQ|QDûDPDVÖEXDODQGD\DSÖODFDNHWLNWDUWÖûPDODUGÖU
6RQXoYHgQHULOHU
+DVWDQH \|QHWLPLQLQ LOLûNLQLQ |]HUNOLøLQH PGDKDOHVL WÖEEÖQ YH KDVWDQHQLQ WHPHO
DPDoODUÖGRøUXOWXVXQGDKDVWDODUÖQHQVWG]H\GHL\LOHûWLULOPHVLDPDFÖQD\|QHOLNHQD]
GHøHU ND\EÖ\OD HQ oRN \DUDUÖ ROXûWXUDFDN ELoLPGH NLûLVHO ROPD\DQ \|QWHPOHUOH YHULOHQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
KL]PHWLQ QLWHOLøLQL \NVHOWPHN LoLQ \DSÖOPDOÖGÖU <|QHWLPLQ LOLûNLQLQ |]HUNOLøLQL
VÖQÖUOD\DQ HWNLOHULQL JHUHNoHOHQGLUHUHN \DUDU²]DUDU GHQJHVLQL L\L NXUPDVÖ JHUHNOLGLU %X
GHQJHQLQ ROXûWXUXOPDVÖQD \|QHOLN oDOÖûPDQÖQ VRQXoODUÖ GRøUXOWXVXQGD X\JXODPD\D
\DQVÖWÖOPDVÖJHUHNWLøLQLGûQGøP]ED]Ö|QHULOHUGHEXOXQPDNLVWL\RUX]
6DøOÖN VL\DVDODUÖ KHUNHVH JHUHNVLQGLøL ]DPDQ XODûDELOHFHøL KDNNDQL\HW DGDOHW
HûLWOLN JLEL HWLN LONHOHU GRøUXOWXVXQGD KL]PHW VXQXOPDVÖQÖ VDøOD\DFDN ELoLPGH
ROXûWXUXOPDOÖGÖU
%XQXQ
LoLQ
\DQVÖ]
ELOLPVHO
DUDûWÖUPDODUÖQ
YHULOHULQGHQ
\DUDUODQÖODUDNWRSOXPXQVDøOÖNG]H\LQLQJHOLûWLULOPHVLQH\|QHOLN|QHULOHUGL]JHVL
VDSWDQPDOÖGÖU 6DøOÖN \|QHWLPL LOH LOJLOL oDøGDû \DNODûÖPODU GRøUXOWXVXQGD
KXNXNVDO
G]HQOHPHOHU
GHQHWOHQPHVL\OH
D\QÖ
\DSÖOPDOÖGÖU
DPDo
LoLQ
6DøOÖN
oDOÖûDQ
\|QHWLPLQLQ
ELULPOHULQ
ELU
HOGHQ
HûJGPOHQPHVL
VDøODQPDOÖGÖU +DVWDQHOHU WRSOXPVDO JHUHNVLQLPOHUH J|UH GHQJHOL ELoLPGH
NXUXOPDOÖGÖU
6DøOÖN KL]PHWOHULQGH |QHPOL \HU WXWDQ WHGDYL HGLFL YH EDNÖP KL]PHWOHULQLQ
YHULOGLøL
KDVWDQHOHULQ
|]HOOLNOHUL
VDSWDQDUDN
EX
|]HOOLNOHU
ÖûÖøÖQGD
|UJWOHQPHOLGLU dDøGDû |UJW NXUDPODUÖQGDQ \DUDUODQDUDN \|QHWLP ELOLPVHO²
WHNQLN
JHOLûPHOHUL
X\JXODPD\D
DNWDUDELOHFHN
NHQGLQL
\HQLOH\HUHN
GHøLûWLUHELOHFHNELoLPGH\DSÖODQPDOÖGÖU
+DVWDQHOHUGH KL]PHWLQ WHPHO DPDFÖ KDVWDODUÖQ L\LOHûWLULOPHVLGLU $UDo²DPDo
LOLûNLVL XQXWXOPDGDQ NXUXPXQ WHPHO DPDFÖQÖ JHUoHNOHûWLUPHVL LoLQ LûOHYVHOOLøL
DUWWÖUÖOPDOÖGÖU
+DVWDQHOHUGH
QH\LQ
QDVÖO
QHGHQ
\|QHWLOHFHøL
VRUXODUÖQÖQ
LUGHOHQPHVL JHUHNOLGLU 6DøOÖN oDOÖûDQODUÖQÖQ YH KDVWDODUÖQ RGDN QRNWDVÖQGD
GHøHUOHQGLULOPHVL |QHPOLGLU 2 ]DPDQ \|QHWLP ELU DPDo GHøLO EX DPDFÖQ
VDøODQPDVÖ\|QQGHELUDUDoROPDNWDGÖU
ùQVDQ KDNODUÖQÖQ HYULOPHVL\OH KDVWD KDNODUÖ JQGHPH JHOPLûWLU .DOLWHOL KL]PHW
VXQXPXQGD KDVWDQÖQ KL]PHWLQ QLWHOLøLQL DOJÖODPDVÖ |QHPOLGLU 7RSODP NDOLWH
\|QHWLPL KDVWD\Ö YH KHNLPL |]QHOHûWLUHUHN NDOLWHOL KL]PHW VXQXPXQX VDøOD\DFDN
ELU\|QHWLPELoLPLGLU
*QP]GH
KDVWDQHOHUGH
YHULOHQ
WDQÖ
WHGDYL
YH
EDNÖP
KL]PHWOHULQGHNL
NDUPDûÖN KL]PHW VXQXPXQGD QLWHOLøLQ |OoOPHVL KDVWDQHQLQ \|QHWLPLQLQ ELUoRN
DoÖGDQJHUHNOLELUVRUXPOXOXøXGXU
7RSOXPVDO YH ELUH\VHO KDNODUOD LOJLOL HNRQRPL HøLWLP Lû GR\XPX YHULPOLOLN
HWNLOLOLNJLELER\XWODULoHUHQELUGHQHWLPVUHFLQLQNLûLVHOOLNWHQX]DN\|QWHPOHUOH
KL]PHWH|]HOVWDQGDUWODUODGHQHWOHQPHVLJHUHNOLGLU
+DVWDQH \|QHWLPLQLQ \DSÖVÖ YH \|QHWLFLQLQ NLPOLøL NRQXVXQGD IDUNOÖ J|UûOHU
YDUGÖU
.DOLWH
GHQHWLPLQLQ
ELU
\|QHWLFL
HNLS
WDUDIÖQGDQ
KHU
DûDPDGD
\DSÖODELOPHVL DPDFÖ\OD \|QHWLP VUHFL SD\ODûÖOPDOÖGÖU .DQÖPÖ]FD L\L LûOH\HQ ELU
\|QHWLP WDNÖPÖQÖQ QLWHOLøL |QGHULQLQ NLPOLøLQGHQ |QHPOLGLU %LU WÖEEL KL]PHW
NXUXPXQXQ
\|QHWLP
HNLELQLQ
VRUXPOXOXøXQX
DODFDN
KHNLPLQ
NOLQLN
J|UHYOHULQGHQ X]DNODûPÖû \|QHWLP HøLWLPL DOPÖû ELU KHNLP ROPDVÖQÖQ GRøUX
RODFDøÖNDQÖVÖQGD\Ö]
.DOLWHQLQ JHOLûWLULOPHVL ELU JHUHNOLOLNWLU %XUDGD WÖEEL HWLN DoÖVÖQGDQ |]HQOL
ROXQPDVÖ JHUHNHQ QRNWDODUD GLNNDW HGLOPHOLGLU ùOLûNLQLQ |]HUNOLøLQL VÖQÖUOD\DQ
QHGHQOHULQ JHUHNoHOHULQLQ HQ D] GHøHU ND\EÖ \DUDWDFDN YH NLûLVHO ROPD\DQ
ELoLPGH KD]ÖUODQDQ IRUPODUOD ELOLPVHO YHUL RODUDN NXUXPX JHOLûWLUPHN DPDFÖ\OD
LOJLOL LQVDQODUÖQ RQD\Ö DOÖQDUDN YH ELUH\VHO ROPD\DQ GHQHWLP LoLQ NXOODQÖOPDVÖ
VRUXQODUÖQDûÖOPDVÖQD\DUGÖPFÖRODFDNWÖU
1HVULQdREDQRøOX³+DVWDQH<|QHWLPLQLQ+HNLP+DVWDùOLûNLVLQH0GDKDOHVLQLQ(WLN%R\XWODUÖ
.D\QDNODU
$NDED\DVKL$)HWWHUV0'(OZ\Q76´)DPLO\&RQVHQW&RPPXQLFDWLRQDQG
$GYDQFH 'LUHFWLYHV IRU &DQFHU 'LVFORVXUH²$ -DSDQHVH &DVH DQG 'LVFXVVLRQµ
-RXUQDORI0HGLFDO(WKLFV9RO,VVSS
$OJÖHU / 8\DU * ´<RøXQ %DNÖP +HPûLUHOLøLQLQ (WLN <|QOHULµ ,,, 7ÖEEL (WLN
6HPSR]\XPX%LOGLULOHUL.LWDEÖ%L\RHWLN'HUQHøL<D\ÖQÖ<g.PDW$QNDUDV
&DQLDQR ' ´(QG RI /LIH 'HFLVLRQV IRU 6XUJLFDO 1HRQDWHV ([SHULDQFH LQ
1HWKHUODQVDQG86$µ-RXUQDORI3HGLDWULF6XUJHU\
&KHQJ ),S0 :RQJ . . <DQ : : ´&ULWLFDO &DUH (WKLFV LQ +RQJ.RQJ²
&URVV²&XOWXUDO&RQIOLFWVDV(DVW0HHWV:HVWµ-RXUQDORI0HGLFLQHDQG3KLORVRSK\9RO
,VVSS
dREDQRøOX1´+DVWD+DNODUÖ$oÖVÖQGDQ+DVWDQHOHUGH<|QHWLP(WLøLµ,,,7ÖEEL
(WLN6HPSR]\XPX%LOGLULOHUL%L\RHWLN'HU<D\ÖQÖ<g.PDW$QNDUDV
dREDQRøOX17DQÖU*´<HQL'RøDQ$ODQÖg]HOLQGH3HGLDWULGH(WLN6RUXQODUµ
6UHNOL7ÖS(øLWLPL'HUJLVLV
dREDQRøOX 1 hQDO 6 E ´(WLN YH 'HRQWRORML $oÖVÖQGDQ $,'6+,9µ *QFHO
%LOJLOHU
,ûÖøÖQGD
$,'6+,9
7UN
(F]DFÖODUÖ
%LUOLøL
<D\ÖQÖ
$QNDUD
V
dRUXK
0
´6DøOÖN
+L]PHWOHULQGH
.DOLWH
YH
3HUIRUPDQV
.DYUDPÖQGDNL
*HOLûPHOHUµ6DøOÖN+L]PHWOHULQGH7RSODP.DOLWH<|QHWLPL9H3HUIRUPDQVgOoPHG0
dRUXK+DEHUDO(øLWLP9DNIÖ$QNDUDV
dRUXK 0 D +DVWDQH <|QHWLPLQLQ +HNLP²+DVWD ùOLûNLVLQH (WNLOHUL .RQXVXQGD
g]HO*|UûPH
dRUXK 0 E +DVWD (øLWLP YH gøUHWLPL *D]L hQLYHUVLWHVL .DOLWH *QOHUL
6HPSR]\XPXQGD6XQXODQ$oÖû.RQXûPDVÖ
+DWXQú´dRFXNODUÖQ6DøOÖN+DNNÖµ(WLN%XQXQ1HUHVLQGH$72\D\V
-D\DZDUGHQD + ´$,'6 DQG 3URIHVVLRQDO 6HFUHF\ LQ WKH 8QLWHG 6WDWHVµ 0HGLFDO
6FLHQFH/DZ(QJODQGS
.DVDSRøOX $ 6DøOÖN 6RV\RORMLVL 7UNL\H·GHQ $UDûWÖUPDODU 6RV\RORML 'HUQHøL
<D\ÖQODUÖ9,$QNDUD
.LQODZ . ´7KH &KDQFLQJ 1DWXUH RI 1HRQDWDO (WKLFV LQ 3UDFWLVHµ &OLQLF LQ
3HULQDWRORML
.XUW] 6 6LOYHUPDQ - 'UDSHU - 7ÖSWD ùOHWLûLP 7HNQLNOHUL oHY 6 <HQLoHUL $
<XUGDoDOÖû0<DûDUODU%H\D]<D\ùVWDQEXO
0HUHGLWK 3 :RRG & ´,QMXU\ ,QWR WKH 3RWHQWLDO 9DOXH RI DQ ,QIRUPDWLRQ
SDPSKOHW RQ &RQVHQW WR 6XUJHU\ WR ùPSURYH 6XUJHRQ ² 3DWLHQW &RPPXQLFDWLRQµ
4XDOLW\LQ+HDOWK&DUH
g]FDQ&*HQo0)7UN6DøOÖN0HY]XDWÖ$72\D\ùPDMPDWù]PLU
3HDERG\-´+RZ6PDOOLVWRR6PDOOWR+RZ0XFKLVWRR0XFK(WKLFDO,VVXHV
DWWKH/LPLWVRI1HRQDWDO9LDELOLW\µ&OLQLFLQ3HULQDWRORML
3LQFK : ´(WKLFDO 'HFLVLRQ 0DNLQJ IRU +LJK 5LVN ,QIDQWV 7KH 3DUHQWV·
3HUVSHFWLYHµ1XUVLQJ&OLQLF1RUWK$PHULFD
5DGLNDO*D]HWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
7UN 7DELSOHUL %LUOLøL D 6DøOÖNOD ùOJLOL 8OXVODUDUDVÖ %HOJHOHU <D\ÖQD +D]ÖUOD\DQ )
6D\HN$QNDUD
7(032GHUJLVL
<DWDNOÖ 7HGDYL .XUXPODUÖùûOHWPH <|QHWPHOLøL WDULKOL1R %DNDQODU
.XUXOXNDUDUÖ\ODWDULKOL5HVPL*D]HWH1R
<X 9 ´([WUHPH 3UHPDWXULW\ &OLQLFDO DQG (WKLFDO ,VVXHV 7KH $YXVWUDOLDQ
3HUVSHFWLYHµ QG :RUOG &RQJUHVV 2I 3HULQDWDO 0HGLFLQH $EVWUDFW ERRN 5RPD )ORUHQFH6HSWHPEHUV
=RUOXWXQD < ´6DøOLN +L]PHWOHULQGH 7RSODP .DOLWH <|QHWLPL HG 0 dRUXKµ
6DøOÖN <|QHWLPLQGH 'HYDPOÖ .DOLWH ù\LOHûWLUPH +DEHUDO (øLWLP 9DNIÖ \D\ $QNDUD V
dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
3URI'U0XVD'RøDQ dHYUHYHùQVDQ
ùQVDQ WU LON NH] PLO\RQ \ÖO |QFH RUWD\D oÖNPÖû YH R JQGHQ EHUL oHYUHVL LOH
LOLûNL LoLQGH ROPXûWXU ùQVDQ GLøHU WP FDQOÖODUGD ROGXøX JLEL oHYUHVL LOH PDGGH YH
HQHUML LOLûNLVL LoLQGHGLU %X VUHQLQ DQFDN VRQ \ÖOOÖN VUHVLQH LOLûNLQ ELOJL
YH EXOJXODU YDUGÖU %X VRQ G|QHPLQ LON \ÖOOÖN VUHVLQGH DYFÖOÖN YH
WRSOD\ÖFÖOÖNOD \DûDPÖQÖ VUGUHQ LQVDQ ND\QDNODUÖ LKWL\DFÖ |OoVQGH NXOODQPÖûWÖU
.D\QDNODUÖQEROROGXøXEXG|QHPGHLQVDQQIXVXQXELUWUODUWÖUDPDGÖøÖJLEL]DPDQ
]DPDQ oHûLWOL IHODNHWOHUH GH PDUX] NDOPÖûWÖU dHYUHGHNL ND\QDNODUÖQ WNHQPHVL
LQVDQRøOXQX \HQL DUD\ÖûODUD VRNPXû YH \HQL DODQODUD J|o HWPHVLQL VDøODPÖûWÖU ùQVDQ YH
oHYUHHWNLOHûLPLLQVDQÖQIL]LNVHOYH]LKLQVHO\DSÖVÖQÖQûHNLOOHQPHVLQH\RODoPÖûWÖU
*QP]GHQ\ÖO|QFHVLQGHWDUÖP\DSPD\ÖYH\HUOHûLNKD\DWDJHoPH\L
EDûDUDQ LQVDQ WU EHVLQ DUWÖûÖQD EDøOÖ RODUDN QIXVXQX GD DUWÖUPD HøLOLPLQH JLUPLûWLU
$QFDN GHøLûLN ]DPDQODUGD RUWD\D oÖNDQ oHûLWOL KDVWDOÖNODU YH NÖWOÖNODUD EDøOÖ RODUDN
QIXVXQXELUWUODUWÖUDPDPÖûWÖU
%LOLP YH WHNQRORMLN JHOLûPHOHULQ EHUDEHULQGH JHWLUGLøL HQGVWUL YH WÖSWD ND\GHGLOHQ
JHOLûPHOHU WP \DûDPÖ GRøDO IDNW|UOHUFH EHOLUOHQHQ LQVDQRøOXQXQ |Q SODQD oÖNPDVÖQD
VHEHS ROPXûWXU %|\OHOLNOH LQVDQRøOX DUWÖN PDNLQH NXOODQPD\D YH GRøDO DODQODUÖ WHKGLW
HWPH\H EDûODPÖûWÖU $\UÖFD WÖSWDNL JHOLûPHOHU KDVWDOÖNODUOD PFDGHOHGH LQVDQÖQ UROQ
DUWÖUPÖûWÖU +HU ûH\LQ LQVDQ LoLQ ROXûWXUXOGXøX LONHVLQGHQ KDUHNHW HGHQ LQVDQRøOX
oHYUHVLQLDFÖPDVÖ]FDWNHWPH\HEDûODPÖûWÖU
ùQVDQ PHUNH]OL DQWKURSRFHQWULF EL\RORMLN GQ\D PRGHOL oHûLWOL LQDQo VLVWHPOHULQLQ
GH GHVWHøL LOH DVÖUODUFD NDEXO J|UPûWU %X J|UûH J|UH LQVDQ WP FDQOÖODUÖQ HQ
DNÖOOÖVÖ ROXS EL\RORMLN GQ\DQÖQ HQ PHUNH]LQGHGLU ´+HU ûH\ RQXQ LoLQ GRøDGD
\DUDWÖOPÖûWÖUµ %DûND ELU GH\LûOH KHU ûH\ GRøD VW JoOHULQ HVHULGLU ùQVDQÖQ
\DSDELOHFHøLKLoELUûH\\RNWXU6DGHFHLWDDWHWPHN]RUXQGDGÖU%XJ|UûHLONNDUûÖoÖNDQ
7KRPDV 0DOWKXV YH &KDUOHV 'DUZLQ·GLU 'DUZLQ·LQ \ÖOÖQGD \D\ÖQODGÖøÖ 7UOHULQ
.|NHQLLVLPOLNLWDEÖQDJ|UHPHYFXWWUOHURUJDQLNHYULPYHGRøDOVHoLOLPOH\DûDPEXOXU
'DUZLQ EX HVHULQGH WP FDQOÖ WUOHULQLQ GRøDO VHoLOLPOH HYULP \ROX\OD ROXûWXøXQX
RUWD\D NR\PXû YH FDQOÖODUÖQ IHQRWLSLN \DSÖVÖQÖQ ROXûPDVÖQGD oHYUHQLQ UROQH LûDUHW
HWPLûWLU %X EXOJXODU ) 5HGL YH / 3DVWHXU WDUDIÖQGDQ YLWDOLVWLN J|UûH NDUûÖ RUWD\D
DWÖODQYHVHEHSVRQXoLOLûNLVLQHYHPHNDQLVWLNJ|UûHGD\DOÖ|QHPOLEXOJXODUGÖUùûWHEX
QRNWDGDQ KDUHNHWOH WP FDQOÖOÖN ROD\ODUÖQÖQ GRøD VW JoOHUFH NRQWURO HGLOGLøL
ûHNOLQGHNL YDUVD\ÖP \HULQL GRøDO VHoLOLPOH WP FDQOÖODUÖQ RUJDQLN HYULP VRQXFXQGD
ROXûWXøXQDLOLûNLQELOLPVHOJ|UûHEÖUDNPÖûWÖU
%LOLP YH WHNQRORMLGH ND\GHGLOHQ JHOLûPHOHU LQVDQRøOXQXQ JHoPLûWH \DûDGÖøÖ oHYUH
IHODNHWOHULQLNÖWOÖNODUÖVDOJÖQKDVWDOÖNODUÖWHNUDUJ|]GHQJHoLUPHVLQLVDøODPÖûWÖUg]HOOLNOH
HQGVWUL GHYULPL VRQUDVÖQGD HQGVWULQLQ \RøXQ ROGXøX \|UHOHUGH RUWD\D oÖNDQ oHYUH
VRUXQODUÖ FLGGL VDøOÖN SUREOHPOHULQL GH EHUDEHULQGH JHWLUPLûWLU %X VRUXQ PDGHQOHU
FLYDUÖQGD oRN EHOLUJLQGLU 7P EX ROD\ODUD UDøPHQ LQVDQODU VDKLS ROGXNODUÖ \DQOÖû
2'7h%L\RORML%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHøHUOHU
QHGHQL\OH
EXQXQ
VRUXPOXVXQXQ
LQVDQÖQ
NHQGLVL
ROGXøXQX
ELU
WUO
J|UHPHPLûWLU
%L\RORMLNdHûLWOLOLN
&DQOÖ WUOHULQLQ HNRORMLOHULQH YH KDELWDWODUÖQD EDøOÖRODUDN VHUJLOHGLNOHUL GHøLûHELOLUOLN
YH YDU\DV\RQD ´EL\RoHûLWOLOLNµ DGÖ YHULOLU %L\RORMLN oHûLWOLOLN NRQXVXQGD GQ\DGD
EXOXQDQ WUOHULQ WHVSLWLQH \|QHOLN DUDûWÖUPDODU X]XQ ]DPDQGÖU GHYDP HWPHNWHGLU
´'Q\DGD PHYFXW WU VD\ÖVÖ QHGLU"µ ´%XJQH NDGDU QH NDGDU WU ROXûPXûWXU"µ JLEL
VRUXODUD \DQÖW YHUPHN KD\OL ]RUGXU %LOLQHQ WU VD\ÖVÖ PLO\RQ FLYDUÖQGD ROPDNOD
EHUDEHU JHUoHN VD\ÖVÖQÖQ EXQXQ oRN |WHVLQGH ROGXøX GûQOPHNWHGLU %XJQH
NDGDU ROXûPXû WU VD\ÖVÖ LVH PHYFXW WU VD\ÖVÖQÖQ NDWÖ NDGDUGÖU 'Q ROGXøX JLEL
\DUÖQÖQ GQ\DVÖQGD GD EL\RORMLN oHûLWOLOLN \DûDPÖQ VLJRUWDVÖ ROPD\D GHYDP HGHFHNWLU
)DNDW EXJQ JHOLQHQ QRNWD LWLEDUÖ LOH VDGHFH 7URSLNDO <DøPXU 2UPDQÖ·QGD \ÖOGD
ND\EHGLOHQWUVD\ÖVÖFLYDUÖQGDROXSEXJQGHWUGHPHNWLU
%L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN RODUDN %HUQ 5DPVDU &,7(6 JLEL oHûLWOL
XOXVODUDUDVÖ DQODûPDODU LP]DODQPÖûWÖU $QFDN oRøX ]DPDQ LQVDQÖQ GHøHU \DUJÖODUÖQD
\|QHOLNHWLNER\XWXVÖQÖUOÖNDOPÖûWÖU
%L\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQD \|QHOLN LON FLGGL DGÖP5LR·GD \ÖOÖQGD DWÖOPÖû
YH SUHQVLS NDEXO HGLOPLûWLU %X SUHQVLSOHULQ \DûDPD JHoLULOPHVLQH \|QHOLN RODUDN
KD]ÖUODQDQ H\OHP SODQÖ $*(1'$ LoLQGH EXOXQGXøXPX] \]\ÖOÖQ oHYUH
SROLWLNDVÖQÖQ oHUoHYHVLQL oL]PHNWHGLU %X H\OHP SODQÖQGD NRQXQXQ LQVDQ ER\XWX
DøÖUOÖNOÖ RODUDN LûOHQPLûWLU 6UGUOHELOLU NDONÖQPD LoLQ PXWODN VXUHWOH GRøDO \DûDP YH
oHYUHNRUXQPDOÖND\QDNODUL\L\|QHWLOPHOLGLU%XEDøODPGDRUPDQWDKULEDWÖ|QOHQPHOL
KDVVDV HNRVLVWHPOHU L\L \|QHWLOPHOL o|OOHûPH LOH PFDGHOH HGLOPHOL EL\RORMLN oHûLWOLOLN
NRUXQPDOÖoHYUHX\XPOXEL\RWHNQRORMLYH\DûDPûHNLOOHULGHVWHNOHQPHOLGLU
7UNL\H·GH $*(1'$ GRNPDQÖQD SDUDOHO RODUDN KD]ÖUODQDQ 7UNL\H 8OXVDO
dHYUH (\OHP 3ODQÖ LOH (øLWLP YH .DWÖOÖP 5DSRUX LON NH] XOXVDO G]H\GH oDøGDû ELU
\DNODûÖPOD VRUXQXQ NHVLQ o|]P LoLQ oHYUH HWLøL YH EXQD LOLûNLQ KHU G]H\GHNL
HøLWLPLQLoHULøLQLQEHOLUOHQPHVLEDNÖPÖQGDQ|QHPOLJHOLûPHOHUGLU
ùQVDQYHdHYUHùOLûNLVL
ùQVDQ YH oHYUHVL DUDVÖQGDNL LOLûNLQLQ WDULKL LON LQVDQÖQ GRøDGD RUWD\D oÖNWÖøÖ DQGDQ
LWLEDUHQ EDûODU %XJQ VD\ÖODUÖ PLO\RQ RODQ FDQOÖODUGDQ ELU WDQHVL GH LQVDQ WUGU
ùQVDQ KDYDGD EXOXQDQ RNVLMHQL DOÖU YH NDUERQGLRNVLWL KDYD\D EÖUDNÖU 7P EHVLQ
PDGGHOHUL oHYUHGH EXOXQDQ KD\YDQVDO YH ELWNLVHO ND\QDNODUGDQ HOGH HGLOLU *L\HFHN
LoHFHN \DNDFDN EDUÖQDN YH LODo KDPPDGGHOHUL \LQH oHYUHGHQ HOGH HGLOLU g\OH LVH
LQVDQRøOXQXQ \DûDPÖ oHYUHGHNL V|] HGLOHQ PDGGHOHUH EDøOÖGÖU dHYUHVL\OH PDGGH YH
HQHUML LOLûNLVL LoLQGH RODQ LQVDQRøOX WP FDQOÖ WUOHUL JLEL NHQGL \DûDPD RUWDPÖQÖQ ELU
ELUH\LGLU
%LU
GûQUQ
GH\LPL\OH
´'RøDQÖQ
HNRQRPLVL
YH
LQVDQÖQ
HNRORMLVL
ELUELULQGHQD\UÖOPD]ELUEWQQSDUoDODUÖGÖU%XQODUÖD\ÖUPD\DoDOÖûPDNWHKOLNHOLGLUµ
\]\ÖOÖQ LNLQFL \DUÖVÖQGD LYPH ND]DQDQ HNRORML ELOLPL oHYUH\L FDQOÖ YH FDQVÖ]
HOHPDQODU LOH ELU EWQ RODUDN GHøHUOHQGLUPLûWLU dHYUH VRUXQODUÖ LQVDQÖQ HVHULGLU
dHYUH NHQGLVLQH QH \DSÖOÖUVD \DSÖOVÖQ EXQODUD EHOOL |OoOHUGH \DQÖW YHUPHNOH EHUDEHU
oRøX]DPDQWDKULSROPDNWD\DGDNLUOHQPHNWHGLU%HONLGHNHQGLHNRVLVWHPLQLWHUN
HGHQYHNHQGLNXUGXøXVXQLRUWDPODUGD\DûD\DQ\HJkQHWULQVDQGÖU&KXUFKLO·LQGH\LPL
LOH ´%L] HYOHULPL]L HYOHULPL] GH EL]OHUL ûHNLOOHQGLULUµ 7P FDQOÖ RUJDQL]PDODU KHP
oHYUHOHUL KHP GH ELUELUOHUL LOH LOLûNL LoLQGHGLU &DQOÖODUÖQ oHYUHOHUL LOH RODQ LOLûNLOHUL
JHoLUGLNOHUL RUJDQLN HYULPH YH NHQGL JHQHWLN \DSÖODUÖQD EDøOÖGÖU ùûWH EX QHGHQOH
0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
GQ\DQÖQ GHøLûLN \|UHOHULQGH GHøLûLN FDQOÖ WUOHULQL EXOXUX] 'XUXP LQVDQ WU LoLQ GH
D\QÖGÖU .XWXSODUGD \DûD\DQ HVNLPRODUÖQ \DûDPÖ NXWXS oHYUHVLQFH EHOLUOHQLUNHQ
%RUQHR·GD\DûD\DQ\HUOLKDONÖQ\DûDPÖGDWURSLNDOoHYUHNRûXOODUÖQFDEHOLUOHQLU'XUXP
EXLQVDQODUÖQHWLN\DSÖODUÖQGDGDNHQGLQLJ|VWHULU
ùQVDQ YH oHYUH LOLûNLVL ]DPDQ LoLQGH IDUNOÖ VH\LU L]OHU %XQXQ HVDV QHGHQL LQVDQÖQ
ROXûWXUGXøX ´VRV\DO VLVWHPLQµ ]DPDQOD oRN GHøLûPHVL YH EXQXQ HNRVLVWHPH WHN WDUDIOÖ
\DQVÖPDVÖGÖU 8]PDQODU EX HNRVLVWHP YH VRV\DO VLVWHPL EHUDEHUFH HNRVRV\DO VLVWHP
RODUDN GDKD VW ELU \DSÖGD ELUOLNWH HOH DOPDNWDGÖU *QP]H NDGDU oHYUH YH
LQVDQ LOLûNLVL o DûDPDGD GHøHUOHQGLULOLU %XQODUGDQ LON DûDPDGD LQVDQRøOX ELOLQoVL]GLU
%X QHGHQOH EX GHYUH\H ´ELOLQoVL] YDUROXû GHYULµ DGÖ YHULOLU ùQVDQRøOX oHYUHQLQ YH
oHYUHGH ROXS ELWHQOHULQ NHQGLVLQH QDVÖO \DQVÖ\DFDøÖQÖQ IDUNÖQGD GHøLOGLU %X GHYUH \]\ÖOD NDGDU JHoHQ VUH\L NDSVDU dRøX ]DPDQ EX ELOLQoVL] YDUROXûXQ IDWXUDVÖ DøÖU
ROPXû YH ELUoRN PHGHQL\HW RUWDGDQ NDONPÖûWÖU 8]PDQODU HVNL <XQDQ YH 5RPD·QÖQ
o|NûQQ
DUNDVÖQGD
$NGHQL]
oHYUHVLQGHNL
oHYUH
VRUXQODUÖQÖQ
\DWWÖøÖQÖ
LGGLD
HWPHNWHGLUOHU
ùNLQFLGHYUH|QELOLQoOHQPHQLQEDûODGÖøÖHWLNGHøHUOHULQFLGGLRODUDNUHYL]HHGLOPH\H
EDûODGÖøÖ G|QHPL NDSVDU %X G|QHP \]\ÖOÖQ LNLQFL \DUÖVÖQGDQ ·OL \ÖOODUD NDGDU
VUHU%XQHGHQOHEXG|QHPH´ELOLQoOHQPHG|QHPLµDGÖYHULOLU
hoQF G|QHP LVH ·OL \ÖOODUGD EDûOD\ÖS JQP]GHGH GHYDP HGHU %X G|QHP
´ELOLQoOL ROXû G|QHPLµ RODUDN LVLPOHQGLULOLU %X G|QHPGH HNRORML ELOLPLQLQ WHPHO
SUHQVLSOHULQH GD\DOÖ RODUDN WP FDQOÖODUÖQ ELUELUOHUL YH oHYUHOHUL LOH RODQ LOLûNLOHUL
LQFHOHQPHNWHGLU$UWÖNLQVDQPHUNH]OLELU\DûDPPRGHOLQLQ\HULQLWPFDQOÖODUÖQLoLQGH
\HU DOGÖøÖ ´HNRVHQWULNµ \DûDP PRGHOLQH WHUN HWWLøL J|UOU %WQ FDQOÖODU |QHPOLGLU
7PQQ URO HNRVLVWHP EWQ LoLQGH YD]JHoLOPH]GLU %XQODUGDQ KHUKDQJL ELULVLQH
ELU ûH\ ROPDVÖ WP \DûDPÖ WHKGLW HWPHNWHGLU %X ELOLPVHO J|Uû LVH \HQL ELU \DûDP
ûHNOLQLYHNDONÖQPDPRGHOLQLQRUWD\DDWÖOPDVÖQÖEHUDEHULQGHJHWLUPLûWLU7PNDONÖQPD
SODQODUÖQÖQ GRøDQÖQ NRUXQPDVÖQÖ J|]HWPHVL JHUHNWLøLILNULQGHQ KDUHNHWOHVUGUOHELOLU
NDONÖQPD \]\ÖOÖQ PRGHOLGLU %X QHGHQOH EXQXQ KD\DWD JHoLULOPHVL LûL LVH HQ VW
G]H\GH VRUXPOX YDWDQGDû \HWLûWLUPH YH NDWÖOÖPOD LOLQWLOLGLU %X KLo ûSKHVL] ELU HWLN
ROD\ÖGÖU%XQXQLoLQ·OL\ÖOODUVRQUDVÖQGDoHYUHHøLWLPLDGÖLOH\HQLELUGLVLSOLQRUWD\D
oÖNPÖûWÖU
%L\RORMLNdHûLWOLOLøHùOLûNLQ.RUXPDdDEDODUÖ
%XJQ LYHGL RODUDN o|]POHQPHVL JHUHNHQ NRQX DUWDQ QIXVXQ ND\QDN VRUXQXGXU
g]HOOLNOH EHVLQ GDUERøD]Ö LQVDQ \DûDPÖQÖ WHKGLW HWPHNWHGLU 'Q\D QIXVXQXQ ·VL
DoOÖN ·VL LVH VDøOÖNOÖ LoPH VX\XQGDQ \RNVXQ ROPDQÖQ \RO DoWÖøÖ VDøOÖN VRUXQODUÖ LOH
NDUûÖ NDUûÖ\DGÖU %X GXUXP GQ\DQÖQ GHøLûLN ONHOHULQGHNL LQVDQ \DûDP VUHVLQL ELOH
HWNLOHPHNWHGLU6RUXQXQo|]PKHUQHNDGDULONHWDSWDELOLPYHWHNQRORMLNXOODQÖPÖLOH
PPNQ JLEL J|UQU LVH GH NHVLQ o|]P EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖ YH
VUGUOHELOLU \DûDP LONHOHULQH X\JXQ HWLN GHøHUOHULQ WP ELUH\OHUFH VHUJLOHQPHVL LOH
PPNQGU
%L\RORMLN oHûLWOLOLøLQ |]HOOLNOH \DNÖQ JHoPLûWH 5LR 'Q\D =LUYHVL |QFHVLQGHNL
NRUXPD SROLWLNDODUÖQGD EXQODUÖQ NXUXPGD NRUXQDELOHFHøLQGHQ KDUHNHWOH oHûLWOL JHQ
EDQNDODUÖ WRKXP EDQNDODUÖ YE NXUXPVDO \DSÖODU ROXûWXUXOPXûWXU 5LR·GD \DSÖODQ
GHøHUOHQGLUPHOHUGH EXQXQ DPDoODUÖQ oRN JHULVLQGH NDOGÖøÖ VDSWDQPÖû YH JHOLûPHNWH
RODQONHOHULQER\XWODUÖQÖDûDQELUX\JXODPDROGXøXEHOLUOHQPLûWLU%XQHGHQOHoHYUHQLQ
YH GROD\ÖVÖ\OD EL\RORMLN oHûLWOLOLøLQ NRUXQPDVÖQÖQ VDGHFH oHYUH\L ROXûWXUDQ KDYD VX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
WRSUDN YH EL\RORMLN oHûLWOLOLN JLEL ELOHûHQOHULQLQ YXUJXODQPDVÖ LOH PPNQ RODPD\DFDøÖ
DQODûÖOPÖûWÖU dQN NRQX HNRQRPLN HNRORMLN SROLWLN HøLWVHO YH EXQODUÖQ WPQQ
]HULQGHHWLNVRUXQXRODUDNRUWD\DoÖNPÖûWÖU
%LOLP YH WHNQRORMLGHNL JHOLûPHOHU EHUDEHULQGH JHQ WHNQRORMLOHULQL RUWD\D NR\PXû YH
WUDQVJHQLNoHûLWOLRUJDQL]PDODU\DYDû\DYDûSD]DUODUDJLUPH\HEDûODPÖûWÖU+HUQHNDGDU
XOXVODUDUDVÖ
G]H\GH
WUDQVJHQLN
RUJDQL]PDODU
YH
EXQODUÖQ
UQOHULQH
LOLûNLQ
´%L\RJYHQOLN3URWRNROµJLELV|]OHûPHOHU\UUOøHJLUPHNWHLVHGHLûLQ|]XOXVODUÖQ
NHQGL Lo \|QHWLPOHUL LOH LOJLOLGLU 8OXVDO PHY]XDW KNPOHUL PXWODN VXUHWOH EL\RORMLN
oHûLWOLOLøL NRUXPDOÖ NDPXR\XQX EX NRQXGD ELOJLOHQGLUPHOL NRQX\D LOLûNLQ HWLN GHøHUH
VDKLS ELUH\OHU ROXûWXUPDOÖ YH RQODUÖQ VLVWHPH NDWÖOÖPÖQD RODQDN YHUPHOLGLU *HOLûPLû
ONHOHUGHHWLNHWOHQGLUPHQLQL\L\DSÖOPDVÖYHHWLNQHGHQOHUGHQGROD\ÖSD]DUGDWUDQVJHQLN
UQOHUGRøDOUQOHUGHQoRNXFX]GXU
dHYUH(WLøL
ùQVDQEL\RORMLN\DSÖVÖLWLEDUL\OHWÖSNÖGLøHUFDQOÖODUJLELEHOOLEL\RORMLNPROHNOOHUGHQ
\DSÖOPÖûWÖU1DVÖONLFDQOÖODUDOHPLQLDQODPDNLoLQFDQOÖOÖøÖYHRQXQGDHQDOWEDVDPDNWD
FDQOÖ ELULPL RODQ KFUHVLQL oDOÖûPDNOD LûH EDûOÖ\RUVDN D\QÖ ûHNLOGH oHYUH VRUXQODUÖQÖQ
KHUWUOVQQDUNDVÖQGD\DWDQHVDVVRUXPOXQXQLQVDQROGXøXQXELOPHNJHUHNLUùQVDQ
oHYUHVLQL ELOHUHN YH\D ELOPH\HUHN WDKULS HWPHNWHGLU %XQXQ QHGHQL oHYUH GHøHUOHULQLQ
|QHPLQLQ IDUNÖQGD RODPDPDNWDQ JHoHU %XQXQ WHGDYLVL LVH LQVDQRøOXQXQ ´JHUoHNoLOLN
WHUDSLVLµ LOH JHUoHøLQ IDUNÖQD YDUPDVÖ YH X\JXQ oHYUHGHøHU VLVWHPOHULQH VDKLS
RODELOPHVLLOHPPNQGUùûWHEXQHGHQOHGLUNLGRøDDUWÖNNHQGLQLWDPLUHGHPHPHNWH
DNDUVXODU
SLVOLN
WXWPDNWD
YH
RN\DQXVODU
NLUOHQPHNWHGLU
%XQODUÖQ
WP
HWLN
HNVLNOLøLQGHQND\QDNODQÖUùQVDQÖGLøHUFDQOÖODUGDQD\ÖUDQGX\JXGûQFHYHEHONLGHHQ
|QHPOLVLHWLNGHøHUOHULGLU
&KDLVVRQ·D J|UH HWLN ´LQVDQOÖøÖ PXWOXOXøD WDûÖ\DQ WXWXP YH GDYUDQÖûODUGÖUµ %X
GûQFHWDU]ÖX]XQYDGHGHND\QDNODUÖQHWNLQNXOODQÖPÖQÖYHVUGUOHELOLU\DûDPÖLûDUHW
HWPHNWHGLU 0XWOXOXN VDGHFH WHN WDUDIOÖ DûÖUÖ WNHWLP GHøLOGLU dHYUH HWLøL oHYUHQLQ
X\JXQ NXOODQÖOPDVÖQÖ YH ND\QDNODUGDQ WNHQPHGHQ \DUDUODQPD\Ö JHUL G|QûPO
NXOODQPD\Ö YH oHYUH\L NLUOHWPHGHQ \DûDPD\Ö |QJ|UU 'XUXP JHOLûPLû YH JHOLûPHNWH
RODQ ONHOHUGH IDUNOÖOÖN VHUJLOHU 'Q\D QIXVXQXQ NDGDUÖQÖ ROXûWXUDQ JHOLûPLû
ONHOHULQ ND\QDNODUÖQ NDGDUÖQÖ WNHWPHVLQLQ GH oHYUH HWLøL LOH EDøGDûPDGÖøÖ ELU
JHUoHNWLU g\OH LVH \]\ÖOÖQ EDûÖQGD ROGXøXPX] EX JQOHUGH EX WHPHO VRUXQXQ
o|]POHQPHVLNDoÖQÖOPD]J|UQPHNWHGLU
·OL \ÖOODUGD NRUXPDFÖOÖN EDøODPÖQGD ´DUD]L HWLøLµ YH ´EL\RHWLNµ NRQXODUÖ
JQGHPH JHOPLûWLU %X EDøODPGD /HRSROG oHYUH HWLøLQH LOLûNLQ RODUDN ´EL\RORMLN
NRPQLWHQLQ EWQOøQ PHYFXW \DSÖQÖQ NRUXQPDVÖQÖ YH HVWHWLN \DSÖQÖQ PXKDID]D
HGLOPHVLQH \|QHOLN GDYUDQÖûODUÖQ GRøUX EXQODUÖQ DNVL RODQODUÖQÖQ LVH \DQOÖû ROGXøXQX
LIDGH HWPHNWHGLU %X WHPHOGH oHYUH HWLøLQLQ JHQHO oHUoHYHVLQLQ oL]LOPHVL
EDNÖPÖQGDQ GRøUX ROPDNOD EHUDEHU HVDV LWLEDUL\OH oHYUHQLQ NRUXQPDVÖ RQD X\JXQ
\DûDPûHNOLQLQYHVUGUOHELOLUNDONÖQPDPRGHOOHULQLQEHQLPVHQPHVLLOHLOJLOLGLU
.D\QDNoD
%DUHW-0YHDUN%LRORJ\3UHQWLFH+DOO(QJOHZRRG&OLIIV1
0XUG\ :+ (WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\ &RQVHUYDWLRQ
%LRORJL
0XVD'RøDQ³dHYUH(WLøLYH%L\RORMLNdHûLWOLOLN
'DUZLQ&7KH2ULJLQRI6SHFLHV7KH0RGHUQ/LEUDU\1HZ<RUN1<SS
-DFNVRQ:0DQDQG(QYLURQPHQW:0&%URZQ&R,RZD
'RøDQ0dHYUHYHùQVDQ,6HFDQ<D\ÖQODUÖ$QNDUD
:LOVRQ(2%LRGLYHUVLW\1DWLRQDO$FDG3UHVV1HZ<RUN
'RøDQ 0 ´7UNL\H·GH %L\RoHûLWOLOLN YH %LWNLVHO *HQ .D\QDNODUÖ
7UNL\H·QLQdHYUH.RQXVXQGD7DUDI2OGXøX8OXVODUDUDVÖ6|]OHûPHOHU$QNDUD
$*(1'$ 5LR 'HFODUDWLRQ RQ (QYLURQPHQW DQG 'HYHORSPHQW 81 3XEO *HUoHøLµdHYUHYHùQVDQ
-XQH5LR
'RøDQ
0
´7UNL\H·GH
6UGUOHELOLU
.DONÖQPD
dDEDODUÖ
YH
%L\RoHûLWOLOLNµdHYUHYHùQVDQ
0D\50´+RZ0DQ\6SHFLHVDUHWKHUHRQ(DUWK"µ6FLHQFH
9RON 7/ ´3URMHFW 6\QWKHVLV DQG (QYLURQPHQWDO (GXFDWLRQµ 6FLHQFH
(GXFDWLRQ
'RøDQ 0 ´ùQVDQ dHYUH YH dHYUH (øLWLPLµ %L\RORML (øLWLPLQGH dHYUH
6RUXQODUÖQD <DNODûÖP 6HPSR]\XPX +DFHWWHSH hQLYHUVLWHVL <D\ÖQODUÖ $QNDUD
V
'RøDQ0´7UNL\H·GH*HQHWLN(UR]\RQµdHYUHYHùQVDQ
'RøDQ0´8OXVDO*QGHP7UNL\H·GH)HQ(øLWLPL3URJUDPODUÖYH
dHYUH(øLWLPLµ,9)HQ%LOLPOHUL(øLWLPL.RQJUHVL(NLP$QNDUD
'RøDQ 0 ´6WRFNKROP .RQIHUDQVÖQGDQ *QP]H 7UNL\H·GH dHYUH
(øLWLPLµdHYUHYHùQVDQ
&KDLVVRQ(-2XU&RVPLF+HULWDJH=\JRQ
0XUG\ :+ ´(WKLFDO DQG 3KLORVRSKLFDO $VSHFWV RI %LRGLYHUVLW\
&RQVHUYDWLRQµ
%LRORJLFDO
$FDGHP\RI6FLHQFH
'LYHUVLW\
3UREOHPV
DQG
&KDOLHQJHV
3HQQV\OYDQLD
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
$UDû*|U++DOXN(UGHP $PD H\OHPOHU QDVÖO \DSÖOÖUVD YH YHULOHQ ûH\OHU QDVÖO
YHULOLUVH DGDOHWOL RODFDNODU EXQX ELOPHN VDøOÖøD
\DUDUOÖ
ûH\OHUL
ELOPHNWHQ
GDKD
E\N
LûWLU
$ULVWRWHOHV1LNRPDNKRV·D(WLND
*LULû
%LOGLULPLQ DPDFÖ \DûDPD KDNNÖ YH VRUXQODUÖQÖ WDUWÖûPDNWÖU <DQÖWÖQÖ DUDPD\D
oDOÖûWÖøÖP VRUX ûXGXU ùûNHQFH |OP FH]DVÖ |WHQD]L YH NUWDM RODUDN ELOLQHQ DERUWXV
X\JXODPDVÖ KHU ]DPDQ ELU \DûDPD KDNNÖ LKODOL PLGLU" 6RUXQXPX IHOVHIL EDNÖû LOH
VHULPOHPH\H oDOÖûDFDøÖP \]\ÖOÖQ EDûÖQGD LQVDQOÖøÖQ \] \]H JHOGLøL GQ\D
SUREOHPOHULQGHQ ELULVL RODQ \DûDPD KDNNÖQD YH VRUXQODUÖQD IHOVHIL DoÖGDQ \DNODûPDQÖQ
JHUHNOLOLøL
DoÖNWÖU
%X
JHUHNOLOLN
LQVDQFD
\DûDPDQÖQ
JHUoHNOHûHFHøL
ELU
GQ\D
|]OHPLQGHQ GRøPDNWDGÖU <DûDPD KDNNÖQÖQ QH ROGXøXQX YH KDQJL GXUXPODUGD LKODO
HGLOGLøLQL KDQJL GXUXPODUGD LKODO HGLOPHGLøLQL ELOPHGLNoH RQXUXQX NRUXPD ELOLQFL
GQ\DEDUÖûÖQÖYHLQVDQÖQRQXUXQX]HGHOH\HQELOLQoNDUûÖVÖQGDJoORODPD\DFDNWÖU
$QFDN EX KDNNÖQ NDYUDPÖQÖQ LoHULøLQLQ \HWHULQFH VRUJXODQGÖøÖQÖ V|\OHPHN ROGXNoD
JoWU )UDQVÖ] ILOR]RI $OEHUW &DPXV ¶¶oDøÖQÖ DQODPD \ROXQGD ELU oDED··
RODUDNNDOHPHDOGÖøÖ%DûNDOGÖUDQùQVDQDGOÖ\DSÖWÖQGD\DûDPDKDNNÖQDLOLûNLQVRUJXODPD\Ö
ûX V|]OHUOH GLOH JHWLUPHNWHGLU ¶¶gQP]GH GXUDQ ûX |WHNLQL |OGUPH\H \D GD
|OGUOPHVLQHER\XQHøPH\HKDNNÖPÖ]ROXSROPDGÖøÖQÖELOPHGLøLPL]VUHFHKLoELUûH\
ELOHPH\L] %XJQ KHU H\OHPG|QS GRODûÖS GROD\OÖ \D GD GROD\VÖ] |OGUPH\H YDUGÖøÖQD
J|UH |OGUPHPL] JHUHNLS JHUHNPHGLøLQL JHUHNL\RUVD QHGHQ JHUHNWLøLQL JHUHNPL\RUVD
QHGHQJHUHNPHGLøLQLELOPHGLNoHH\OHPHJHoHPH\L]··&DPXV
<DGVÖ\DPD\DFDøÖPÖ] LON ûH\LQ ¶¶EDûNDVÖQÖQ \DûDPDVÖ·· ROGXøXQX GûQHQ
&DPXV \DûDPD KDNNÖ NDYUDPÖQÖQ LoHULøLQL ELU NH] GDKD VRUJXODPDPÖ]D RODQDN
YHUPHNWHGLU<DûDPDKDNNÖYHVRUXQODUÖQÖWDUWÖûPD\DJHoPHGHQ|QFHWHPHOLQVDQKDNNÖ
NDYUDPÖQDDoÖNOÖNJHWLUPHNJHUHNL\RU
%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖ
7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖQÖQ GQ\DPÖ]GD ELU SUREOHP RODUDN
YDUOÖøÖQÖ VUGUPHVLQLQ QHGHQOHULQLQ EDûÖQGD EX KDNNÖQ QH\LQ WDOHEL ROGXøXQXQ YH
QHGHQ NRUXQPDVÖ JHUHNWLøLQLQ \HWHULQFH ELOLQFLQH YDUÖODPDPDVÖ YH LQVDQ KDNODUÖQÖQ QH
ROGXøXNRQXVXQGDNLELOJLVL]OLøLQYHNDUJDûDQÖQVUSJLWPHVLJHOPHNWHGLU
3URI 'U ùRDQQD .XoXUDGL· \H J|UH LQVDQ KDNODUÖ ¶¶KHU LQVDQOD LOJLOL·· ED]Ö JHUHNOHUL
GLOH JHWLUPHNWLU %X JHUHNOHU LQVDQÖQ GHøHULQL WDQÖPD YH NRUXPD LVWHPOHUL RODUDN \DQL
LQVDQODUÖ ¶¶\DOQÖ]FD LQVDQ ROGXNODUÖ LoLQ·· NRUXPD LVWHPOHUL RODUDN RUWD\D oÖNPDNWDGÖU
.XoXUDGL D ùIDGH GH V|] JHoHQ ¶¶LQVDQÖQ GHøHUL··QGHQ QH DQODûÖOPDNWDGÖU"
ùQVDQÖQGHøHULLQVDQÖQGLøHUYDUOÖNODUOD\DGDLQVDQROPD\DQKHUûH\OHLOJLVLEDNÖPÖQGDQ
|]HOGXUXPXYHEX|]HOGXUXPXQGDQGROD\ÖVDKLSROGXøXED]ÖKDNODUEDûNDELUGH\LûOH
*D]LhQLYHUVLWHVL*D]L(øLWLP)DNOWHVL)HOVHIH*UXEX(øLWLPL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LQVDQÖQ YDUOÖNWDNL |]HO
\HULGLU ùQVDQÖQ GHøHUL
RQXQ
|]HOOLNOHUL
\D GD
\DSÖVDO
RODQDNODUÖGÖU.XoXUDGL
.XoXUDGL WHPHO LQVDQ KDNODUÖQGDQ LQVDQD |]J RODQDNODUÖ NLûLOHUGH NRUXPD
LVWHPOHUL RODUDN DQODPDNWDGÖU %X KDNODU ¶¶KHUNHVLQ KHUNHVWH KHUNHV LoLQ·· NRUXQGXøX
KDNODUGÖU 2QD J|UH NLûL LVWHPOHULQGH GH ED]Ö |QHPOL IDUNODU YDUGÖU ùVWHPOHUGHQ ELU
NÖVPÖ LQVDQÖQ RODQDNODUÖ\OD GRøUXGDQ GRøUX\D LOJLOLGLU %X LVWHPOHU LQVDQD |]J
HWNLQOLNOHUL JHUoHNOHûWLULUNHQ NLûLOHUH GRNXQXOPDPDVÖQÖQ LIDGHVLGLU %X KDNODU ¶¶EWQ
LQVDQODUÖQ HûLW ROGXøX KDNODUÖQ ELU NÖVPÖQÖ·· ROXûWXUPDNWDGÖU ¶¶7HPHO |]JUONOHU·· GH
EX NLûL KDNODUÖQÖQ \DVDO JYHQFHOHULGLU %LOGLULPLQ NRQXVXQX ROXûWXUDQ \DûDPD KDNNÖ
EX WU ELU LVWHPL GLOH JHWLUPHNWHGLU 'LøHU ELU LVWHP WU LVH LQVDQÖQ RODQDNODUÖQÖ
JHOLûWLUHELOPHVLQLQ |QNRûXOODUÖ LOH LOJLOLGLU (øLWLP VDøOÖN oDOÖûPD EX WU LVWHPOHUH
|UQHNWLU.XoXUDGLD
7HPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ NLûLQLQ KHP EHGHQVHO KHP UXKVDO
EWQOøQQ ER]XOPDPDVÖQÖ YH EX EWQOøQ WPGHQ \D GD ELU E|OPQQ ]DUDU
J|UPHPHVLQLWDOHSHGHU6DYFÖ
ùûNHQFHQLQ
\DûDPD
KDNNÖQÖQ
WDOHS
HWWLøL
UXKVDOEHGHQVHO
EWQOø
ER]XS
ER]PDGÖøÖQD LQVDQGD \RNVXQ EÖUDNWÖøÖ ûH\OHULQ QH ROGXøXQD LQVDQ KDNODUÖ DoÖVÖQGDQ
EDNDOÖP
ùûNHQFHYH<DûDPD+DNNÖ
%LUOHûPLû 0LOOHWOHULQ ùûNHQFH YH %DûND =DOLPFH ùQVDQOÖN GÖûÖ \D GD 2QXU .ÖUÖFÖ
'DYUDQÖû \D GD &H]D\D .DUûÖ 6|]OHûPHVL·QGH LûNHQFH û|\OH WDQÖPODQPDNWDGÖU ¶¶%LU
NLPVH\HNHQGLVLQGHQ\DGDoQFELUNLûLGHQELUELOJL\DGDLWLUDIVDøODPDNNHQGLVLQLQ
\D GD oQF ELU NLûLQLQ LûOHGLøL \D GD LûOHGLøLQGHQ NXûNX GX\XODQ ELU H\OHPGHQ |WU
RQX FH]DODQGÖUPDN NHQGLVLQH \D GD oQF ELU NLûL\H J|]GDøÖ YHUPHN \D GD RQODUÖ
]RUODPDNDPDFÖ\OD\DGDKHUKDQJLELUD\UÖPFÖOÖøDGD\DOÖELUQHGHQOHELUUHVPLJ|UHYOL\D
GD UHVPL VÖIDWOD GDYUDQDQ ELU EDûNDVÖ WDUDIÖQGDQ \D GD RQXQ NÖûNÖUWPDVÖ \D GD ROXUX \D
GD L]QL\OH ELOHUHN PDGGL \D GD PDQHYL DøÖU DFÖ YHUPHN \D GD H]L\HWWH EXOXQPDNWÖU··
%LUOHûPLû 0LOOHWOHU·LQ EX V|]OHûPHVLQLQ PDGGHVLQGH KLoELU GXUXPXQ LûNHQFH\L KDNOÖ
J|VWHULOHPH\HFHøL YH ELU VW \D GD UHVPL PDNDPGDQ DOÖQDQ HPULQ LûNHQFHQLQ JHUHNoHVL
RODPD\DFDøÖYXUJXODQÖU
*HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD
GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO
HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ
]XOP
GHYOHW
RWRULWHVL
ROPDNVÖ]ÖQ
ELU
ELUH\
\D
GD
ELUNDo
\XUWWDû
WDUDIÖQGDQ
JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO
HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ
VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ
H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU
WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW
*HRUJH 5\OH\ 6FRWW LûNHQFHQLQ \DVDO WDQÖPÖQÖQ NDEXO LOH LûNHQFHQLQ \DOQÖ]FD
GHYOHW WDUDIÖQGDQ YH DoÖNoD WDQÖPODQPÖû DPDoODU LoLQ X\JXODQDELOHFHøL J|UûQ NDEXO
HWPHN DQODPÖQD JHOHFHøLQL GHYOHW WDUDIÖQGDQ ELU LûNHQFH ELoLPL RODUDN X\JXODQDQ
]XOP
GHYOHW
RWRULWHVL
ROPDNVÖ]ÖQ
ELU
ELUH\
\D
GD
ELUNDo
\XUWWDû
WDUDIÖQGDQ
JHUoHNOHûWLULOGLøLQGH PHûUX VD\ÖODPD\DFDøÖQÖ EXQXQ LûNHQFH GHøLO VDOGÖUÖ RODUDN NDEXO
HGLOHFHøLQL EHOLUWHUHN E|\OH ELU \RUXPXQ KLo GH \HWHUOL ROPDGÖøÖ YH PDQWÖNHQ
VDYXQXODPD\DFDøÖQÖGûQPHNWHGLU6FRWW·DJ|UHDFÖoHNHQNLûL\H\DSÖODQX\JXODPDQÖQ
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
H]L\HW\DGD]XOPQGHUHFHVL\HWHULQFHûLGGHWOLROGXøXQGDEXQXQLûNHQFHGHQEDûNDELU
WDQÖPÖQÖQRODPD\DFDøÖDoÖNWÖU6FRWW
6FRWWLûNHQFHQLQLQWLNDPKÖUVÖQÖQKD]ÖUHWNLOLWDWPLQHGLFLYHNDEDELUDUDFÖROGXøX
GûQFHVLQGHGLU %X DUDo GHYOHWWHQ oRN ELUH\OH LOLûNLOL LQWLNDP ELoLPOHULQGH V|]
NRQXVXGXU <DQL ¶¶VÖUDGDQ NRûXOODU DOWÖQGD LûNHQFH WRSOXPD NDUûÖ LûOHQPLûELU VXo YH\D
VR\XW LONHOHULQ oLøQHQPHVL NDUûÖVÖQGD GHYOHWLQ DGDOHWL VDøODPDN LoLQ EDûYXUGXøX ELU \RO
ROPDNWDQ oRN KDNVÖ]OÖøD XøUDGÖøÖQÖ NHQGLVLQH \D GD DLOHVLQH VDOGÖUÖGD EXOXQXOGXøXQX
GûQHQ ELUH\GH JHOLûHQ FH]D YHUPH GX\JXVX\OD EDøODQWÖOÖGÖUµ .RUNXQo ELU VXoOD
\DNÖQGDQLOLûNLOLRODQELUH\OHUWDUDIÖQGDQVÖNoDLIDGHHGLOHQLGDPFH]DVÖQÖQDGDOHWL\HULQH
JHWLUPHGH WDWPLQ HGLFL ROPDGÖøÖ J|Uû GH EX WXWXPGDQ ND\QDNODQPDNWDGÖU .LûLVHO
LQWLNDPoÖøOÖøÖVXoOXQXQ|OPGHQ|QFHX]XQVUHûLGGHWOLELUELoLPGHÖVWÖUDSoHNPHVLQL
LVWHU ELU EDûND GH\LûOH |OPGHQ |QFH LûNHQFH \DSÖOPDOÖGÖU 6FRWW·D J|UH EWQ LûNHQFH
ELoLPOHULQLQ GRøDVÖQGD EXOXQDQ EX LQWLNDP GX\JXVXQXQ DOWÖQGD ELUH\ LoLQ LNWLGDU
GHYOHWLoLQRWRULWHYHGLNWDW|UFHKNPHWPHLVWHøL\DWPDNWDGÖU
ùûNHQFHQLQ \XNDUÖGDNL DoÖNODPDODU ÖûÖøÖQGD QHGHQ KDNOÖ J|VWHULOHPH\HFHøLQH IHOVHIL
DoÖGDQ
EDNWÖøÖPÖ]GD
LûNHQFHQLQ
LQVDQVDO
RODQDNODUÖ
NLûLOHUGH
JHUoHNOHûWLULS
JHOLûWLUHELOPHOHULQL HQJHOOHGLøLQL J|U\RUX] $UDûWÖUPDODUD J|UH LûNHQFH J|UHQ NLûLOHUGH
RUWD\DoÖNDQSUREOHPOHUûXQODUGÖU+X]XUVX]OXNYHNXûNXKH]H\DQODUÖ\ODELUOLNWHJHOLûHQ
ûL]RIUHQL \DOQÖ]OÖN ERûOXN DQODPVÖ]OÖN WHUNHGLOPLûOLN GX\JXODUÖ NLûLOHUDUDVÖ YH DLOH LoL
X\XP ER]XNOXNODUÖ Lû YH oDOÖûPDGD YHULPVL]OLN VHYJL \LWLULOPHVL \DûDPD VXoOXOXøX YH
NDOÖFÖEH\LQKDVDUODUÖ
<DûDPDVXoOXOXøXQDLOLûNLQRODUDNRNXGXøXPELUYDND\ÖNÖVDFDQDNOHWPHNLVWL\RUXP
$\ODU ER\X LûNHQFH J|UPû YH VRQXQGD VHUEHVW EÖUDNÖOPÖû ELUL QLûDQOÖVÖQÖQ ]RUX\OD
GRNWRUD JLGHU 2OD\ODU |QFHVLQGH HYOHQPH KD]ÖUOÖNODUÖ \DSÖODQ YH PXWOX ELU JHOHFHN
GûOHULNXUXODQEXEHUDEHUOLN\ÖNÖOPDN]HUHGLUùûNHQFHJ|UHQHUNHNDUWÖNFLQVHOOLøLQLQ
NDOPDGÖøÖQÖ V|\O\RU YH oHYUHVLQGHNLOHULQ \DUJÖODQGÖøÖ ELU G|QHPGH \DûÖ\RU ROPDNWDQ
GROD\Ö NHQGLVLQL VXoOX\RU DUWÖN \DOQÖ] \DûDPDN LVWHGLøLQL V|\O\RUGX 1H oHYUHVL QH GH
KHNLPEXLQVDQD\DUGÖPHGHELOGLELUVUHVRQUDHUNHNLQWLKDUHWWL7DQJ|U
%LOGLULPLQ EDûÖQGD VRUGXøXP VRUX\X LûNHQFH LoLQ \DQÖWOD\DELOLULP ùûNHQFH KHU
]DPDQ WHPHO ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOLGLU oQN LQVDQÖQ ED]Ö \DSÖVDO
RODQDNODUÖQÖ |UQHøLQ NRUNXGDQ YH \RNOXNWDQ DUÖQPÖû ELU GQ\DQÖQ ROXûXPXQD NDWNÖ
\DSDELOPH RODQDøÖ NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH
EHGHQVHO EWQOø ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU
g\OH\VH ùQVDQ +DNODUÖ (YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KLo
NLPVH\H LûNHQFH \D GD ]DOLPFH LQVDQOÖN GÖûÖ \D GD RQXU NÖUÖFÖ GDYUDQÖû \D GD FH]D
X\JXODQPDPDOÖGÖU··
$\QÖVRUXQXQ\DQÖWÖQÖLGDPFH]DVÖLoLQYHUPH\HoDOÖûDOÖP
ùGDP&H]DVÖYH<DûDPD+DNNÖ
ùGDP |OP FH]DVÖGÖU ùGDP \ROX\OD NLûLQLQ KHP UXKVDO KHP EHGHQVHO EWQOø
WDPDPHQ VRQD HUPHNWHGLU %X FH]DGD D\QÖ VXoX LûOH\HFHN LQVDQODUÖ NRUNXWPDN YH
LûOH\HFHNOHUL VXoWDQ FD\GÖUPDN GûQFHVL ROGXøXQD LQDQÖOÖU 2\VD $OEHUW &DPXV EX
FH]D ]HULQH NDOHPH DOGÖøÖ *L\RWLQ h]HULQH DGOÖ \DSÖWÖQGD VHULPOHGLøL JLEL LGDP FH]DVÖ
VXo LûOH\HFHN NLûLOHUH LEUHW ROPDPDNWDGÖU %X FH]D VXoD ¶¶IHODNHWH GûHU JLEL GûHQ
DGDPÖ·· \ÖOGÖUDPDPDNWDGÖU \]\ÖOÖQ EDûÖQGD ùQJLOWHUH·GH \DSÖODQ ELU LVWDWLVWLøH J|UH
LGDP PDKNPXQGDQ ·L GDKD |QFH ELU YH\D LNL LGDP FH]DVÖQÖQ LQID]ÖQGD EL]]DW
KD]ÖU EXOXQPXûWXU &DPXV %X GXUXPD EHQ]HU ELU VDSWDPD\Ö $IULNDOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GûQU 2GHUD 2UXND·GD \DSÖ\RU ¶¶ùGDP FH]DVÖ ELUoRN GHYOHWWH KÖUVÖ]OÖøD YHULOHQ
FH]DGÖU 6DGHFH ELU NDoÖQÖ EHOLUWLUVHN .HQ\D 8JDQGD =DPELD 6LHUUD /HRQH *DQD YH
1LMHULD· GD KÖUVÖ]OÖN LoLQ YHULOHQ |OP FH]DVÖ \DVDOODûWÖUÖOPÖûWÖU %X GHYOHWOHUGH LûOHQHQ
VXoD NDUûÖ YHULOHQ NDUDU MUL NDUDUÖQGDQ VRQUD LNL KDIWD LoLQGH \HULQH JHWLULOPHNWHGLU
$IULND·GDNL ûLGGHWH LOLûNLQ VXoODU YH KÖUVÖ]OÖN ROD\ODUÖ DOD\ HGHUFHVLQH EX VXoODUD NDUûÖ
VHUWFH]DODUÖQNRQXOPDVÖQDUDøPHQDUWPDNWDGHYDPHWPHNWHGLU··2UXND
&DPXV·D J|UH LGDP FH]DVÖ LQVDQODUGD NRUNX X\DQGÖUDQ HQ E\N FH]DGÖU gOP
NRUNXVX NLûLQLQ YDUOÖøÖQÖQ HQ NDUDQOÖN GHULQOLNOHULQGHQ IÖûNÖUÖU YH RQX EDûWDQ EDûD
NDSODU
<DûDPD
JGV
WHKGLW
HGLOGLøL
]DPDQ
LQVDQ
IHFL
NRUNXODU
LoLQGH
NÖYUDQPDNWDGÖU %X NRUNX\OD NLûL SVLNRORMLN ELU SDUoDODQPD \DûDPDNWDGÖU gUQHN
ROPDN EDNÖPÖQGDQ GD DKODN ER]PDNWDQ EDûND ELU HWNL\H VDKLS GHøLOGLU %X FH]D ELU
LQWLNDPGÖU YH NÖVDV DGÖQÖ WDûÖU .ÖVDVWD DGDOHW NDED ELU DULWPHWLN NXUDOÖ RODUDN
WDQÖPODQPDNWDGÖU
$OEHUW &DPXV NÖVDV DGDOHWLQH LOLûNLQ )UDQVD·GDQ ELU |UQHN YHULU $OWÖ 7XQXVOX o
)UDQVÖ] MDQGDUPDVÖQÖ |OGUGø LoLQ LGDPD PDKNP HGLOLU &H]D RODUDN o PDKNP
LGDP HGLOLU o |OP FH]DVÖQGDQ NXUWXOXU oQN o NXUEDQD NDUûÖOÖN o NLûL LGDP
HGLOHFHNWLU
'HYOHWLQGHLQVDQODUÖQVXoLûOHPHRUDQÖ]HULQGHHWNLVLROGXøXQXGûQHQ&DPXV·D
J|UHHøHUVXoOXODUX\JXQNRQXWODUGDRWXUDELOVHOHUGLDONROWNHWLPLD]DOWÖODELOVH\GLEHONL
GH VXo LûOHPH\HFHNOHUGL &DPXV·QQ VD\GÖNODUÖQD EHQ GH HøLWLPL NDWPDN LVWHULP
hONHPL]GH GH HøLWLP J|UPH\L KHU LQVDQD VDøOD\DELOVH\GLN VXo RUDQODUÖ D]DODELOLUGL
dQNHøLWLOHELOPHLQVDQÖQ\DSÖVDORODQDNODUÖQGDQELULVLGLUùGDPFH]DVÖQÖQJHULG|Qû
ROPDGÖøÖQÖ VDYXQDQ &DPXV EWQ LGDP HGLOHQ LQVDQODUÖQ PXWODN VXoOX LQVDQODU
ROPDGÖNODUÖ J|UûQGHGLU 7DULKLQ \DQOÖû NDUDU |UQHNOHUL\OH GROX ROGXøXQX V|\OHU YH
¶¶GHYOHW KHU ûH\GHQ |QFH |OP FH]DVÖQÖ NDOGÖUPDOÖGÖU·· oDøUÖVÖ \DSDU &DPXV·QQ ELU GH
|QJ|UV YDUGÖU *HOHFHøLQ ELUOHûPLû $YUXSDVÖ ¶¶KHUNHVLQ XPXWOD EHNOHGLøL·· $YUXSD
.DQXQXQ
ELULQFL
PDGGHVLQGH
|OP
FH]DVÖ
NDOGÖUÖODFDNWÖU
%X
|QJ|U
EXJQ
JHUoHNOHûPLûWLU $YUXSD ùQVDQ +DNODUÖ 6|]OHûPHVL·QLQ LON PDGGHOHULQGHQ ELULVL ¶¶\DûDP
KDNNÖQÖQ \DVD\OD NRUXQPDVÖ·· YH gOP &H]DVÖQÖQ .DOGÖUÖOPDVÖQD ùOLûNLQ QR·OX
3URWRNRO·QLONPDGGHVL¶¶|OPFH]DVÖQÖQNDOGÖUÖOPDVÖ··GÖU
ùûNHQFH LoLQ \DQÖWODGÖøÖP VRUXPX WHNUDUOD\D\ÖP ùGDP FH]DVÖ KHU ]DPDQ ELU LQVDQ
KDNNÖ RODQ \DûDPD KDNNÖ LKODOL PLGLU" %X VRUX\D \DQÖWÖP EX FH]DQÖQ KHU ]DPDQ WHPHO
ELU LQVDQ KDNNÖ RODQ \DûDPD KDNNÖ LKODOL ROGXøX ELoLPLQGH RODFDNWÖU dQN EX FH]D
LQVDQÖQ ED]Ö \DSÖVDO RODQDNODUÖQÖ |UQHøLQ HøLWLOHELOPH \DUDWÖFÖ RODELOPH RODQDøÖ
NLûLOHUGH HQJHOOHPHNWH \DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO EWQOø
ER]PDNWD YH LQVDQÖQ GHøHULQL \D GD RQXUXQX ]HGHOHPHNWHGLU g\OH\VH ùQVDQ +DNODUÖ
(YUHQVHO %LOGLUJHVL·QLQ PDGGHVLQGH EHOLUWLOGLøL JLEL ¶¶KHUNHVLQ \DûDPD KDNNÖ YDUGÖU··
YHROPDOÖGÖU
$\QÖVRUXQXQ\DQÖWÖQÖ|WHQD]LLoLQYHUPH\HoDOÖûDOÖP
gWHQD]LYH<DûDPD+DNNÖ
(VNL <XQDQFD HX HX YH WKDQDWRV TDQDWR9 V|]FNOHULQGHQ ROXûPXû ELU NDYUDP
RODQ |WHQD]L L\L |OP DQODPÖQD JHOPHNWHGLU gOP L\LNÖODQ ûH\LQ QHROGXøX YH GLøHU
|OPH|OGUPH ELoLPOHULQGHQ IDUNÖQ RQXQ WDQÖPÖ LoLQGH VDNOÖ ROGXøX GûQOU
gWHQD]L ¶¶XPXWVX] ELU KDVWDOÖøD \DNDODQDQ YH EXQGDQ GROD\Ö DFÖ oHNHQ ELULQLQ NHQGL
KD\DWÖQD VRQ YHUPHVL YH\D ELU EDûNDVÖQGDQ EX LûOHPL NHQGLVL LoLQ \DSPDVÖQÖ
LVWHPHVLGLU··3R\UD]
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
%X LûOHPL \DSDQ DoÖVÖQGDQ EDNÖOGÖøÖQGD |WHQD]L DNWLI YH SDVLI ROPDN ]HUH LNL\H
D\UÖOPDNWDGÖU $NWLI |WHQD]L ¶¶DQL |OPH QHGHQ RODQ |OPFO GR]GD LODFÖ HQMHNWH
HWPHN·· SDVLI |WHQD]L ¶¶KDVWDQÖQ ELU PGGHW GDKD \DûDPDVÖQÖ VDøOD\DQ \DûDP
GHVWHNOH\LFL WHGDYL VXQPD\DUDN YH\D \DûDP GHVWHNOH\LFL WHGDYL\L VRQD HUGLUHUHN |OP
KÖ]ODQGÖUPDNWÖU··ùQFHRøOX
+DVWDJ|]|QQHDOÖQGÖøÖQGD|WHQD]LLVWHPOLYHLVWHPGÖûÖ|WHQD]LROPDN]HUHLNL\H
D\UÖOPDNWDGÖU ùVWHPOL |WHQD]L ¶¶DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL WDOHEL ]HULQH
KHNLPLQ ELU H\OHPL YH\D KDUHNHWVL] NDOPDVÖ LOH KDVWDQÖQ |OPHVLQH \DUGÖP HWPHVL··
LVWHP GÖûÖ |WHQD]L LVH ¶¶|OPFO KDVWDQÖQ |OP LOH \DûDP DUDVÖQGD VHoLP \DSDELOHFHN
GXUXPGDROPDGÖøÖLUDGHVLQLQQH\|QGHRODFDøÖQÖQVDSWDQDPDGÖøÖGXUXPODUGD··|WHQD]L
X\JXODPDVÖGÖU
%X VÖQÖIODPDODUÖQ \DQÖQGD |WHQD]LQLQ NDEXO HGLOGLøL YH X\JXODQGÖøÖ ONHOHUGH
JHOLûWLULOHQ KDVWDQÖQ LVWHPLQH GD\DQDQ \HQL ELU |WHQD]L VÖQÖIODPDVÖ GDKD YDUGÖU +HNLP
KDVWDQÖQ
NHQGLVLQLQ
JHUoHNOHûWLUHFHøL
|OPH
H\OHPLQH
\RO
J|VWHUHUHN
\DUGÖPFÖ
ROPDNWDGÖU
úLPGL DFDED EWQ EX |WHQD]L VÖQÖIODPDODUÖQGD WHPHO ELU KDN RODQ \DûDPD KDNNÖ
LKODOL KHU ]DPDQ V|] NRQXVX PXGXU" <DûDPD KDNNÖQÖQ WDOHS HWWLøL UXKVDO YH EHGHQVHO
EWQON DFÖ oHNHQ |OPFO ELU KDVWDQÖQ NHQGL |OP WDOHEL LOH \D GD EX WDOHS
ROPDNVÖ]ÖQ X\JXODQDQ |WHQD]L LOH ER]XOPDNWD PÖGÖU" gWHQD]L LûOHPL GDKD |QFH LûNHQFH
YHLGDPFH]DVÖLoLQV|\OHGLøLPLQVDQÖQ\DSÖVDORODQDNODUÖQÖNLûLOHUGHHQJHOOHPHNWHPLGLU"
gWHQD]L KDNNÖQGD JHQHO \DUJÖODUÖQ YH KXNXN ROXûWXUPDODUÖQ GRøUX ROPDGÖøÖQÖ
GûQ\RUXP +HU GXUXP NHQGL |]HO NRûXOODUÖQGD GRøUX GHøHUOHQGLULOPHOLGLU %LU
KHNLPLQ |WHQD]LQLQ IDUNOÖ GXUXPODUÖQGD NDUûÖODûWÖøÖQGD EXQXQ VWHVLQGHQ JHOPHVL
QRNWDVÖQGD H\OHPLQLQ HWLN ELU H\OHP RODFDøÖ DoÖNWÖU (WLN H\OHP H\OHPL \DSDQ NLûLQLQ
\|QHOGLøL NLûL\L YH ELU EWQ RODUDN GXUXPX KHVDED NDWDQ YH LQVDQÖQ GHøHULQH HQ D]
]DUDU YHUHQ H\OHPGLU .XoXUDGL E 7ÖS HWLøLQGH GH GXUXP EXQGDQ IDUNOÖ
GHøLOGLU $ULVWRWHOHV·LQ 1LNRPDNKRV·D (WLN DGOÖ \DSÖWÖQGD V|\OHGLøL JLEL H\OHPL \DSDQ
¶¶NLPHQH\LQHLOHQLoLQ··\DSWÖøÖQÖQIDUNÖQGDROPDVÖ$ULVWRWHOHVENRQXVXQGD
\DQOÖûDGûPHPHOLGLU
gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN
LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD
LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL
YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD
\DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU
gWHQD]L NRQXVXQGD NLWOH LOHWLûLP DUDoODUÖQD NRQX ROPXû DFÖODUÖQGDQ NXUWXOPDN
LVWH\HQLQVDQODUÖQKDEHUOHUL\OHNDUûÖODûÖ\RUX]%XKDEHUOHUGHGLNNDWoHNHQ|QHPOLQRNWD
LQVDQODUÖQ|WHQD]LWDOHSOHULIDUNOÖOÖNODUJ|VWHUPHVLGLUhONHPL]GH|WHQD]LWDOHSOHULPDGGL
YH WHNQLN GRQDQÖP \HWHUVL]OLNOHUL VRQXFX GD RODELOPHNWHGLU .LWOH LOHWLûLP DUDoODUÖQD
\DQVÖPÖûELU|WHQD]LWDOHELV|\OHGLøLPEXGXUXPD|UQHNROXûWXUDELOLU
ùûVL] NDOÖS HNRQRPLN VÖNÖQWÖ \DûDGÖøÖQÖ V|\OH\HQ ELUL \DVDODUÖPÖ]GD |WHQD]LQLQ
ROPDGÖøÖQÖ YH EX \DVDQÖQ oÖNDUÖOÖS NHQGLVLQLQ YH RøOXQXQ ID\GDODQPDVÖQÖ WDOHS HWPLûWL
.DQDO
%X WDOHELQ DVOD |WHQD]L WDOHEL LOH EDøGDûPDGÖøÖ DoÖNWÖU 6RUXPX]XQ \DQÖWÖQÖ |WHQD]L
LoLQ YHUPH\H oDOÖûÖUVDN ûXQODUÖ V|\OHPHN PPNQGU gWHQD]L X\JXODPDVÖ KHU ]DPDQ
\DûDPD KDNNÖ LKODOL ROPD\DELOLU $QFDN |WHQD]L LOH \DûDPD KDNNÖ LKODOL DUDVÖQGD oRN
NoN VÖQÖUODUÖQ GD RODELOHFHøL NRQXVXQGD X\DQÖN ROXQPDOÖGÖU dQN EX X\JXODPDGD
SHNoRNHWLNVRUXQYDUGÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%LOGLULPLQ WDUWÖûPD QRNWDVÖQÖ ROXûWXUDQ VRUXPX VRQ RODUDN NUWDM RODUDN ELOGLøLPL]
DERUWXV LOH LOJLVLQGH VRUD\ÖP $FDED DERUWXV \DûDP KDNNÖQÖQ WDOHS HWWLøL EHGHQVHO YH
UXKVDOEWQOøKHU]DPDQER]PDNWDPÖGÖU"%XX\JXODPDGDLQVDQÖQKDQJLRODQDNODUÖ
NLûLOHUFHJHUoHNOHûHPHPHNWHGLU"
$ERUWXVYH<DûDPD+DNNÖ
$ERUWXV ¶¶XWHUXV LoLQGHNL HPEUL\R \D GD IHWVQ \DûDPÖQÖQ VRQODQGÖUÖOPDVÖ
DPDFÖ\OD YDNWLQGHQ |QFH XWHUXV GÖûÖQD oÖNDUWÖOPDVÖ \D GD LPKD HGLOPHVL·· RODUDN
WDQÖPODQPDNWDGÖU$NVR\
$ERUWXVD LOLûNLQ WDUWÖûPDODUGD LNL IDUNOÖ WXWXPXQ V|] NRQXVX ROGXøXQX J|U\RUX]
ùONLDERUWXVXQKDPLOHOLøLQKHUDûDPDVÖQGD\DQOÖûROGXøXGRøPXûELUEHEHNOHGRøPDN
]HUH RODQ ELU FHQLQL |OGUPH DUDVÖQGD KLoELU DKODNL IDUNÖQ EXOXQPDGÖøÖ YH GRøPDPÖû
oRFXøXQ GD \DûDPD KDNNÖQD VDKLS ROGXøXQX VDYXQDQ DERUWXV NDUûÖWÖ WXWXP GLøHUL LVH
DERUWXV LûOHPLQH KDPLOHOLøLQ KHU DûDPDVÖQGD L]LQ YHULOHFHøL G|OOHQPLû \XPXUWD LOH
EDûOD\DQ
VUHFLQ
NDGÖQÖQ
EHGHQLQGH
\DûDQGÖøÖ
JHUoHøL
LOH
EX
LûOHPLQ
\DSÖOÖS
\DSÖODPD\DFDøÖ KDNNÖQGD VRQ V|] NDGÖQÖQ V|\OHPHVL JHUHNWLøLQL VDYXQDQ DERUWXV
\DQOÖVÖWXWXPGXU1XWWDOO
%X LNL IDUNOÖ WDUWÖûPD\D QHGHQ RODQ VRUX ¶¶<DûDP QH ]DPDQ EDûODU"·· VRUXVXGXU
$ERUWXV NDUûÖWÖ GûQFH \DûDPÖQ ¶¶\XPXUWDQÖQ G|OOHQGLøL DQ·· LOH EDûODGÖøÖQÖ YH
G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO ELU LQVDQ ROGXøXQX RQD JHUoHN LQVDQODUÖQ VDKLS
ROGXøXKDNODUÖQYHNRUXQPDD\UÖFDOÖøÖQÖQD\QÖVÖQÖQYHULOPHVLJHUHNWLøLQLVDYXQPDNWDGÖU
+DUULV
-RKQ +DUULV G|OOHQPLû \XPXUWDQÖQ SRWDQVL\HO LQVDQ ROGXøXQX GûQPHQLQ ED]Ö
VRUXQODU GRøXUDFDøÖQÖ GûQU YH G|OOHQPLû \XPXUWD\D LQVDQ JLEL GDYUDQÖODFDNVD
NDoÖQÖOPD] ELoLPGH |OHFHN RODQ EL] LQVDQODUD GD ûX DQGD |OPû JLEL GDYUDQPDN
JHUHNWLøLQL LIDGH HGHU '|OOHQPLû \XPXUWD\D LQVDQ PXDPHOHVL \DSPDQÖQ \DUDWDFDøÖ
GLøHU VRUXQ SRWDQVL\HO LQVDQ RODQÖQ \DOQÖ]FD G|OOHQPLû \XPXUWD KFUHVL ROPDGÖøÖ
QRNWDVÖQGD GRøPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUP GH D\QÖ ûHNLOGH ELUHU
SRWDQVL\HO LQVDQGÖU %X J|UûH ]DPDQ ]DPDQ LWLUD]ODU GD EXOXQXOX\RUVD GD +DUULV ELU
JHUoHøL KDWÖUODPDNWDGÖU '|OOHQPHPLû \XPXUWD YH VSHUPGH GH G|OOHQPLû \XPXUWD
KDOLQH JHOPH SRWDQVL\HOL YDUGÖU <DûDP GXUPDNVÖ]ÖQ HYULPOHûHQ GHYDPOÖ ELU VUHoWLU
<XPXUWD G|OOHQPHGHQ |QFH GH FDQOÖGÖU KDWWD VSHUP GH FDQOÖGÖU YH KDUHNHWOLGLU ¶¶2
KDOGH··GHU+DUULV¶¶G|OOHQPH\OHEDûOD\DQûH\\DûDPGHøLOGLU··
)HWXVXQNLûLROPDGÖøÖQÖGûQHQYHEXQHGHQOHGHIHWXVXQ\DûDPÖQÖYDNWLQGHQ|QFH
VRQD HUGLULOGLøLQGH GH KDNVÖ]OÖN \DSÖOPD\DFDøÖQÖ GûQHQ +DUULV ELU NDGÖQÖQ oRFXN
VDKLELROPD\Ö\DGDROPDPD\Ö|]JUFHVHoHELOGLøLQLVDYXQXU3HNLEXQDNDUDUYHULOLUNHQ
IHWXVXQEDEDVÖQÖQ\DGDGLøHUNLûLOHULQLVWHNOHULQHRODFDN"1HGHQVDGHFHNDGÖQÖQWHUFLKL
|QHPOLGLU" )HWXVXQ EDEDVÖ IHWXVXQ KD\DWWD NDOPDVÖ NRQXVX\OD HOEHWWH LOJLOLGLU )HWXV
EDEDQÖQGDJHQHWLN\DSÖVÖQÖQELUSDUoDVÖQÖWDûÖPDNWDGÖU(øHUDQQH\OHEDEDX]ODûÖ\RUVD
VRUXQ \RN GHPHNWLU $PD X]ODûPD]OÖøD GûWNOHULQGH GXUXP QH RODFDN" +DUULV
IHWXVXQ NDGHULQLQ EDED\Ö QH NDGDU LOJLOHQGLULUVH LOJLOHQGLUVLQ EX NDUDUÖQ DQQH OHKLQGH
ROGXøXQXVDYXQPDNWDGÖU
6RUXPX û|\OH \DQÖWOD\DELOLULP $ERUWXV X\JXODPDVÖ WHPHO ELU LQVDQ KDNNÖ RODQ
\DûDPD KDNNÖQÖ KHU ]DPDQ LKODO GHPHN GHøLOGLU %X X\JXODPD LQVDQÖQ ED]Ö \DSÖVDO
RODQDNODUÖQÖ JHUoHNOHûWLUPHVL LoLQ NRûXOODUGDQ \RNVXQ EÖUDNPDPDNWDGÖU <DûDPD KDNNÖ
LQVDQODUÖQ \DûDUNHQ J|UPHVL JHUHNHQ PXDPHOH\L GLOH JHWLULU <DûDPD KDNNÖQÖQ WDOHS
HWWLøL PXDPHOH NLûLOHULQ UXKVDO YH EHGHQVHO EWQOøQ ER]PDPDNWÖU $ERUWXV
+DOXN(UGHP³%LUùQVDQ+DNNÖ2ODUDN<DûDPD+DNNÖYH6RUXQODUÖ
X\JXODPDVÖQÖQ EX EWQOø ER]GXøXQX GûQP\RUXP $QFDN DERUWXV NRQXVXQGD
GD|WHQD]LGHROGXøXJLELGHøHUVRUXQODUÖQD\RODoDFDNELUGXUXPGDGHøHUNRUXQPDVÖ
\|QQGH X\DQÖN ROXQPDVÖ JHUHNWLøLQL GH V|\OHPHOL\LP dQN DERUWXV LûOHPLQLQ HWLN
VRUXQODUODRODQLOJLVLQGHGûQOPHPLûSHNoRNQRNWDNDUûÖPÖ]DoÖNDELOLU
<DûDPD KDNNÖ LOH RODQ LOJLVLQGH NDUûÖODûWÖøÖPÖ] VRUXQODU \DOQÖ]FD LûNHQFH |OP
FH]DVÖ |WHQD]L YH DERUWXV X\JXODPDODUÖ GHøLOGLU %XQODUÖQ \DQÖQGD WHU|U VDYDûODU
LQVDQ ]HULQGH \DSÖODQ GHQH\OHU |OP RUXoODUÖ YH LQWLKDU IHOVHIL EDNÖû LOH WDUWÖûÖOPD\Ö
EHNOH\HQVRUXQODUGÖU%XVRUXQODUNRQXVXQGDV|\OH\HFHNV|]OHULRODQEL]IHOVHIHFLOHULQ
NRUNXGDQYH\RNOXNWDQDUÖQPÖûELUGQ\DQÖQROXûXPXQDE\NNDWNÖODUÖRODFDNWÖU
.D\QDNoD
$NVR\ ú ¶¶.UWDM VDGHFH WÖEEL ELU NDUDU RODELOLU PL"·· 7 .OLQ 7ÖEEL (WLN DNW
+DIL]H g]WUN ¶¶$ERUWXV YH (WLN 6RUXQODU·· (WLN%XQXQ 1HUHVLQGH $QNDUD $QNDUD
7DELS2GDVÖ<D\ÖQÖV
$ULVWRWHOHV1LNRPDNKRV·D(WLNoHY6DIIHW%DEU$QNDUD$\UDo<D\ÖQHYL
&DPXV$OEHUW*L\RWLQh]HULQHoHY$OL6LUPHQùVWDQEXO&HP<D\ÖQHYL
BBBBBBBBBBB%DûNDOGÖUDQùQVDQoHY7DKVLQ<FHOùVWDQEXO&DQ<D\ÖQODUÖ
+DUULV-RKQ+D\DWÖQ'HøHULoHY6KD6HUWDELERøOXùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ
ùQFHRøOX6LEHOgOPH+DNNÖùVWDQEXO$\UÖQWÖ<D\ÖQODUÖ
.XoXUDGL ùRDQQD D ¶¶)HOVHIH YHùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL7HPHOOHUL
KD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
BBBBBBBBBBBE(WLN$QNDUD7UNL\H)HOVHIH.XUXPX
BBBBBBBBBBBùQVDQYH'HøHUOHUL$QNDUD7UNL\H)HOVHIH.XUXPX
1XWWDOO -RQ $KODN h]HULQH 7DUWÖûPDODU oHY $EGXOODK <ÖOPD] ùVWDQEXO $\UÖQWÖ
<D\ÖQODUÖ
2UXND + 2GHUD ¶¶<DVDO 7HU|UL]P YH ùQVDQ +DNODUÖ·· ùQVDQ +DNODUÖQÖQ )HOVHIL
7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
3R\UD]+DNDQ¶¶(WLN6RUXQODU$oÖVÖQGDQ(XWKDQDVLH··)HOVHIH'Q\DVÖ.Öû
6D\Ö$QNDUD7UN)HOVHIH'HUQHøL<D\ÖQÖ
6DYFÖ%DKUL¶¶<DûDP+DNNÖ)HOVHIH$oÖVÖQGDQ3UDWLøH'RøUX··ùQVDQ+DNODUÖQÖQ
)HOVHIL7HPHOOHULKD]ùRDQQD.XoXUDGL$QNDUD7UNL\H)HOVHIH.XUXPX
6FRWW *HRUJH 5\OH\ ùûNHQFHQLQ 7DULKL oHY +DPLGH .R\XNDQ $QNDUD 'RVW
.LWDEHYL
7DQJ|U $WDPDQ ¶¶%LU 6RUJXODPD <|QWHPL 2ODUDN ùûNHQFH YH ùûNHQFHQLQ
5XKVDO 6RQXoODUÖ·· +HNLPOLN YH ùQVDQ +DNODUÖ 7UN 7DELSOHUL %LUOLøL 'HQH\LPL GHU$WD6R\HU$QNDUD7UN7DELSOHU%LUOLøL<D\ÖQÖ
6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
$UDû*|U6HUYHW*|]HWOLN *LULû
%X oDOÖûPDQÖQ DPDFÖ 6WRD DKODN IHOVHIHVLQGH ù\L·QLQ GRøD YH VÖQÖUODUÖQD LOLûNLQ ED]Ö
WDUWÖûPDODUÖ JHOLûWLUPHN YH GHVWHNOHPHNWLU %X DPDFÖQ JHUoHNOHûWLULOPHVLQGH ]RUXQOX
RODUDN ´GRøDµ ´LQVDQ GRøDVÖµ ´HUGHPµ ´L\Lµ YH ´PXWOXOXNµ JLEL VWRD DKODN
IHOVHIHVLQLQED]ÖD\ÖUWHGLFLNDYUDPODUÖQDEDûYXUDFDøÖ]+HVDEÖQÖYHUPH\HoDOÖûDFDøÖPÖ]
EWQ EX NDYUDPODU LQVDQL DNÖO \UWPH YH RQXQ DKODNVDO J|VWHULPOHUL JLEL WHN ELU
WHULPHLQGLUJHQHELOLU*|UOHFHøL]HUH6WRDOÖODU´LQVDQGRøDVÖµ´GRøUXDNÖO\UWPHµ YH ´L\Lµ DUDVÖQGD NDoÖQÖOPD] ELU LOLûNL NXUDU%XQD UDøPHQ EL] EX J|UûH NDUûÖ oÖNPD\D
oDOÖûDFDøÖ] %XQX GD ûX WHPHO ]HULQGH JHUoHNOHûWLUHFHøL] 6WRDOÖODUGDNL L\L D\QÖ
]DPDQGDQHVQHOHUYHRQODUÖQoHûLWOLEHOLUOHQLPOHUL\OH J|]OHQHELOLUELULOLûNLLoHULVLQGHGLU
ùQVDQ GRøDVÖ YH L\L HUGHP DUDVÖQGD PDQWÖNVDO ELU |]GHûOLN YDUVD\DQ GûQFHOHUGHQ
NDoÖQPD\D
oDOÖûDFDøÖ]
IDNDW
|WH
\DQGDQ
L\L
YH
HUGHPLQ
HOGH
HGLOPHVL
LoLQ
JHUoHNOHûWLULOPH LKWL\DFÖ LoHULVLQGH RODQ ELUoRN DKODNL |GHYOHU ROGXøXQX |QHUHFHøL] %X
GûQFH EL]H LQVDQ GRøDVÖ YH RQXQ ]LKLQVHO \HWHQHNOHULQLQ DKODNL L\L\L \DNDODPDN LoLQ
\HWHUOL ROPDGÖøÖQÖ |QHULU JLEL J|UQ\RU )DNDW EX QRNWDGD QHVQHO DKODNL GRøUXODU
ROGXøXQX LGGLD HGHQ DKODNL JHUoHNoLOLøH NDUûÖ ROPDGÖøÖPÖ]Ö GD V|\OHPHN ]RUXQGD\Ö]
%L]LP WHN NDUûÖ oÖNÖûÖPÖ] 6WRDOÖODUÖQ EDKVLQL HWWLNOHUL DKODNL GRøUXODUÖQ LQVDQ GRøDVÖ YH
DNOÖ\OD |]GHûOHûWLULOHPH\HFHøL \|QQGHGLU dQN HøHU ELULVL EXQX LGGLD HGHUVH R
]DPDQL\LYHHUGHPLQ ELOJLVLQLLKPDOHWWLøLNROD\OÖNODJ|UOHELOLU$VOÖQGD6WRDOÖODUDKODNL
GHøHUOHULQ ELOJLVLQL LKPDO HWPHN YH D\QÖ ]DPDQGD EWQ DKODNL GHøHUOHUL WHN L\L RODQ
HUGHPHLQGLUJHPHNOHVXoODQDELOLU
$KODNOÖ2OPDQÖQ.RûXOX2ODUDN´(UGHPµ
6WRDOÖODU ´QDVÖO ELU LQVDQ ROPDOÖ\ÖPµ \D GD ´QDVÖO PXWOX RODELOLULPµ VRUXODUÖ
]HULQGH E\N ELU |QHPOH GXUXUODU %X VRUXODUÖQ FHYDEÖ PXWOX \D GD HUGHPOL ELU NLûL
ROXS ROPDGÖøÖPÖ]ÖQ LûDUHWOHULQL WDûÖU 6WRDOÖODUD J|UH ´HUGHP HXGDLPRQLD·QÖQ ]RUXQOX ELU
|øHVLGLU EHQLP oHYLULPµ %X LIDGH\L HUGHPOL ELU NLûLQLQ D\QÖ ]DPDQGD PXWOX ELU NLûL
ROGXøX ûHNOLQGH \RUXPOD\DELOLUL] *HOHQHNVHO DKODN WHRULOHULQLQ oRøXQXQ DNVLQH
2'7h)HOVHIH%|OP
%XWHULPLQVDQGRøDVÖQDX\JXQ\DûDPDQÖQ|QHPLQLDoÖNODPDNLoLQ/RQJWDUDIÖQGDQ6WRLF6WXGLHV
DGOÖoDOÖûPDVÖQGD|QHULOPLûWLU´GRøUXDNÖO\UWPHµD\QÖ]DPDQGDED]ÖODUÖQÖQWHNL\L\DGD
HUGHPGL\HEDKVLQLHWWLNOHULVRQDPDFÖQHOGHHGLOLûLQHNDWNÖGDEXOXQDFDNH\OHPJUXEXQDGDLûDUHW
HGHU
%XGûQFHWHPHOL]HULQGHûXQX|QHUPH\HoDOÖûDFDøÖ]GRøDO\DUDUODUÖQVHoLPLL\LELUDKODNL
ELUH\ROPDGXUXPXQXQHOGHHGLOPHVLLOH\DNÖQGDQLOLûNLOLGLU
dQN/RQJ·XQ6WRLF6WXGLHVDGOÖoDOÖûPDVÖQGDRUWD\DNR\GXøXJLEL6WRDOÖODUWHNL\LHUGHPLOH
RQXQELOJLVLDUDVÖQGDPDQWÖNVDOELU|]GHûOLNYDUVD\DUJLELJ|UQ\RU%XûXGHPHNWLUHUGHPLQ
NHQGLVLGÖûÖQGDNLKHUKDQJLELU|øH\HEDûYXUPDGDQELUoHûLWELOJLRODUDNGûQO\RU$VOÖQGDEX
GXUXPELUPLVWLVLVL]P|UQHøLRODUDNGûQOHELOLU%L]EXJ|UûHHUGHPLQGRøDODYDQWDMODUÖQ
VHoLPLLOHEDøODQWÖOÖROGXøXQXVDYXQDUDNNDUûÖoÖNDFDøÖ]
%N]6KDUSOHV6WRLFV(SLFXUHDQVDQG6FHSWLFVV
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6WRDOÖODU ELUH\LQ JHUoHNOHûWLUGLøL H\OHPOHUL GûQPH] EXQXQ \HULQH ELUH\LQ \DûDPÖQÖQ
\HWNLQ ELU KDOH JHOPHVLQH DUDo RODELOHFHN H\OHP PRGHOLQL EHWLPOHPH\H oDOÖûÖU %XQD
J|UH EHQLP LoLQ HQ X\JXQ \DûDP HUGHPOL LQVDQÖQ \DûDPÖ\OD D\QÖGÖU *HUoHNWHQ HøHU
NHQGLPL PXWOX HGHFHN \HWNLQ ELU KD\DWÖ \DûDPDQÖQ \ROODUÖQÖ DUDûWÖUDUDN NHQGL
PXWOXOXøXPOD LOJLOHQL\RUVDP R ]DPDQ EDûNDODUÖQÖQ GD KDNODUÖQÖ VDYXQX\RU JLEL
J|UQHELOHFHøLPL]ELUGXUXP\DUDWPDN]RUGXUúLPGLDKODNLELUH\OHUDUDVÖQGDVRV\DOELU
X]ODûÖP ROGXøX YDUVD\ÖOÖUVD NHQGLP LoLQ HQ X\JXQ \DûDP \ROXQX DUDûWÖUPDN DKODNL
RODUDNX\JXQROXUPX"6WRDOÖODUD\QÖ]DPDQGDVRUJXODQDQ\DûDPWUQ6WRDOÖHUGHPLQ
\DûDPÖ\ODLOLûNLOHQGLULU
6WRDFÖOÖN·WD ´LQVDQ GRøDVÖµ WHULPL ´GRøDµ WHULPL\OH HûDQODPOÖGÖU 'RøD ORJRV RODQ
7DQUÖ\Ö LIDGH HGHU %XQD J|UH HUGHP GRøD\D LQVDQ GRøDVÖQD X\JXQ \DûDPD\Ö LIDGH
HGHU $\QÖ ]DPDQGD ´'RøDµ LQVDQ GRøDVÖQÖ GD LoLQGH EDUÖQGÖUDQ GDKD NDSVDPOÖ ELU
WHULPGLU 6WRDOÖODU·GD 'RøDQÖQ DKODNL WHPVLOL ´GRøD\D X\JXQ \DûDPµ ´HUGHPH J|UH
\DûDPµ YH ´PXWOXOXøD J|UH \DûDPµ GH\LPOHUL\OH IRUPOOHûWLULOLU úLPGL EX PDNVLPL
RNXPDQÖQ ELU \ROX GDYUDQÖûODUÖPÖ]ÖQ X]ODûÖPVDO \ROODUÖQÖ YH DKODNL ELUH\OHULQ X\JXQ
GXUXPODUGD YDUGÖNODUÖ NLûLVHO NDUDUODUÖ GÖûODU JLEL J|UQ\RU )DNDW EXQXQ DNVLQH
6WRDOÖODU·ÖQ EX PDNVLPGHQ DQODGÖNODUÖ NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDPDNWÖU
%|\OHFH HøHU NHQGL GRøDPÖ]D X\JXQ ELU ûHNLOGH \DûDUVDN R ]DPDQ SDUoDVÖ ROGXøXPX]
HYUHQVHOGRøDQÖQNHQGLVL\OHGHWXWDUOÖELUûHNLOGH\DûD\DFDøÖ]6WRDOÖODU´KHUûH\LQDKODNL
GHøHULQLQ WDPDPÖ\OD RQXQ GRøD\OD RODQ LOLûNLVLQH GD\DQGÖøÖQDµ LQDQGÖODU ùQVDQODU LoLQ
NHQGLGRøDODUÖQDX\JXQ\DûDPDN]RUXQOXGXUdQNGRøDKHULNLDQODPGDGDLQVDQODUÖQ
NHQGLOHUL\OH EWQOHûHFHøL D\ÖUW HGLOHELOLU ELU H\OHPOHU PRGHOLQL IDUN HGLOLU KDOH JHWLULU
9H EHQ]HU ELU H\OHP PRGHOL D\QÖ ]DPDQGD GQ\DGDNL GLøHU EWQ FDQOÖODU LoLQ GH
GûQOUgUQHøLQELUGLONRQXûPDLQVDQODULoLQGRøDOIDNDWNHGLOHULoLQGHøLO.ÖVDFD
´ELWNLOHU KD\YDQODU YH LQVDQODU JLEL |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP
ROGXøXµ V|\OHQHELOLU %X GRøDO QRUP VD\HVLQGHGLU NL YDUOÖNODU HYUHQVHO GRøD\D
X\JXQOXøX \D EDûDUÖU \D GD EDûDUDPD]ODU 6WRDOÖODU·D J|UH HYUHQVHO 'RøD VHoLOPLû
YDUOÖNODU LoLQ E|\OH GRøDO QRUPODU NDEXO HWWLøL VUHFH ´ELU ûH\ LoLQ L\L ROPDN QHGLUµL WDQÖPOD\DELOHFHøL] )DNDW EXUDGD LoLQH GûHELOHFHøLPL] ELU NDUÖûÖNOÖN YDU HøHU HYUHQVHO
'RøD NHQGL WUQGHQ RODQ |]HO YDUOÖNODU LoLQ GRøDO ELU QRUP \D GD PDNVLP NDEXO
HGHUVH
R
]DPDQ
IDUNOÖ
VÖQÖIODUD
DLW
RODQ
EHQ]HU
\D
GD
RUWDN
ûH\OHUL
QDVÖO
DoÖNOD\DELOHFHøL]" gUQHøLQ NHQGLPL]L NRUXPD LoJGV LQVDQODUÖQ \DQÖ VÖUD KD\YDQODU
WDUDIÖQGDQGDSD\ODûÖOÖU7DPDNVLQHHøHUHYUHQVHO'RøD·QÖQ|]HOYDUOÖNODULoLQGRøDOELU
QRUP \D GD PDNVLP RQD\ODGÖøÖQÖ NDEXO HGHFHN ROXUVDN R ]DPDQ GRøDO QRUP \D GD
PDNVLP LOH V|] NRQXVX |]HO YDUOÖN DUDVÖQGDNL LOLûNLQLQ EDûND ELU ûH\H X\JXODQPDPDVÖ
]RUXQOXOXøX DoÖNOÖøD NDYXûPXû ROXU (YUHQVHO 'RøD DoÖVÖQGDQ |]HO YDUOÖNODU LoLQ
RQD\ODQDQKHUûH\\DX\JXQ\DGDX\JXQVX]RODFDNWÖU
3DUoDYH%WQ<DNODûÖPÖ
$VOÖQGD6WRDOÖODUSDUoDYHEWQ\DNODûÖPÖDUDVÖQGDELUD\UÖP\DSDUDNEXVRUXQDELU
o|]P
EXOPXû
JLEL
J|UQPHNWHGLUOHU
%XQD
LODYHWHQ
SDUoD
\DNODûÖPÖQGDQ
%N]/RQJ6WRLF6WXGLHVV
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
3DUoDYHEWQ\DNODûÖPÖD\UÖPÖQGDE\N|OoGH/RQJ·XQ+HOOHQLVWLF3KLORVRSK\DGOÖ
oDOÖûPDVÖQGDNLWDUWÖûPDODUDGD\DQPDNWD\ÖP
6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
EDNWÖøÖPÖ]GD HYUHQVHO 'RøD WDUDIÖQGDQ RQD\ODQPÖû ROPXû ROPDVÖQD UDøPHQ DVOD
\DûDQPDPÖûRODQELUoRNûH\YDURODFDN%X\DûDQPDPÖû|]HOGXUXPODUDEDûYXUDQGRøDO
QRUP YH PDNVLPOHU V|] NRQXVX HGLOHELOLU (YUHQVHO 'RøD LoLQ EX |]HO \DûDQPDPÖû
GXUXPODU DKODNL GRøDPÖ]ÖQ HVDV |øHOHUL RODUDN NDUûÖPÖ]D oÖNDU )DNDW EWQF
\DNODûÖPD J|UH EX \DûDQPDPÖû |]HO GXUXPODU EL]LP DKODNL ELU ELOJHOLøH XODûPDPÖ]Ö
HQJHOOHPH](YUHQVHO'RøD·QÖQLQVDQODULoLQGRøDOELUQRUP\DGDPDNVLPRQD\ODGÖøÖQÖ
NDEXO HWWLøLQL KDWÖUODUVDN EX HYUHQVHO 'RøD·\D ]ÖW J|UQHQ LQVDQÖQ DNÖO GRQDQÖPODUÖQÖQ
WHNLO J|UQPOHUL GHøLO (YUHQVHO 'RøD VDGHFH LQVDQ GRøDVÖ YH DNOÖQÖQ ROXPOX
J|UQPOHULQLGHøLOD\QÖ]DPDQGDROXPVX]J|UQPOHULQLQGH\HULQLEHOLUOHU(YUHQVHO
'RøD·QÖQ EX |]HOOLøLQH UDøPHQ RQX L\L \D GD N|W GL\H QLWHOHQGLUPHN PPNQ GHøLO
%WQ GQ\DVDO ROD\ODU DUDODUÖQGD L\L \D GD N|W ûH\OHULQ EXOXQGXøX 'RøD·QÖQ
QHVQHOHULQLROXûWXUXU
%X QRNWDGD EWQ DKODNL ROD\ODUÖQ HYUHQVHO 'RøD·QÖQ EX\UXøXQD EDûYXUDUDN GHøHU
HOGH HWWLNOHUL JHUoHøLQH GLNNDW oHNPHN LVWL\RUX] (YUHQVHO 'RøD·QÖQ VÖQÖUODUÖ LoHULVLQGH
NDODUDN 'RøD\D X\JXQ ROD\ODU LOH 'RøD·\D D\NÖUÖ RODQODU DUDVÖQGD ELULQLQ \DSPD\D
oDOÖûDFDøÖ DKODNL D\UÖP ELU EWQ RODUDN HYUHQVHO 'RøD·\D X\JXODQDPD] %|\OH
GûQPHNOH/RQJ·XQGD\DSWÖøÖJLELLQVDQGRøDVÖQÖQSDUoDVÖROGXøXHYUHQVHO'RøD·GDQ
ELU D\UÖPÖQÖ YDUVD\Ö\RUX] %|\OH ELU D\UÖPD GD\DQDUDN LQVDQODU EHOLUOL ROD\ODUÖQ NHQGL
GRøDODUÖQD´\DUDUOÖ\DGD]DUDUOÖµ
ROGXøXQXIDUNHWPH\HEDûODUODUgUQHøLQIDNLUOLNYH
KDVWDOÖN LQVDQODU LoLQ GRøDO ROPD\DQ NRûXOODUGÖU %X GXUXP VDGHFH SDUoD \DNODûÖPÖ
LWLEDUL\OHGRøUXIDNDWHYUHQVHO'RøDLWLEDUL\OHGHøLO%WQGRøDOROD\ODUÖL\L\DUDUOÖ\D
GD N|W ]DUDUOÖ ROPDODUÖQD EDNÖOPDNVÖ]ÖQ HYUHQVHO 'RøD·QÖQ \HWNLQOLøLQH NDWNÖGD
EXOXQXUODU%HQ]HUELUûHNLOGHV|\OHQLOGLøLQGHHYUHQVHO'RøD\DUDUOÖ\DGD]DUDUOÖL\L\D
GD N|W J]HO \D GD oLUNLQ DUDVÖQGD DVOD ELU D\UÖP J|]HWPH] dQN HYUHQVHO 'RøD
EWQ EX QLWHOLNOHUL PNHPPHOOLøL DoÖVÖQGDQ EQ\HVLQGH EDUÖQGÖUÖU .ÖVDFD HYUHQVHO
'RøDDoÖVÖQGDQGRøDOROPD\DQ\DGD\DUDUOÖROPD\DQKLoELUûH\\RNWXU
(YUHQVHO'RøDYHùQVDQ
úLPGL HYUHQVHO 'RøD·QÖQ LQVDQODU ]HULQGHNL RODVÖ HWNLVLQLQ ER\XWODUÖQÖ DoÖNODPDN
LKWL\DFÖQÖ GX\PDNWD\Ö] 6WRDOÖODUÖQ LGGLD HWWLøL JLEL HYUHQVHO 'RøD LQVDQÖ NHQGLVL
DUDFÖOÖøÖ\ODL\L\DGDN|WELUELoLPGHGDYUDQPDVÖQD\RODoDFDNDNÖOLOHGRQDWWÖ%XEDûND
ELUFDQOÖLOHSD\ODûÖOPD\DQLQVDQÖQD\ÖUWHGLFLNDSDVLWHVLGLU'RøD|øHVLGûQOGøQGH
LQVDQ NHQGLVLQL WHN L\L RODQ HUGHPLQ |QFHO GUWOHULQH J|WUHFHN H\OHPOHU PRGHOL LOH
VÖQÖUOÖGÖU%XILNLUEL]L6WRDOÖODULoLQ|QHPOLRODQÖQED]ÖDU]XHGLOHQVRQXoODUDXODûPDQÖQ
GHøLO IDNDW EHOLUOL HUGHPOHUL DPDo HGLQPHQLQ |QHPOL ROGXøX JHUoHøLQH J|WUU %X
EDøODPGD 6WRDOÖODUÖQ ´GRøD\D X\JXQ RODQ ûH\OHULQ VHoLPLQLQ DKODNL ELOJLQLQ HOGH
HGLOPHVL LoLQ WHPHO ELU JHUHNVLQLP ROGXNODUÖQDµ
LQDQGÖNODUÖ V|\OHQLOHELOLU (UGHPOL ELU
NLûL X\JXQ ûH\OHUL VHoHU YH NDUûÖWODUÖQÖ UHGGHGHU (UGHP GÖû GQ\DGDNL \DUDUOÖ
GHøLûLPOHUOH LOJLOL ELU ûH\ GHøLOGLU %XQXQ \HULQH HUGHP GDKD oRN HYUHQVHO 'RøD·QÖQ
EX\UXNODUÖ\OD E\N ELU X\XP LoLQGH RODQ LQVDQ DNOÖ\OD LOJLOLGLU %|\OHFH GÖû GQ\DGDNL
X\JXQ ûH\OHULQ GRøDO \DUDUODU VHoLPL 6WRDOÖODUD J|UH DNÖOFÖO ELU HøLOLPH GD\DQÖ\RU JLEL
J|UQPHNWHGLU NL EXQXQ VD\HVLQGH EL]OHU \DSWÖøÖPÖ] H\OHPLQ GRøUXOXøXQD NDQDDW
JHWLULUL] 'RøDO \DUDUODUÖQ VHoLPL UDV\RQHO ELU HøLOLPGHQ ND\QDNODQÖ\RU ROPDVÖQD
UDøPHQ HUGHPLQ ELU ROXûWXUXFXVX ROGXøXQX V|\OHPHN X\JXQ GHøLOGLU (øHU GRøDO
/RQJWDUDIÖQGDQEXWHULPOHU´WHUFLKHGLOHQ\DGDWHUFLKHGLOPH\HQIDUNVÖ]ûH\OHUµWHULPOHUL\OH
HûDQODPOÖRODUDNNXOODQÖOPÖûWÖU
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
\DUDUODUÖQ VHoLPLQLQ 'RøD·QÖQ DNÖOFÖOÖøÖ \D GD HUGHPOL ELU HøLOLPGHQ RUWD\D oÖNWÖøÖQÖ
V|\OHPHNPPNQVHR]DPDQNDoÖQÖOPD]ELUûHNLOGHNHQGLOHULLoLQGHED]Ö|]HODKODNL
GHøHUOHULQ NDEXOQH LûWLUDN HGL\RUX] 'RøDO \DUDUODUÖQ EX DKODNL GHøHUOHUL DKODNL ELU
QRUPXQNHQGLVLQHEDûYXUGXøXH\OHPHQLQSUHQVLSOHULQHLûDUHWHGHU%XV|\OHQHQGHQûX
VRQXFX oÖNDUDELOLUL] 'RøDO \DUDUODUÖQ VHoLPL 'RøD·\OD GD X\JXQOXN LoHULVLQGHGLU
dQN LQVDQODUÖQ UDV\RQHO GRQDQÖPODUÖ NHQGLOHUL LoLQ ]HQJLQOLøL IDNLUOLøH WHUFLK
HWPHOHULQH PVDDGH HGHU (YUHQVHO 'RøD·QÖQ UDV\RQHO GRQDQÖPÖ\OD DKODNL ELUH\ GRøDO
\DUDUODUÖQ HOGH HGLOPHVL ]RUXQOXOXøXQXQ IDUNÖQD YDUÖU 6WRDOÖODU LoLQ GRøDO \DUDUODUÖQ
HOGHHGLOPHVLEXQODUDUDVÖQGDEHOLUOLWHUFLKOHU\DSDQELUH\LQPXWOXOXøXQDKLoELUûHNLOGH
NDWNÖGDEXOXQPD]ODU
6WRD IHOVHIHVLQLQ VÖQÖUODUÖ LoHULVLQGH GRøDO \DUDU YH ]DUDUODUÖQ ROXûXPXQD EDûYXUDQ
ELUD\UÖPYDUEXD\UÖPû|\OHIRUPOHHGLOLU'RøDO\DUDUODU´WHUFLKHGLOHQGLUµVHoLOHFHN
ûH\OHUGLU YH EXQXQ NDUûÖWODUÖ ´WHUFLK HGLOPH\HQGLUµ UHGGHGLOHFHN ûH\OHUGLU
%|\OHFH
6WRDOÖODU WHN L\L RODQ HUGHPH EDûYXUDQ E|\OH ELU VÖQÖIODPD\Ö UHGGHWPLû J|UQ\RUODU
úLPGLûXVRUX\XRUWD\DDWDELOLUL](UGHPLQQHWHUFLKHGLOHELOHQQHGHWHUFLKHGLOHPH\HQ
ROGXøXQX GûQPHN PPNQ PGU" 2UWDN DNÖO \UWPH\H GD\DQDUDN HUGHPLQ
´WHUFLKHGLOHELOHQµROGXøXQXQNDEXOQHNHQGLOLøLQGHQXODûÖODELOLU%XVRUX\D6WRDOÖODUÖQ
FHYDEÖ û|\OHGLU ùQVDQ YDUOÖøÖQÖQ DPDFÖ GHYDPOÖ ELU HUGHPOL HøLOLPL V|] NRQXVX HGHUHN
HUGHPLQ NHQGLVLQH GRøUX LOHUOHPH \DSPDNWÖU %XQXQ |WHVLQGH ´WHUFLK HGLOHQµ ûH\OHU
KD\DWÖQ DPDFÖQD NDWNÖGD EXOXQXUODUNHQ RQXQ DKODNL \DSÖVÖQÖ GHøLûWLUPH]OHU %XQD
UDøPHQ JHQHO KHGHIL JHUoHNOHûWLUHELOPHN LoLQ EL]LP GRøDO \DUDUODU JLEL WHNLO ûH\OHULQ
VHoLPLQGH EXOXQPDPÖ] JHUHNLU g]HO YH WHNLO ûH\OHULQ VHoLPL KHU ]DPDQ GDKD JHQHO
DPDoODUÖQ ]HULQH NXUXOX ROGXøX HUGHPOL ELU HøLOLPH EDûYXUXVX V|] NRQXVXGXU *HQHO
KHGHILQ \DQL HUGHPOL GDYUDQÖûÖQ JHUoHNOHûWLULOPHVLQLQ WDPDPÖ\OD GÖûVDO |øHOHULQ
VHoLPLQH EDøOÖ ROPDGÖøÖQÖ V|\OHPHN ]RUXQGD\Ö] )DNDW WDP DQODPÖ\OD EDøÖPVÖ] ELU
JHUoHNOHûPH DODQÖQD VDKLS ROGXøX GD J|UOU 9H EX DODQ ûXQX |QHULU 'RøUX DNÖO
\UWPH
DKODNL
ELUH\LQ
WHNLO
H\OHPLQL
WDQÖPOD\DQ
HUGHPOL
ELU
HøLOLPLQ
JHUoHNOHûWLULOPHVLQHNDWNÖGDEXOXQDFDN
<XNDUÖGDNL V|\OHQHQOHUGHQ ûX VRQXFX oÖNDUDELOLUL] (YUHQVHO 'RøD LOH X\XP
LoHULVLQGHRODQGRøUXDNÖO\UWPHGRøDO\DUDUODUÖQVHoLPLQLQGHNDWNÖVÖQÖ]RUXQOXNÖODU
dQN D\QÖ DNÖO \UWPH\H GD\DQDUDN HUGHPOL ELU WXWXPXQ DKODNL ELOJLVLQH XODûWÖøÖPÖ]
V|\OHQHELOLU'DKD|QFHGHV|\OHGLøLPL]]HUHHUGHPOLELUWXWXPXQHOGHHGLOPHVLEHOLUOL
ELU |OoGH VHoLOHFHN GRøDO \DUDUODUÖQ DUDFÖOÖøÖQD GD\DQÖ\RU JLEL J|UQ\RU 9H EL]LP
GRøDO\DUDUODUD\NOH\HELOHFHøLPL]DKODNLGHøHUD\QÖ]DPDQGDDKODNLELUWXWXPXQGHøHUL
LoLQ GH ]RUXQOXGXU dQN ]HQJLQOLøLQ IDNLUOLøH WHUFLKL VDGHFH GQ\DGDNL GHøLûLNOLNOHUH
QHGHQROPD\DFDND\QÖ]DPDQGDDKODNLELUH\LQLoVHOWXWXPXQGDGDGHøLûLNOLNOHUHQHGHQ
RODFDNWÖU %X QRNWDGD EL]LP GRøDO \DUDUODUD DWIHGHELOHFHøLPL] KHUKDQJL ELU GHøHULQ
HUGHPOLELUWXWXPXQHOGHHGLOPHVLDPDFÖQGDQEDøÖPVÖ]ROGXøXQXV|\OHPHNWXWDUOÖGÖU
%XQD J|UH GRøDO \DUDUODU DODQÖ HYUHQVHO 'RøD·QÖQ GÖûVDO |øHOHUL YH HUGHP DUDVÖQGD
ELU N|SU ROXûWXUXU 'RøDO \DUDUODUÖQ VHoLPLQGHQ HOGH HGLOHQ LoVHO ROPD\DQ GÖûVDO
PXWOXOXN HYUHQVHO 'RøD·QÖQ L\LOLøL LOH ELU EDøÖ EXOXQGXøXQXQ LûDUHWLQH VDKLS RODELOLU
(øHU|\OH\VHR]DPDQEXILNLUûXLGGLDLOH|]GHûOHûWLULOHELOLU'RøDO\DUDUODUÖQVHoLPOHUL
HYUHQVHO'RøDLOHX\XPLoHULVLQGHROGXNODUÖVUHFHHXGDLPRQLD·QÖQPXWOXOXøXQ|]HOELU
|øHVL RODELOLU %XQXQ |WHVLQGH ûX GD V|\OHQHELOLU (UGHP \D GD HUGHPOL ELU WXWXPXQ
HOGH HGLOLûLQH LOLûNLQ \|QHOLPOHULPL] WHPHO RODUDN HUGHPLQ \DOQÖ]FD WHN L\L ROPD\ÖS D\QÖ
%N]/RQJ+HOOHQLVWLF3KLORVRSK\V
6HUYHW*|]HWOLN³6WRDFÖODUGD(UGHPgøHVL2ODUDN$PSLULN%LU'HQHPH
]DPDQGD ´WHUFLK HGLOHQµ ROGXøX ILNULQGHQ oÖNDUÖOÖU %XUDGD YXUJXODQPDVÖ JHUHNHQ
ûXGXU EL] HUGHPLQ ELUH\VHO HWNLQOLøLQL IDUN HGLQFH\H NDGDU oHûLWOL GLøHU L\LOHUL GH
GHQH\LPOHUL] 'LøHU ELU GH\LûOH |\OH J|UQ\RU NL GRøDO \DUDUODUÖQ GHQH\LPLQH
EDûYXUPDNVÖ]ÖQ HUGHPL WHN L\L RODUDN GûQPHN ROGXNoD ]RUGXUdQN HøHU HUGHP
NHQGLVLQH DKODNL ELU GHøHU DWIHGHELOHFHøLPL] WHN ûH\ ROVD\GÖ R ]DPDQ DKODNL ELU ELUH\
LoLQ NHQGLVLQH GRøUX LOHUOHPH ND\GHWPHNVL]LQ HUGHP \D GD HUGHPOL ELU WXWXPXQ DKODNL
ELOJLVLQL HGLQPHN QDVÖO PPNQ RODELOLUGL" %XQD J|UH HUGHPH GRøUX DKODNL RODUDN
\|QHOHQ ELU LOHUOHPHQLQ ROGXøXQX YDUVD\DUVDN R ]DPDQ WHN L\L RODQ HUGHPLQ
ROXûXPXQGDHOGHHGLOHFHN|QFHOLNOLGHQH\LPOHUHLOLûNLQNHVLQROPDN]RUXQGD\Ö]
$oÖNODPD\DoDOÖûPDNLVWHGLøLPL]ûH\ûXGXUNLHYUHQVHO'RøD·QÖQGD|QHUGLøL]HUH
|]HO DPDoODU YH RQODUÖQ |QFHOLNOL \DûDQWÖODUÖ YDUGÖU %XQGDQ ûX VRQXFX oÖNDUDELOLUL]
%HOLUOLûH\OHULQGLøHUûH\OHUHWHUFLKHGLOPHVLELULVLQLQHUGHPOLELUWXWXPXJHOLûWLUHELOHFHøL
DKODNL ELU DODQD LûDUHW HGL\RUPXû JLEL J|UQ\RU $VOÖQGD 6WRDOÖODU JHUoHNOHûWLULOHQ
DKODNL H\OHPLQ GÖûVDO |øH\H ´WHUFLK HGLOHQµ \D GD ´WHUFLK HGLOPH\HQµ ELU ûH\ RODUDN ELU
EDûYXUX\DVDKLSROGXøXQXLGGLDHGHUNHQEHQ]HUELUJ|UûGHVWHNOL\RUODU
6RQXo
%HOLUOL ELU EDNÖû DoÖVÖQGDQ GRøDO \DUDUODUÖQ VHoLPL |\OH ELU \RO DoDU NL EXQXQ
DUDFÖOÖøÖ\OD HUGHP LQVDQ KD\DWÖQÖQ VRQ DPDFÖ RODUDN DUDûWÖUÖOÖS RUWD\D oÖNDUÖODELOLU %X
QRNWD\D NDGDU GRøDO \DUDUODUÖQ GHQH\LPLQH GD\DQDUDN WHN L\L RODQ HUGHPLQ ELOJLVLQH
XODûWÖøÖPÖ]Ö RUWD\D oÖNDUPD\D oDOÖûWÖN %X VRQXo ûX LIDGH LOH WHPHOOHQGLULOHELOLU 'RøDO
\DUDUODUEL]HGDLPD|\OHELUDKODNLH\OHPOHUPRGHOLVXQDUNLLQVDQODUÖQ\DUDUODUÖ\ODGDLo
LoHJHoPLûROXU$\QÖ]DPDQGDGRøDO\DUDUODUÖQGHQH\LPLED]Ö|]HOGXUXPODUÖQL\LOLøLQLQ
IDUNÖQDYDUÖODELOHFHøLELUWHPHOLROXûWXUXU
.D\QDNoD
/RQJ$$6WRLF6WXGLHV&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
/RQJ$$+HOOHQLVWLF3KLORVRSK\'XFNZRUWK
6KDUSOHV 5 : 6WRLFV (SLFXUHDQV $QG 6FHSWLFV /RQGRQ DQG 1HZ <RUN
5RXWOHGJH
8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
'Ro'U'DYLG*UQEHUJ (WLN8\JXODPDODUYH8\JXODPDOÖ(WLN
(WLN DKODN VRUXQODUÖQÖ YH NXUDOODUÖQÖ LQFHOH\HQ \D GD WHN WHN DKODN NXUDOODUÖQÖ
WHPHOOHQGLUHQ JHQHO LONHOHUL RUWD\D NR\DQ IHOVHIH GDOÖGÖU $KODN LVH L\L YH N|W ûH\OHUL
KDNOÖ YH KDNVÖ] HGLPOHUL ELUELULQGHQ D\ÖUDQ NXUDOODU GL]JHVLGLU %LU NLûLQLQ EDûND ELU
GH\LPOHX\JXOD\DQÖQEHOOLELUûH\LQL\LYH\DN|WROGXøXQX\DGDELUHGLPWUQQKDNOÖ
YH\DKDNVÖ]ROGXøXQXNLPLHWLNLONHOHUHGD\DQDUDNEDûNDODUÖQDNDEXOHWWLUPHHWNLQOLøLQH
\DQLEDûNDODUÖQÖEX\ROGDLNQDHWPH\HLVHELUHWLNX\JXODPDVÖGHQLU%LUûH\LQL\LOLøLQL\DGD
ELU HGLPLQ KDNOÖOÖøÖQÖ NDEXO HWWLUPHN NDEXO HGHQLQ \DQL GLQOH\LFLQLQ EHOOL ELU GDYUDQÖûWD
EXOXQPDVÖQD\RODoDU1LWHNLPGLQOH\LFLELUNLPVHQHVQHYH\DGXUXPXQL\LOLøLQLNDEXO
HWWLøLQGH RQX |YPHN LVWHU YH ELU HGLP WUQQ KDNOÖOÖøÖQÖ NDEXO HWWLøLQGH R WU ELU
HGLPGH EXOXQPDN LVWHU 7HUVLQH ELU ûH\LQ N|WOøQ EHQLPVHGLøLQGH RQX \HUPHN
LVWHU ELU HGLPLQ KDNVÖ]OÖøÖQÖ EHQLPVHGLøLQGH LVH R WU HGLPGH EXOXQPDNWDQ NDoÖQPDN
LVWHU%|\OHFH HWLN X\JXODPD ELU GLQOH\LFL NLWOHVLQLQ GDYUDQÖûÖQÖ HWNLOHPH\L DPDoODU +HU
HWLN
X\JXODPD
DPDFÖQÖ
JHUoHNOHûWLUGLøL
|OoGH
EDûDUÖOÖGÖU
EDûDUÖ
GHUHFHVL
LVH
X\JXODPDFÖQÖQGLQOH\LFL\LLNQDHWPHJFQHEDøOÖGÖU
8\JXODPDOÖ HWLN ELU \DQGDQ EDûDUÖOÖ HWLN X\JXODPDODU \DSPDVÖQÖ |øUHWHQ VDQDW |EU
\DQGDQ HWLN X\JXODPDODUÖQÖ NXUDPVDO RODUDN LQFHOH\HQ ELOLP YH\D |øUHWL GHPHNWLU
8\JXODPDOÖ HWLøLQ NRQXVX RODQ HWLN X\JXODPDODU oRN oHûLWOL DODQODUD DLW RODELOLU %X
DODQODUD J|UH X\JXODPDOÖ HWLN oHYUH HWLøL WÖS HWLøL YH EL\RHWLN PHG\D HWLøL VL\DVHW HWLøL
KXNXNHWLøLLûHWLøLYHPKHQGLVOLNHWLøLJLELoHûLWOLGDOODUDD\UÖOPDNWDGÖU
ùNQD(GLFL8VODPODPDODUYH5HWRULN
*HQHO RODUDN LNQD HWPH HWNLQOLøL ELU NRQXûPDFÖ LOH ELU GLQOH\LFL DUDVÖQGD JHoHQ
LOHWLûLPVHO ELU GDYUDQÖû ELoLPLGLU .RQXûPDFÖ GLQOH\LFL\H EHOOL ELU ûH\L \DSWÖUPD\Ö \D GD
\DSPDVÖQÖ HQJHOOHPH\L DPDoODU $QFDN LNQD HWPH HWNLQOLøLQGH NRQXûPDFÖ DPDFÖQÖ
IL]LNVHO]RUODPDLOHGHøLONRQXûPD\ROXLOHGLQOH\LFLQLQUXKGXUXPXQX|]HOOLNOHLQDQo
ELOJL YH GX\JXODUÖQÖ HWNLOH\HUHN JHUoHNOHûWLUPH\H oDOÖûÖU 1LWHNLP E|\OH ELU HWNLOHPH
VRQXFXQGD GLQOH\LFL DUWÖN NHQGL LVWHQFL LOH NRQXûPDFÖQÖQ DPDoODGÖøÖ GDYUDQÖûWD
EXOXQDELOLUùNQDHWPHH\OHPLQLQEDûDUÖVÖGLQOH\LFLQLQLVWHQFLQLQNRQXûPDFÖQÖQDPDFÖQD
X\JXQRODUDN\|QOHQGLULOPHVLQHEDøOÖGÖU
ùNQD HWPH HWNLQOLøLQLQ WHPHOLQGH NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD \HU DODQ LOHWLûLP
DQFDN ELU XVODPODPD\Ö LoHUHQ ELU GDYUDQÖû LOH VDøODQDELOLU %X WU GDYUDQÖûD LNQD HGLFL
XVODPODPD GHQLU %XQODU LOHWLûLP VDøODPD\Ö DPDoOD\DQ GDYUDQÖûODU ROGXøXQGDQ |]HO ELU
LOHWLûLPVHO GDYUDQÖû WUQ ROXûWXUXUODU +HU LNQD HGLFL XVODPODPD GDYUDQÖûÖ ELU
NRQXûPD WU ROXS EHOOL ELU NRQXûPDFÖ LOH GLQOH\LFL DUDVÖQGD JHUoHNOHûLU 8VODPODPD
NRQXûPDFÖ GLQOH\LFL\L LNQD HWWLøL |OoGH EDûDUÖOÖ VD\ÖOÖU %X EDûDUÖ XVODPODPDQÖQ LNQD
HGLFL JFQH EDøOÖGÖU 5HWRULN ELU \DQGDQ EDûDUÖOÖ \DQL LNQD HWPH JF \NVHN RODQ
2'7h)HOVHIH%|OP
%N]-+DEHUPDV7KH7KHRU\RI&RPPXQLFDWLYH$FWLRQ9ROWUE\7KRPDV0F&DUWK\%HDFRQ
3UHVV%RVWRQV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
XVODPODPD \DSPD\Ö |øUHWHQ VDQDW |EU \DQGDQ JHQHO RODUDN LNQD HGLFL XVODPODPDODUÖ
LQFHOH\HQELOLPGDOÖYH\D|øUHWLGLU
ùNQD HGLFL XVODPODPDODU ELU YH\D GDKD oRN VD\ÖGD oÖNDUÖP LoHULU .RQXûPDFÖQÖQ
GLQOH\LFL\L DNOÖQD KLWDS HGHUHN LNQD HGHELOPHVL LoLQ NXOODQGÖøÖ EWQ oÖNDUÖPODUÖQ DNÖOFÖ
\ROOD JHoHUOL ROGXøXQX YH EX oÖNDUÖPODUÖQÖQ EWQ |QFOOHULQLQ GRøUX ROGXøXQX NDEXO
HWWLUPHVL JHUHNLU 1H NL oRøX NH] LNQD HGLFL XVODPODPDODU GLQOH\LFLQLQ DNOÖQGDQ oRN
GX\JXODUÖQD KLWDS HGHU R ]DPDQ GD \DQOÖû |QFOO YHYH\D JHoHUVL] oÖNDUÖPODUD
GD\DQDQ ELU XVODPODPDQÖQ oRN \NVHN LNQD HGLFL JF RODELOLU %X GXUXPGD LNQD HWPH
NDQGÖUPDGDQ \DQL DOGDWPDGDQ EDûND ELU ûH\ GHøLOGLU $PD EX WU XVODPODPDODU GD
UHWRULøLQ NRQXVX LoLQGH ROXS EXQODUÖQ LQFHOHQPHVL UHWRULøLQ oRN |QHPOL ELU DPDFÖ
VD\ÖOÖU .DQGÖUPD\D \RO DoDQ XVODPODPDODU DKODND D\NÖUÖVD\ÖOPDOÖGÖU *HQHO RODUDN LNQD
HGLFL XVODPODPDODU DKODND X\JXQ YH DKODND D\NÖUÖ ROPDN ]HUH LNL |EHøH D\UÖODELOLU
$KODND X\JXQ XVODPODPDPODU D\QÖ ]DPDQGD PDQWÖN YH \|QWHPELOLP NXUDOODUÖQD X\DQ
oÖNDUÖPODUD GD\DQPDN ]RUXQGDGÖU %X WUO oÖNDUÖPODU LVH PDQWÖNoD JHoHUOL ROXS
|QFOOHUL DNÖOFÖ \|QWHPOHUFH EHOJHOHQPLûWLU $\UÖFD NRQXûPDFÖQÖQ \DQOÖû VD\GÖøÖ YH\D
LQDQPDGÖøÖ ELU |QHUPH\L ELOH ELOH |QFO RODUDN \DODQ \HUH NXOODQPDPDVÖ JHUHNLU
.RQXûPDFÖQÖQ \DQOÖû ELU |QFO \DQOÖûOÖøÖQÖ ELOH ELOH NXOODQPDPDVÖ GXUXPXQGD
XVODPODPD DKODND D\NÖUÖ ROPD] 1LWHNLP ELUoRN XVODPODPDGD JHoHQ |QFOOHU GHQH\VHO
|QHUPHOHUGLU %X WU |QHUPHOHULQ GRøUXOXNODUÖ NHVLQ RODUDN EHOJHOHQHPH] \DQL \DQOÖû
ROPDODUÖRODQDNOÖGÖU
*HoHUOLELUoÖNDUÖPDGD\DQDQXVODPODPDODUDELU|UQHNYHUHOLP
ùQVDQ|OGUPHPHûUXVDYXQPDJLELKDNOÖQHGHQOHUGÖûÖQGDKDNVÖ]GÖU
'|OW FHQLQ GH ELU LQVDQ VD\ÖOÖU oQN G|OW HPEUL\RQXQ EWQ RUJDQODUÖ
EHOLUGLNWHQVRQUDDOGÖøÖHYUHGLU
'ROD\ÖVÖ\ODG|OWDOGÖUPDH\OHPLELULQVDQ|OGUPHH\OHPLVD\ÖOPDOÖGÖU
+DNVÖ]GDYUDQÖûODU\DSÖOPDPDVÖJHUHNHQGDYUDQÖûODUGÖU
%XQHGHQOHG|OWDOGÖUPDKDNVÖ]ELUGDYUDQÖûWÖU
6RQXoRODUDNG|OWDOGÖUPD\DSÖOPDPDVÖJHUHNHQELUGDYUDQÖûWÖU
<XNDUÖGDNL oÖNDUÖP YH\D GDKD GRøUXVX oÖNDUÖPODU ]LQFLUL JHUoHNWHQ JHoHUOLGLU
$QFDNEXoÖNDUÖPDGD\DQDQELUXVODPODPDQÖQGLQOH\LFL\LLNQDHWPHVLLoLQJHoHUOLROPDVÖ
\HWHUOL GHøLOGLU .RQXûPDFÖQÖQ ELU GH GLQOH\LFL\H oÖNDUÖPÖQ EWQ |QFOOHULQL NDEXO
HWWLUPHVLJHUHNLU
(WLN8\JXODPDODULOHùNQD(GLFL8VODPODPDODU$UDVÖQGDNLùOLûNL
+HU HWLN X\JXODPD PXWODND ELU YH\D GDKD oRN VD\ÖGD LNQD HGLFL XVODPODPD
LoHUPHOLGLU 1LWHNLP HWLN X\JXODPDGD X\JXOD\ÖFÖ GLQOH\LFL\L EHOOL ELU \|QGH LNQD HWPH\L
DPDoODU R\VD LNLQFL E|OPGH EHOLUWLOGLøL JLEL LNQD HWPH HWNLQOLøL LNQD HGLFL
XVODPODPDODUD GD\DQÖU %XQX û|\OH DoÖNOD\DELOLUL] +HUKDQJL ELU HWLN X\JXODPDGD
X\JXOD\ÖFÖHQLQGHVRQXQGDGLQOH\LFLVLQLELUûH\L\DSPD\DYH\D\DSPDPD\DLNQDHWPH\H
oDOÖûÖU 'ROD\ÖVÖ\OD KHU HWLN X\JXODPD LNQD HGLFL HWNLQOLNOHU LoHULU 2\VD LNLQFL E|OPGH
EHOLUWLOGLøL JLEL LNQD HGLFL HWNLQOLNOHU LNQD HGLFL XVODPODPDODUD GD\DQÖU %|\OHFH HWLN
X\JXODPDODUÖQ KHS LNQD HGLFL XVODPODPDODUD GD\DQGÖøÖQÖ J|VWHUPLû ROX\RUX] gUQHøLQ
G|OW DOGÖUPD\D NDUûÖ oÖNDQ HWLN X\JXODPD LNLQFL E|OPGHNL oÖNDUÖPODU ]LQFLULQH
GD\DQDQLNQDHGLFLELUXVODPODPDLoHUHELOLU
gWH \DQGDQ LNQD HGLFL \RUXPODPDODU LVWHU ELU HWLN X\JXODPDGD \HU DOVÖQODU LVWHU
DOPDVÖQODU KHU ]DPDQ DKODND X\JXQ ROXS ROPDPDODUÖ EDNÖPÖQGDQ GHøHUOHQGLULOPHN
GXUXPXQGDGÖUODU %|\OH ELU GHøHUOHQGLUPH LVH EDûOÖ EDûÖQD ELU XøUDû DODQÖ \DUDWÖU %X
'DYLG*UQEHUJ³8\JXODPDOÖ(WLNYH$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
XøUDû DODQÖ X\JXODPDOÖ HWLøLQ \HQL ELU GDOÖ ROXS LNQD HGLFL XVODPODPDODU HWLøL \D GD
NÖVDFD XVODPODPD HWLøL RODUDN DGODQGÖUÖODELOLU 8VODPODPD HWLøLQL ROXûWXUDQ WHN WHN HWLN
X\JXODPDODUÖ WRSOXPGD |QHPOL HWNLVL RODQ LNQD HGLFL XVODPODPDODUÖ GHøHUOHQGLUPH\L
DPDoOD\DQ X\JXODPDODU QLWHOLøLQGHGLU gUQHøLQ ELU VL\DVDO |øUHWL\L VDYXQDQ ELU
XVODPODPDQÖQ DKODND X\JXQ ROXS ROPDGÖøÖQÖQ GHøHUOHQGLULOPHVL EHOOL ELU HWLN X\JXODPD
|UQHøLQLROXûWXUDELOLU
$ULVWRWHOHV·WH(WLN5HWRULNùOLûNLVL
$ULVWRWHOHV 5HWRULN DGOÖ \DSÖWÖQGD LNQD HGLFL XVODPODPDODUÖ VLVWHPDWLN RODUDN
LQFHOHPLûWLU 5HWRULøLQ ELU \DQGDQ GL\DOHNWLøLQ DPD |WH \DQGDQ HWLøLQ ELU X]DQWÖVÖ
ROGXøXQX V|\OHPLûWLU 'L\DOHNWLN LVH GL\DOHNWLN oÖNDUÖP GHQLOHQ ELU oÖNDUÖP WUQQ
ELOLPLGLU D 'L\DOHNWLN oÖNDUÖPODU |QFOOHUL GRøUX ROXS ROPDGÖøÖ NHVLQ
RODUDN ELOLQPH\HQ DPD WRSOXPGD JHQHOOLNOH NDEXO J|UHQ oÖNDUÖPODUGÖU 7RSLFD D
ùûWH UHWRULøLQ NRQXVX RODQ LNQD HGLFL XVODPODPDODUÖQ NXOODQGÖøÖ WP oÖNDUÖPODU
GL\DOHNWLN oÖNDUÖP QLWHOLøLQGHGLU %|\OHFH UHWRULøLQ JHUoHNWHQ GL\DOHNWLøLQ ELU X]DQWÖVÖ
ROGXøXQXJ|U\RUX]
$ULVWRWHOHV KHUKDQJL LNQD HGLFL ELU XVODPODPDGD JHoHQ ELU GL\DOHNWLN oÖNDUÖPÖ LNQD
HWPH\LVDøOD\DQELUDUDoVD\PDNWDGÖU$QFDNGL\DOHNWLNoÖNDUÖPDUDFÖQÖQ\DQÖVÖUDEDûND
LNL LNQD HWPH DUDFÖQGDQ V|] HWPHNWHGLU %XQODUGDQ ELUL NRQXûPDFÖQÖQ LNQD HWPH
\HWHQHøL |EU GH GLQOH\LFLQLQ LNQD ROPDVÖQD \RO DoDQ GX\JXVDO GXUXPXGXU
$ULVWRWHOHV UHWRULøLQ ELU GH HWLøLQ X]DQWÖVÖ ROPDVÖQÖ EX VRQ LNL LNQD HWPH DUDFÖQD
EDøOÖ\RU
dQN
EXQODUGDQ
ELULQFLVL
NRQXûPDFÖ
LQVDQÖQ
QLWHOLNOHULQL
|]HOOLNOH
HUGHPOHULQL GLøHUL LVH GLQOH\LFLQLQ GX\JXODUÖQÖ DQODPD\D GD\DQÖU ùNQD HGLFL ELU
XVODPODPDGD NXOODQÖODQ EX LNL WUGHQ DUDFÖQ DKODND X\JXQ \D GD D\NÖUÖ ROGXøX HWLN
DoÖVÖQGDQ GHøHUOHQGLULOPHOLGLU %|\OHFH LNQD HWPH\L VDøOD\DQ KHU o DUDFÖQ HWLN QLWHOLøL
EXDUDoODUÖNXOODQDQLNQDHGLFLXVODPODPDQÖQDKODNDX\JXQ\DGDD\NÖUÖROXSROPDGÖøÖQÖ
EHOLUOHU%XGDUHWRULøLQJHUoHNWHQHWLøLQGHELUX]DQWÖVÖROGXøXQXJ|VWHULU
$ULVWRWHOHV \|QHOGLøL DPDoODU DoÖVÖQGDQ LNQD HGLFL XVODPODPDODUÖ oH D\ÖUÖ\RU (øHU
XVODPODPD GLQOH\LFLQLQ ELU H\OHPGH EXOXQPDVÖQÖ \D GD EXOXQPDPDVÖQÖ DPDoOÖ\RUVD
H\OHPH \|QHOLN XVODPODPD ELU NLûLQLQ KDNOÖ \D GD KDNVÖ] ROGXøX \DUJÖVÖQÖ VDøODPD\Ö
DPDoOÖ\RUVD \DUJÖODPD\D \|QHOLN XVODPODPD YH ELU NLûLQLQ |YOPHVLQL \D GD \HULOPHVLQL
DPDoOÖ\RUVD|YPH\DGD\HUPH\H\|QHOLNXVODPODPDDGÖQÖDOÖUE$ULVWRWHOHV·LQEX
oO D\UÖPÖ JQP]GH |QHP ND]DQDQ X\JXODPDOÖ HWLN DODQODUÖQÖQ VÖQÖIODQPDVÖ LoLQ
\DUDUOÖGÖU
(\OHPH \|QHOLN XVODPODPDODUGD NRQXûPDFÖ EHOOL ELU GDOGD X]PDQOÖøÖ RODQ ELU
GDQÖûPDQ \D GD ELU GLQOH\LFL NLWOHVL LOH LOHWLûLP NXUPD\D oDOÖûDQ ELU KDWLSWLU +HU LNL
GXUXPGD
GLQOH\LFL
H\OHPGH
EXOXQXS
EXOXQPDPD
NRQXVXQGD
NDUDU
YHULFL
GXUXPXQGDGÖU gUQHøLQ ELULQFL GXUXPGD GLQOH\LFL EHOOL ELU \DWÖUÖPGD EXOXQXS
EXOXQPDPDNRQXVXQGDNDUDUYHUHFHNELULûDGDPÖNRQXûPDFÖGDX]PDQELUHNRQRPLVW
RODELOLU ùNLQFL GXUXPGD GLQOH\LFL ELU PLWLQJH NDWÖODQ R\ YHUHFHN RODQ YDWDQGDû NLWOHVL
NRQXûPDFÖ
GD
R\
LVWH\HQ
ELU
PLOOHWYHNLOL
DGD\Ö
RODELOLU
%LULQFL
GXUXPGDNL
XVODPODPDODUÖQ HWLN GHøHUOHQGLUPHVL Lû HWLøLQL LNLQFL GXUXPGDNL XVODPODPDODUÖQ HWLN
GHøHUOHQGLUPHVL LVH VL\DVHW HWLøLQL ROXûWXUXU 'LQOH\LFL JD]HWH RNX\XFXVX WHOHYL]\RQ
VH\LUFLVL
ùQWHUQHW
NXOODQÖFÖVÖ
NRQXûPDFÖ
LVH
JD]HWHFL
79
VXQXFXODUÖ
ùQWHUQHW
SURJUDPFÖODUÖ ROGXøXQGD XVODPODPDODUÖQ HWLN DoÖGDQ LQFHOHQPHVL PHG\D HWLøLQLQ
NRQXVXQXROXûWXUXU'LQOH\LFLLOHNRQXûPDFÖQÖQQLWHOLøLQHJ|UHEXWUOXVODPODPDODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HWLN GHøHUOHQGLULOPHVL oHYUH HWLøL WÖS HWLøL EL\RHWLN JLEL oRN oHûLWOL X\JXODPDOÖ HWLN
DODQODUÖQÖROXûWXUXU
<DUJÖODPD\D \|QHOLN XVODPODPDODUGD GLQOH\LFL ELU PDKNHPH \DUJÖFÖ YH YDUVD MUL
\HOHULQGHQ ROXûXU .RQXûPDFÖ LVH VDYXQPD DYXNDWÖ YH\D VDYFÖGÖU 'ROD\ÖVÖ\OD EX WU
XVODPODPDODUÖQHWLNGHøHUOHQGLUPHVLQLQKXNXNHWLøLQLROXûWXUGXøXQXJ|U\RUX]
gYPH \D GD \HUPH\H \|QHOLN XVODPODPDODU GD JHQHOOLNOH Lû KD\DWÖQGD EURNUDVLGH
YH VL\DVHWWH ELULQLQ OHKLQH YH\D DOH\KLQH V|\OHQLOHQL GHVWHNOHPHN LoLQ NXOODQÖOÖU ùû
KD\DWÖQGD YH\D EURNUDVLGH GLQOH\LFL ELU J|UHYOLQLQ \NVHOPHVLQH NDUDU YHUHFHN ELU
\|QHWLFL NRQXûPDFÖ LVH \|QHWLFLQLQ EX J|UHYOLQLQ oDOÖûPDODUÖ KDNNÖQGD ELOJL HGLQPHN
LoLQ EDûYXUGXøX X]PDQ ELU NLûL RODELOLU 6L\DVHWWH LVH GLQOH\LFL R\ YHUHFHN RODQODU
NRQXûPDFÖ GD NDUûÖ WDUDIÖ \HUHQ ELU VL\DVHWoL RODELOLU%XWU XVODPODPDODUÖQ HWLN RODUDN
GHøHUOHQGLULOPHVLGHVÖUDVÖLOHLûHWLøLNDPX\|QHWLPLYHVL\DVHWHWLøLQGH\HUEXODFDNWÖU
6RQXo
6RQXo RODUDN LNQD HGLFL XVODPODPDODUÖQ X\JXODPDOÖ HWLNOH LNL \|QO ELU LOLûNLVL
ROGXøXQX V|\OH\HELOLUL] %LU \|QGHQ KHU HWLN X\JXODPDGD NRQXûPDFÖ \|QHOGLøL
GLQOH\LFL\HJ|UûQNDEXOHWWLUPHNLoLQELUYH\DELUGHQoRNXVODPODPDGDEXOXQXU%X
GXUXPGD LNQD HGLFL XVODPODPDODU HWLN X\JXODPDQÖQ WHPHO ELU DUDFÖ LûOHYLQL J|UU gEU
\|QGHQ LVH LQVDQ \DûDPÖQÖQ oHûLWOL DODQODUÖQGD NXOODQÖODQ |QHPOL HWNLVL RODQ LNQD HGLFL
XVODPODPDODUÖQ HWLN DoÖVÖQGDQ DKODND X\JXQ \D GD D\NÖUÖ RODUDN GHøHUOHQGLULOPHVL EDûOÖ
EDûÖQD\HQLWUGHQELUHWLNX\JXODPDVÖQD\RODoDU%XWUHWLNX\JXODPDODUÖNRQXHGLQHQ
X\JXODPDOÖ HWLN DODQÖQD XVODPODPD HWLøL GHPLûWLN%X GXUXPGD LNQD HGLFL XVODPODPDODU
HWLN X\JXODPDQÖQ DUDFÖ GHøLO GRøUXGDQ GRøUX\D NRQXVXGXU %|\OHFH LNQD HGLFL
XVODPODPDODUÖQ HWLN X\JXODPDODUGD ELU \DQGDQ DUDo RODUDN |WH \DQGDQ NRQX RODUDN \HU
DOGÖNODUÖRUWD\DoÖNÖ\RU
6DQDWYH(WLN
3URI'U.H]EDQ*OHU\] (WLNPHVHOHOHULQDQODûÖODELOPHVLLoLQLQVDQYDUOÖøÖQÖQWDQÖQPDVÖJHUHNLUdQNLQVDQ
N|N GXDOLWH\H GD\DQDQ GûQFH \DSÖVÖQÖQ oHOLûNLOHUH DoÖN ROPDVÖ QHGHQL\OH HWLN
SUREOHPOHULQRUWD\DoÖNPDVÖQÖQVRUXPOXVXGXU
ùQVDQ VSLULWDOLVWOHUGHQ |GQo DOÖQDFDN ELU WDQÖPODPD\OD \NVHN YH VSHNWUXPX
JHQLû
ELU
YDUOÖNWÖU
6SLULWDOLVW
GûQFHQLQ
WHPHOLQL
ROXûWXUDQ
VHPDYL
GLQOHUGH
UHVPHGLOGLøL KDOL\OH \DOQÖ] L\LOLøL ELOHELOHQ PHOHNOHULQ VWQGH EDûND ELOJLOHUL GH
|øUHQHELOHQYHNXOODQDELOHQYDUOÖNLQVDQGÖUúH\WDQN|WLOHRODQWDQÖûÖNOÖøÖEDNÖPÖQGDQ
LQVDQÖQ JHQLû YDUROXû VSHNWUXPXQD VDKLS ROPDVÖQÖQ ELU VRQXFXGXU %X \NVHN
G]H\GHNL NDSVDPD NDSDVLWHVL LQVDQÖQ WDQUÖVDO JoWHQ E\N ELU SD\ DOPÖû ROGXøXQX
J|VWHULU ELOHELOPHQLQ \DQÖ VÖUD \DUJÖOD\DELOPH GHQHWOHPH YH \DUDWPD JF GH EDûND
WUOHUHJ|UHRQDVWQONND]DQGÖUÖU
.HQGLQL YH NHQGLVL GÖûÖQGDNLOHUL WDQÖPD YH ELOPH DU]XVX |QQH JHoLOPH] ELU LWNL
RODUDN LQVDQ \D]JÖVÖQGD |QHPOL ELU \HU WXWDU +HU ]DPDQ \NVHNWH YH KX]XUOX WHVLU
ÖUPDNODUÖQÖQ ELOH DOWÖQGDQ DNWÖøÖ FHQQHWWHQ NRYXOPDVÖQD \RO DoDQ \DVDNODUÖ ûH\WDQ
DUDFÖOÖøÖ\OD LKODO HWPHN E|\OHFH ûH\WDQÖQ YDDW HWWLøL ]HYNOHUL WDQÖPDN LoLQ FHQQHWL IHGD
HWPHN LQVDQÖQ EDûND YDUROXû KDOOHULQL GH ELOPH \DQL HPSDWL NXUDELOPH NDELOL\HWLQLQ
JFQ J|VWHULU $VOÖQGD LQVDQ ûH\WDQ NDUûÖVÖQGD LUDGHVLQL NXOODQDUDN GLUHQHELOLU YH
EHONLGH\NVHNKDVOHWOHULQLFHQQHWRUWDPÖQGDNXOODQPD\DGHYDPHGHELOLUGL$PDKD\ÖU
NDUûÖOÖøÖQGD\FHOLNWHQDûDøÖ\DGûPH\LJ|]HDODUDNFHQQHWLGQ\DELOJLVLQHYHGQ\DLOH
|]GHûOHûPH\HIHGDHWPLûWLU
ùQVDQ GQ\D \DûDPÖQD LQGLNWHQ VRQUD NÖVÖWODQPDODU LoLQGH ROGXøXQX IDUN HGHU
'RøD YH PDGGH NHVLQNHV ûDUWODUOD GûQGNOHULQL YDU HGHELOPHVL NRQXVXQGD LQVDQÖ
]RUODU %X ]RUOX oDEDGD NHQGLVLQL GQ\D \DSÖVÖ LoLQGH \HQLGHQ \DUDWPDN \NVHOWPHN
\HQL PHNkQÖQGD \DûDPDVÖQD LPNDQ YHUHQ ELOJLOHUL HGLQPHN EDûNDODUÖQD DNWDUPDN
JHOLûWLUPHNLoLQNXOODQGÖøÖ\HJkQH\ROVDQDWWÖU
%X EDNÖPGDQ VDQDW 7DQUÖ·GDQ JHOHQ ELU H\OHP LOHWLûLP YH \DUDWÖFÖOÖN JFGU YH
HGHS DKODN J]HOOLN JLEL NDYUDPODUOD VÖQÖUOÖ ROPDN ]RUXQOXOXøX WDûÖPD] 2UWD\D NRQDQ
QHROXUVDROVXQVDQDWVHYL\HVLQHXODûPÖûELU\DUDWPDLQVDQUXKXQX\NVHOWHQELUHWNHQ
ROXUoQNVDQDWPNHPPHOHYDUPD\NVHNNDOLWH\L\DNDODPDJD\UHWLLOHDQODWÖODELOLU
(VNL <XQDQ DQOD\ÖûÖ LQVDQÖQ GQ\D DUGÖ \NVHN G]H\GH ELU YDUOÖN ROGXøXQX NDEXO
HGHUHN PNHPPHOH YDUPDQÖQ VRUXPOXOXøXQX WDûÖGÖøÖQÖYDUVD\PÖûWÖU0NHPPHOOLN LVH
GRøDGDGÖU
GRøD
NDQXQODUÖ\OD
WHPVLO
HGLOPHNWHGLU
g\OH\VH
GRøDQÖQ
WDNOLGL
PNHPPHOOLøL GHQHPHN DQODPÖQD JHOHELOLU 1DWUDOL]P EX GûQFHGHQ \ROD oÖNDUDN
GRøD\D EDøOÖ ELU LGHDO RUWD\D NR\DU \DQL \DSÖODQ KHU ûH\ 3ODWRQ·XQ GH\LûL LOH GRøDGDQ
\DQVÖ\DQ ´LGHDµODUD YDUPD oDEDVÖGÖU 1H YDU NL LGHD XøUXQGD \DUDWÖODQ HQ PNHPPHO
WDNOLGLQ GH VWQGH GXUPDNWDGÖU 'RøD NDQXQODUÖQD X\DQ D\QÖ GRøDGD ROGXøX JLEL ELU
YDUOÖøÖ\DUDWPDNLPNDQVÖ]GÖU6DQDWLGHDODUÖWHPVLOHGHQDQFDNRQODUÖQELULQFLGHUHFHGH
VDKWHVL ROPDNWDQ NXUWXODPD\DQ \DUDWÖODUÖQ WDNOLGL LOH ´VDKWHQLQ GH VDKWHVLQLµ RUWD\D
*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NR\PDNWDGÖU %XQXQOD EHUDEHU LQVDQ QDWUDOL]P JHUHøL LGHDOH YDUPD oDEDVÖ VÖUDVÖQGD
JHUoHøL QH JLEL ELU \|QWHPOH NXUPD YH\D JHUoHøL DVOD NXUDPDPD ELOJLVLQL ND]DQPÖû
ROXU
$VOÖQGD PNHPPHOH YDUDPDPDN LGHDO RODQODUOD LGHDO ROPD\DQ \DQL NXVXUOX ûH\OHU
DUDVÖQGD ELU GHøHU IDUNÖQÖQ ROGXøXQX RUWD\D oÖNDUPÖûWÖU $ULVWRWHOHV WUDJHG\DQÖQ
´RUWDODPDQÖQ VWQGH LQVDQODUÖµ NRPHG\DQÖQ LVH ´RUWDODPDQÖQ DOWÖQGD NXVXUOX
LQVDQODUÖµWDNOLWHWWLøLQLV|\OH\HUHNLQVDQODUÖG]H\OHULQHEDøOÖGHøHUOHULEDNÖPÖQGDQoH
D\ÖUPÖûWÖU 2UWDODPD LQVDQODU VW G]H\ LQVDQODU YH NXVXUOX DûDøÖ G]H\ LQVDQODU hVW
G]H\ LQVDQODU LQVDQ LGHDVÖQD \DNÖQ RODQODU ROPDOÖODU YH QDWUDOL]PLQ |QHUGLøL ûHNLOGH
LQVDQ GRøDVÖQÖQ LFDEÖ RODQ QRUPODUD X\JXQ \DQL QRUPDO LQVDQODU RODUDN D\UÖOPDOÖODU
$OoDNODU LVH DQRUPDOGLUOHU \NVHN ELU YDUOÖN RODQ LQVDQ LGHDVÖQÖQ LFDEÖ QRUPODUD
X\PD\DQ \DUDGÖOÖûWD NXVXUOX YH oRN GHID JOQoWUOHU 2QODU \NVHN LQVDQ LGHDOOHULQL
LKODO HGHUOHU J]HOOLøH YH HGHEH WHUV GûHUOHU %XQXQOD PXKDWDS L]OH\LFL\H DFÖ
YHUPH]OHU DPD EHOOL NL JOGUUOHU YH VR\OXOXNVR\VX]OXN ]HULQGH GûQGUUOHU 2
KDOGHNRPHG\DQÖQLûOHYLHOHûWLULNXUPDNWÖUVR\OX\DJ|UHVR\VX]XQ\FH\HJ|UHDOoDøÖQ
L\L\H J|UH N|WQQ YDUOÖøÖQÖ J|VWHUPHNWLU $ULVWRWHOHV NRPHG\D LOH LOJLOL ELU EDûND ELOJL
GDKD YHULU 0HJDUD·OÖODU NRPHG\D\Ö EXOGXNODUÖ LGGLDVÖQGDGÖUODU %|\OH ELU WUQ RUWD\D
oÖNÖûÖQGD NHQGL GHPRNUDWLN \|QHWLPOHULQLQ HWNLVL YDUGÖU <DQL GHPRNUDWLN \|QHWLP
NXVXUOXQXQ NHQGLQL LIDGHVLQH FHYD] YHUPHNWHGLU %LU EDûND QRNWD GD NRPHGLQLQ
´NRPDLµ \DQL N|\OHUGH R\QDQGÖøÖGÖU .HQWOHUGH EX R\XQFXODUÖQ KLoELU LOJL J|UPHPLû
ROPDVÖ L\LN|W \NVHNNXVXUOX HGHSOLHGHSVL] LNLOL NDYUDPODUÖQÖQ VRV\DO \DSÖODU
|QQGHQDVÖONDEXOJ|UGøKDNNÖQGDDNODoHûLWOLVRUXODUJHWLUPHNWHGLU
*HUHN QDWUDOL]PLQ LGHDOH YDUPÖû JD\UHWL JHUHNVH PRGHUQL]P LOH RUWD\D DWÖODQ YH
|QFHGHQ LGHDO RODUDN EHOLUOHQPLûOHUH ]ÖW RQX ER]DQ YH\D DOWHUQDWLIOHU |QH VUHUHN
LQVDQ DNOÖQÖQ YH DOJÖ GQ\DVÖQÖQ VRQVX] VD\ÖGD YH oHûLWOLOLNWH YDUOÖN ROXûXPODUÖ
NXUDELOGLøLQL J|VWHUHQ DNÖPODU LQVDQGDNL \DUDWÖFÖOÖN NDSVDPÖQÖQ JHQLû ROGXøXQD LûDUHW
VD\ÖOPDOÖGÖU <DUDWÖFÖOÖN DVOÖQGD YDUROXûoX ELU J|]OH EDNDFDN ROXUVDN KHU YDUOÖNWD
NHQGLQLQYDUROXûXQXPPNQNÖODQYH\DSDUDNLPDOHGHUHN\RNODUÖYDUROXûDoHYLUHQ
JoWU+HUYDUOÖNWDNHQGLQLWHOLNOHULNDSVDPÖQGDVDNOÖYHYDURODQEX\DSWÖUÖPJF\D
LûOHY \D GD LIDGH JHUHøL\OH VDQDW H\OHPLQLQ HYUHQVHOOLøLQL DQODWÖU 6DQWD\DQD ´DPDFÖQD
ELOLQoOH X\DQ SODVWLN LoJGVµQGHQ EDKVHGHUNHQ ELU NXûXQ \XYDVÖQÖQ ELOH ELOLQoOL
\DSÖOPDPDVÖQD UDøPHQ ELU DPDFD X\JXQOXN WDûÖGÖøÖQÖ EXQXQ LoLQ GH VDQDW \DSÖWÖ
VD\ÖODFDøÖQÖ LIDGH HGHU *HUoHNWHQ GH KHU YDUOÖN VUHNOL ELU ROXûXP YH ELU ûH\OHUL
GHøLûWLUPHH\OHPLLOHNHQGLQH|]J\DUDWÖFÖJFQRUWD\DNR\PDNWDGÖU
<DUDWÖFÖOÖN D\QÖ ]DPDQGD NHQGL ROXûXPXQD KL]PHW HGHQ |QFHNL ûH\LQ ³ELOLQHQ
IRUPXQ ELU GX\JXQXQ ELU DOJÖVDO GX\XQXQ³ GHQHWLPH WDEL NÖOÖQPDVÖ \HQLGHQ
G]HQOHQPHVL ED]Ö NÖVÖPODUÖQÖQ NHVLOLS DWÖOPDVÖ LONHO GH ROVD NHQGLQH |]JOøQQ
GHøLûWLULOPHVL H\OHPLGLU <DUDWÖFÖOÖN EX H\OHP LoLQGH |QFHNLQLQ YDUROXû KDNODUÖQÖ LKODO
HWPH VUHFLGLU +HU YDUOÖN ELOLQoOL \D GD ELOLQoVL] ELU |QFHNLQLQ |QFHNL DQÖQ VUS
JLWPH KDNNÖQÖ LKODO HWPHNWHGLU YH EHONL GH |QFHNLQH RUWDGDQ NDONPD KDNNÖQÖ
ND]DQGÖUPDNWDGÖU
6DQDWNDU\DUDWPDH\OHPLQLQEDûIDLOLGLU%XQXQLoLQVDQDWNDUVUHNOLELUûH\OHULLKODO
HGHQ NLPVHGLU %LU NRPHG\HQ JLEL NXVXUOXOXøX EHQLPVH\HUHN HGHEH D\NÖUÖ VR\VX]
YDUROXûXQLWHOH\HELOLUYH\FHLQVDQWDYUÖLoLQGHLGHDOLDUD\DELOLU
<DUDWÖFÖOÖøÖQELUûH\LLKODOHWPHVLoHûLWOLûHNLOOHUGHJ|UQPHNWHGLU<|QWHPYHWHNQLN
QH ROXUVD ROVXQ VDQDW HVHUL \D NRQX LWLEDUL\OH YH\D IRUP LOH LOJLOL ELOLQH JHOHQ DOJÖVDO
NDQÖODU LWLEDUL\OH \D GD DQOD\Öû LWLEDUL\OH NDEXO J|UHQ GHøHUOHUL LKODO HWPLûWLU *R\D·QÖQ
.H]EDQ*OHU\]³6DQDWYH(WLN
GHYULPFL ELU UHVVDP RODUDN VRV\DO EHøHQLOHUH D\NÖUÖ YH JHUoHNoL ELU WDYÖUOD VÖQÖI
EDVNÖVÖQÖQ DFÖPDVÖ] H\OHPOHULQL DKODN \DUJÖODUÖQÖQ VWQ |UWWø WDûNÖQOÖN GûOHULQL
UHVPHWWLøLQL ELOL\RUX] ùûOHQHQ NRQX DUDFÖOÖøÖ\OD HVNL EHøHQL YH LQDQÖûODUÖ o|NHUWHQ YH
DFÖ\Ö NÖ]JÖQOÖøÖ YH GHKûHWL \DûDWDQ HVHUOHU KHU G|QHPGH \DSÖOPÖûWÖU <DOQÖ] VRV\DO
EHøHQLOHULQ GHøLO LQVDQOÖN LGHDOLQLQ LKODO HGLOGLøL NRQXODU KHP VDQDWoÖQÖQ KHP
VDQDWoÖQÖQ \DûDGÖøÖ VRV\DO RUWDPÖQ KHP GH HVHUH PXKDWDS RODQ L]OH\LFLQLQ UXKVDO
GQ\DVÖ KDNNÖQGD NDUPDûÖN VRUXODUD \RO DoPÖûWÖU :LOOLDP +RJDUW DFÖPDVÖ]OÖøÖ WDVYLU
HGHQ JUDYUOHULQGH DQVQGHQ VRSD VRNXODQ N|SHøL QDVÖO ELU LQVDQOÖN YH VDQDW HWLøL
GûQFHVLLoLQNXOODQPÖûWÖU"(URWLNVDKQHOHUL\DGDVHNVDKODNÖQÖWDUWÖûPDOÖEDNÖûODUGDQ
J|VWHUHQELQOHUFHUHVPLKH\NHOLIRWRøUDIÖKDQJLHWLNoHUoHYHLoLQGH\DUJÖODPDNJHUHNLU"
0RGHUQL]P LOH JHOHQ \HQL \DUDWÖFÖOÖN DWÖOÖPODUÖQGD QDWUDOL]P LOH |øUHQLOHQ GRøDO
IRUPODU NDVÖWOÖ RODUDN LKODO HGLOPLû DNÖO YH \DUDWÖFÖOÖN EDûND ER\XWODUD \|QHOPLûWLU gQ
DoÖOPÖû GûQFH \ROODUÖ VDQDWD LOLûNLQ NDYUDPODUÖQ LKODOLQL GH JHWLUPLûWLU $UWÖN VDQDW
\DOQÖ] UHVLPGH KH\NHOGH P]LNWH ûLLUGH GHøLOGLU 0DUFHO 'XVFKDPS·ÖQ ELVLNOHW
WHNHUOHøLQLQ G|QûQGH NHûIHGLOHQ HVWHWLN Jo VDQDWÖQ DOHODGH JQON NXOODQÖP
Hû\DODUÖQGD ELOH JL]OLGHQ JL]OL\H YDU RODELOHFHøLQL LûDUHW HWPLûWLU (Q \DOÖQ NDYUDPÖQ
oDNÖûÖN DQOD\ÖûODUÖQ VR\XW YH PLQLPDO SODQODUGD LûOHQPHVL LQVDQÖQ DOÖûDJHOGLøL GûQPH
WDU]ÖQÖQYHVUHFLQLQGHDOWHUQDWLIOHULRODFDøÖQÖJ|VWHUPLûWLU
7PELOLQHQOHULYHEHQLPVHQHQOHULLKODOHGHQVDQDWJHQHGHUXKX\NVHOWPHLûOHYLQL
\HULQHJHWLUPHNWHGLU6DQDWDUDFÖOÖøÖLOH\DUDWÖFÖJFQNDPoÖODPDVÖQDPDUX]NDODQLQVDQ
\DQOÖû WDUDIODUD VDSVD GD \NVHN UXKXQX LGHD\D HULûWLUHFHN PNHPPHOL LFUD HWPHN LoLQ
oDEDOD\DFDNWÖU %X oDEDODPDGD EHONL GH QDWUDOL]PLQ J|VWHUGLøL LQVDQ GRøDVÖQD DLW
QRUPODU ELU VW EHQOLøH NDNÖOPÖû LGHDO VDELWHOHUL KDOLQGH \FHOLN IRUPOQQ
NXUXOPDVÖQÖVDøOD\DFDNWÖU
dQN VDQDW \DUDWÖOPÖû ûH\OHU DUDFÖOÖøÖ LOH LQVDQD WHVLUOHU J|QGHULU 6DQDWÖQ UXKX
\NVHOWPH LûOHYL EX WHVLUOHULQ PXKDWDED XODûPDVÖ YH RQXQ WDUDIÖQGDQ DOJÖODQPDVÖ LOH
PPNQGU 7HVLUOHU ROXPOX RODELOLU YH ROXPVX] GD RODELOLU 6DQDWÖQ ROXPOX WHVLUOHU
KDOLQGHPXKDWDEDXODûPDVÖKX]XUXQNXUXOPDVÖLoLQLVWHQLU2OXPVX]WHVLUOHULQLVHUXKX
KDUHNHWH JHoLUHUHN \DUDWÖFÖOÖN JFQ \NVHOWWLøL GûQOU 7ROVWR\ VDQDWÖQ ´EXODûÖFÖµ
|]HOOLøLQGHQ EDKVHGHUHN LQVDQODU DUDVÖQGD VDQDW HVHUL LOH \D\ÖODQ WHVLUOHULQ SD\ODûÖODUDN
UHGLøLQL E|\OHFH RUWDN ELU KH\HFDQÖQ NXUXOGXøXQX LIDGH HWPLûWLU ùoLQGH \DûDGÖøÖPÖ]
]DPDQGD LVH VDQDW WHPHO LKWL\DoODUÖQ JLGHULOPHVLQH EDøOÖ HNRQRPL PHVHOHOHULQH J|UH
LNLQFL KDWWD oQF SODQGD EÖUDNÖOPÖû JLEL J|UQ\RU R\VD VDQDWÖQ VDQDW RODUDN
LVLPOHQGLULOPHGLøLG|QHPOHUGH\DûDPIDDOL\HWLQLQEDûWDJHOHQWHPHOPHVHOHVLLGLoQN
LQVDQÖQ HUGHPOLOLN J]HOOLN YH EHFHUL JFQQ GHUHFHVLQL J|VWHUL\RUGX 2 G|QHP
LQVDQODUÖQÖQVDQDWODE|\OHVLQHLoLoHELU\DûDPVUGUPHOHULEXJQVDQDWIDDOL\HWLVDQDW
HVHUL RODUDN ELOGLøLPL] UHVLPOHULQ KH\NHOOHULQ WL\DWURQXQ P]LøLQ ûLLU YH GLøHU HGHEL
oDOÖûPD UQOHULQLQ \DûDPÖQ LoLQGH \HU DOPDVÖQGDQ YH WRSOXP ELUH\OHULQLQ HUHøL ROPD
QLWHOLøLQL FDQOÖ WXWPDVÖQGDQGÖ 'LQL PHNkQODU VDUD\ODU |]HQOH \DSÖOPÖû \]H\ VDQDWODUÖ
YH KH\NHOOHUOH PLPDUL X\XPOXOXN LoLQGH GRQDWÖOÖUNHQ HGHEL\DWÖ ROXûWXUDQV|]HO LIDGHOHU
YH P]LN W|UHQVHO NXOODQÖPODUOD NDWÖOÖPD DoÖN WXWXOX\RUGX 6DQDWÖQ E|\OHVLQH KD\DWL ELU
VRUXPOXOXNJLELJ|UQPHVLX]DNGRøXNOWUOHULQGHYXUJXODQÖûÖ\OD|UQHNOHQHELOLU(VNL
dLQ YH -DSRQ WRSOXPODUÖQGD JQ LoLQGH LûH \DUD\DQ Hû\DQÖQ NRQXPX \HUL NXOODQÖP
]DPDQÖ PDQHYL DQODPODUOD EDøGDûWÖUÖOÖ\RU \D GRøD\D \D GD HUGHP YH HGHEH X\JXQOXøX
VRUJXODQÖ\RUGX%DWÖGDLVH(VNL0ÖVÖUGLQVHOW|UHQOHULQLQ<XQDQWL\DWURDQOD\ÖûÖQÖQLFUD
HGHQOHU YH PXKDWDEÖ KDON DUDVÖQGD QDVÖO SD\ODûÖOGÖøÖ KDWÖUODQPDOÖGÖU 0RGHUQL]P LOH
JHOLûHQ´KHUûH\LQVDQDWROPD´SRWDQVL\HOLWDûÖGÖøÖGûQFHVLEDûNDGûQFHOHUDUDVÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
HUL\HUHN JHUoHNWH PDQDQÖQ KHU WU PDGGL \DSÖ LoLQGH \RO DOGÖøÖ ELOJLVLQLQ DUNDVÖQD
VDNODQPÖûWÖUYHVDQDWÖQJHQHUHVLPKH\NHOP]LNûLLUJLELDODQODUGDYDUOÖNJ|VWHUHQELU
ONV ROGXøX GûQFHVLQH KHUNHV LQDQPÖûWÖU (YHW LQVDQÖQ PDQHYL GHøHUOHULQLQ PDGGH
LOH \RøUXODUDN RUWD\D NRQPDVÖ LoLQGH \DûDGÖøÖPÖ] ]DPDQGD VDQDWÖQ ELU DUND SODQGD
LKPDO HGLOPLû ROGXøX \DUJÖVÖQD YDUÖOPDVÖQD \RO DoÖ\RU DQFDN VDQDW JQP] LQVDQÖQÖQ
PDQD LOH LOLûNLVLQL VW |UWO ELU ]HPLQGH DNDQ ELU \HUDOWÖ VX\X JLEL GHULQGHQ GHULQH
VUGU\RU 1H YDU NL EX GXUXP PDQD\D DWIHGLOPLû GHøHUOHUL GHøLûWLUL\RU YH PDQDQÖQ
JFQ ]D\ÖIODWÖ\RU $QFDN LoLQGH \DûDQDQ ûX ]DPDQGD \DSÖWODUGDQ EHOLUOL WUOHUGH
\D\ÖODQ YH KHUNHVoH SD\ODûÖODQ KH\HFDQODUÖ EXODûWÖUDQ WHVLUOHU \HULQH \D VDQDW VHYL\HVLQH
\NVHOHPHPLû \R] LOHWLOHU \D GD ûRN HWNLVL \DSDUDN PXKDWDEÖ UXKVDO NDUJDûD\D GûUHQ
D\NÖUÖWHVLUOHU\D\ÖOÖ\RU6DQDWÖQLoHULøL\OH\DGD\DSÖVÖ\ODLQVDQÖQDNOÖQÖGX\JXGQ\DVÖQÖ
KD\DO JFQ JHOLûWLUHELOHFHøL UXK \NVHOWHQ WHVLUOHU RQD PXKDWDS RODELOHQ D] VD\ÖGDNL
LQVDQWDUDIÖQGDQDOJÖODQDELOL\RU
%LU VDQDW HVHULQGHQ \D\ÖODQ WHVLUOHULQ QLWHOLøL YH JF RQD PXKDWDS RODQ LQVDQÖQ
JHQHO YH R DQGDNL UXK GXUXPXQD GD EDøOÖ RODUDN IDUNOÖODûPDNWDGÖU %X GD VDQDWÖQ
LûOHYLQL QDVÖO \DSWÖøÖ LûOHYLQL \DSÖS \DSPDGÖøÖ NRQXVXQGD EHOOL ELU VRQXFD YDUPD\Ö
]RUODûWÖUÖU %D]Ö VDQDW HVHUOHUL NRQX YH \DSÖ LWLEDUÖ\OD ELOLQH JHOHQ YH ROXPOX LOHWLOHU
WDûÖ\DQ J|UQPGH RODELOLU $QFDN VDQDWNDUÖQ UXKXQGD LQVDQ LoLQ QRUPDO ROPD\DQ
|UWN NDOPÖû VDSÖQoODU ERûOXNODU GD RODELOLU %XQODU VDQDW HVHULQGHQ PXKDWDED DOJÖ
HûLøL DOWÖQGD XODûDUDN V|]HO WDULIH oÖNDPD\DQ WHVLUOHU KDOLQGH EXODûDELOLU 3ODWRQ SODVWLN
VDQDWODUÖ NDVWHGHUHN VDQDWÖQ oRFXNODU YH VDI LQVDQODU ]HULQGH JHUoHNOHUH NDUûÖ
\DEDQFÖODûWÖUÖFÖ DOGDWÖFÖ ELU HWNLVL ROGXøXQX LGGLD HGHU 7ROVWR\ NH]D FLQVHOOLøLQ VDQDW
HVHUOHUL
DUDFÖOÖøÖ
LOH
VXQXOPDVÖQÖQ
RUWDODPD
LQVDQODU
DUDVÖQGD
ûHKYHWH
HøLOLPL
EXODûWÖUDUDNRQODUÖQDNÖOODUÖQÖFLQVHONRQXODUDoHOHFHøLQL|UQHNYHUHUHNDQODWÖU
%X GXUXPGD VDQDWÖQ WRSOXP LoLQ YH VDQDW LoLQ D\UÖ D\UÖ GûQOPHVL JHUHøL V|]
NRQXVXRODELOLUúHKLUPH\GDQODUÖQGDSDUNODUGD\D\ÖQDUDFÖODUÖ\ODKDONDVXQXODFDNVDQDW
WHVLUOHULQLQ R WRSOXPX ELUH\OHULQLQ \DSÖVÖ YH WRSOXP UXKXQXQ LKWL\DoODUÖ J|] |QQH
DOÖQDUDN LQFHOHGLNWHQ VRQUD EHOLUOHQHQ ELU SROLWLND GRøUXOWXVXQGD \D\ÖOPDVÖ DNOD X\JXQ
J|UQPHNWHGLU dRFXNODU YH VDI LQVDQODU JQON \DûDPGD HVWHWLN JF D\NÖUÖ ILNLUOHUOH
\NVHOWLOPLû HVHUOHULQ VDUVÖFÖ ûRNODUÖQGDQ NRUXQXU YH UXK \NVHOWLFL KH\HFDQODUÖ
EXODûWÖUDQWHVLUOHUHPXKDWDSROXUNHQVDQDWNHQGL|]JU\ROXQGD\U\HFHNWLU
.DQXQODUVDQDWHVHUOHULQLQWHVLUJFQYHVRQXoWDLQVDQUXKX]HULQGHNLLûOHYOHULQL
J|] |QQH DODUDN VDQDWÖQ WRSOXPOD HWNLOHûLPLQL G]HQOHPHOLGLU %XQXQ LoLQ VDQDW
HVHUOHULQLQ EHOOL UXK G]H\OHUL LoLQ X\JXQ WHVLUOHUL GûQOHUHN oRN VD\ÖGD UHWLOPHOL
oRøDOWÖOPDOÖ \D\ÖOPDOÖ NXOODQÖPD VXQXOPDOÖGÖU %X NRQXGD PHYFXW )LNLU YH 6DQDW
(VHUOHUL .DQXQX GDKD oRN ILNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖ ]HULQH RGDNODQPÖû
ILNUH YH VDQDW HVHUOHULQH PXKDWDS ROPD GXUXPXQGDNL LQVDQODUÖQ KDNODUÖQÖ J|] DUGÖ
HWPLû J|UQPHNWHGLU )LNLU YH VDQDW HVHUL VDKLELQLQ KDNODUÖQÖ L]LQVL] YH XVXOV]
NXOODQPD\D NDUûÖ NRUXPD JHWLULOLUNHQ ILNLU YH VDQDWÖQ KDOND PDO HGLOPHVL E|\OHFH DVÖO
NXOODQÖFÖVÖ KDON LoLQ PDOL HQJHOOHU NDOGÖUÖODUDN \D\JÖQODûWÖUÖOPDVÖ GûQFHVL LKPDO
HGLOPLûWLU 2\VD VDQDWÖ HVHUOHULQ EXODûÖFÖ JF LOH SD\ODûÖPD DoPDN WRSOXPVDO UXKXQ
\NVHOWLOPHVL LoLQ ûDUWWÖU $NVL KDOGH PH\GDQ EXODQ ERûOXNWD VDQDW DGÖQD VDQDW
VHYL\HVLQHoÖNDPDPÖûLûOHU\D\JÖQODûDUDN\HQLHWLNVRUXQODUÖQRUWD\DoÖNPDVÖQD\RODoDU
(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN(OH
$OÖQÖû6ÖNOÖøÖ
<UG'Ro'U$OL+DOÖFÖ *LULû
(WLN \DNODûÖN VHQHGLU |]HOOLNOH IHOVHIHFLOHU WDUDIÖQGDQ WDUWÖûÖOPDNWDGÖU %X VUH
LoLQGHQH\LQL\LYHGRøUX\DGDN|WYH\DQOÖûROGXøXQD\|QHOLNoRNIDUNOÖ\DNODûÖPODUD
UDVWODQPDNWDGÖU
+DOÖFÖ
%X
\DNODûÖPODUÖQ
IDUNOÖ
VÖQÖIODQGÖUPDODUÖQD
UDVWODQÖOGÖøÖ KDOGH HQ VÖN NXOODQÖODQ D\UÖP DQDOLWLN YH QRUPDWLI \DNODûÖPODU ûHNOLQGHGLU
1RUPDWLI \DNODûÖPODUÖ LVH JHQHO QRUPDWLI HWLN YH X\JXODPDOÖ QRUPDWLI HWLN ûHNOLQGH
D\ÖUPDNPPNQGU%HDXFKDPS
8\JXODPDOÖ HWLN NLûLVHO VRV\DO SROLWLN YH\D SUDWLN KHUKDQJL ELU HWLNVHO SUREOHPLQ
LQFHOHQPHVLGLU %LU EDûND LIDGH LOH NXUDOODU SUHQVLSOHU LGHDOOHU YH GHøHUOHU JLEL
ELUH\OHULQ \D GD JUXSODUÖQ GDYUDQÖûODUÖQÖ GHøHUOHQGLUHQ HWLNVHO XQVXUODUÖQ SUDWLN
QHGHQVHOOHûWLULOPHVLGLU(QF\ORSHGLDRI(WKLFV*HQHORODUDNWÖSLûOHWPH
EDVÖQYEDODQODUGDNLHWLNVHOROD\YHSUREOHPOHULLoHUPHNWHGLU
ùûWH X\JXODPDOÖ HWLøLQ VÖQÖUVÖ] DODQODUÖ LoLQGH \HU DODQ HWLNVHO ROD\ YH SUREOHPOHU
oHûLWOL DUDûWÖUPDODUD NRQX ROPXûWXU 0HVOHNL HWLøLQ JLGHUHN GDKD ID]OD WDUWÖûÖOGÖøÖ YH
|]HOOLNOHWÖSHWLøLQLQ]HULQGHoDOÖûPDODUROGXøXELOLQPHNWHGLU.XoXUDGL$QFDN
KDQJL DODQODUÖQ QH NDGDU VÖNOÖNOD WDUWÖûÖOGÖøÖ NRQXVXQGD OLWHUDWUGH KHUKDQJL ELU
oDOÖûPD\DUDVWODQDPDPÖûWÖU
'LøHU WDUDIWDQ DNDGHPLN oDOÖûPDODUÖQ \DQÖQGD JQON KD\DWWD \DSÖODQ HWLN NDSVDPOÖ
WDUWÖûPDODUÖQ EHOLUOHQPHVL JQGHPLQ RUWD\D NRQPDVÖ DoÖVÖQGDQ |QHPOLGLU %|\OHOLNOH
NLûLVHO
\D
GD
VRV\DO
SROLWLN
\D
GD
SUDWLN
ROD\ODUÖQ
YH
SUREOHPOHULQ
VDøOÖNOÖ
EHOLUOHQHELOPHVL LPNDQÖ RODFDNWÖU +Lo NXûNXVX] NL LKWL\DoODUÖQ NDUûÖODQPDVÖQD \|QHOLN
WDUWÖûPDODUGRøUXYHL\L\LEXOPD\DNDWNÖJHWLUHFHNWLU
$UDûWÖUPD'L]D\QÖYH%XOJXODUÖ
$UDûWÖUPDQÖQ$PDFÖ
%X EDøODPGD DUDûWÖUPDQÖQ DPDFÖ HWLN NRQXVXQXQ7UN\D]ÖOÖ EDVÖQÖQGD HOH DOÖQGÖøÖ
DODQODUÖQYHEXDODQODUGDNXOODQÖPVÖNOÖøÖQÖQEHOLUOHQPHVLGLU%|\OHOLNOHHWLNNDYUDPÖQÖQ
|]HOOLNOH JQGHPGHEXOXQDQ NXOODQÖP DODQODUÖ EHOLUOHQHFHNWLU%XQXQOD ELUOLNWH oDOÖûPD
X\JXODPDOÖHWLøLQ|QFHOLNOLDUDûWÖUPDDODQODUÖQÖQWHVSLWLQGH\ROJ|VWHULFLRODFDNWÖU
<D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ HOH DOÖQGÖøÖ DODQODUÖQ EHOLUOHQPHVL LoLQ HWQRJUDILN
YHULOHUH
LKWL\Do
YDUGÖU
'ROD\ÖVÖ\OD
\DSÖODQ
oDOÖûPD
HWQRJUDILN
ELU
DUDûWÖUPD\Ö
NDSVDPDNWDGÖU
%X QHGHQOH 7UNL\H·GH \D]ÖOÖ EDVÖQÖQ HWLN NDYUDPÖQÖ NXOODQGÖøÖ \D GD WDUWÖûWÖøÖ
\D]ÖODUÖQEHOLUOHQPHVL\ROXQDJLGLOPLûWLU
$UDûWÖUPDQÖQ$ODQÖ
$UDûWÖUPD DODQÖ RODUDN JQON KD\DWÖQ WDNLELQGH HWNLQ URO VWOHQHQ 7UNL\H
JHQHOLQGHoÖNDQJQONJD]HWHOHUVHoLOPLûWLUdQNJD]HWHOHUJQGHPLQWDNLELQGHHWNLQ
%DûNHQWhQLYHUVLWHVL8\JXODPDOÖ%LOLPOHU<NVHNRNXOX
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
URO R\QDPDNWD IDUNOÖ ]DPDQODUGD WDNLS HGLOHELOPHNWH YH JD]HWHOHULQ PHVDMODUÖQÖQ
VDNODQDELOLU|]HOOLøLEXOXQPDNWDGÖU$\UÖFDRNX\XFXNDWVD\ÖVÖ\NVHNOLøLV|]NRQXVXGXU
$UDûWÖUPD |UQHNOHPL VHoLOLUNHQ LVH JD]HWHOHULQ WLUDMÖ YH HOHNWURQLN RUWDPGD DUûLY
KL]PHWL YHUPH |]HOOLøL J|] |QQGH WXWXOPXûWXU $UDûWÖUPDQÖQ WDVDUÖPÖQGD 7UNL\H
JHQHOLQGHJQONWLUDMODUÖQ·VLQLROXûWXUDQJD]HWHOHUHXODûÖOPDVÖDPDoODQPÖûWÖU
%XQD J|UH 7DEOR ·GH J|UOGø JLEL DUDûWÖUPD |UQHNOHPL &XPKXUL\HW )RWRPDo +UUL\HW 7UNL\H 5DGLNDO 6DEDK =DPDQ JD]HWHOHUL YH KHSVLQLQ HN \D\ÖQODUÖGÖU %LU EDûND GH\LûOH DUDûWÖUPD\D
\|QHOLNWDUDPDV|]NRQXVXJD]HWHOHUYHHN\D\ÖQODUÖQGDQJHUoHNOHûWLULOPLûWLU$UDûWÖUPD
|UQHNOHPL
LOH
RUWDODPD
WLUDMD
XODûPD
RUDQÖ
ROPXûWXU
$UDûWÖUPDQÖQ
|UQHNOHPLQGH 0LOOL\HW WLUDMÖ *D]HWHVL GH EXOXQPDVÖQD UDøPHQ DUûLYOHULQH
XODûÖODPDPDVÖ
QHGHQL\OH
GHøHUOHQGLUPH\H
DOÖQDPDPÖûWÖU
%|\OHOLNOH
XODûÖOPDVÖ
KHVDSODQDQ ·OXN WLUDMÖ ROXûWXUDQ JD]HWHOHUH XODûPD KHGHIL RODUDN
JHUoHNOHûPLûWLU
(NLP WDULKOHUL DUDVÖQGD 7UNL\H·GH \D\ÖQODQDQ WP JD]HWHOHULQ KDIWDOÖN
RUWDODPD WLUDM WRSODPÖ ·GXU 0HG\D 3D] $ú gUQHNOHP RODUDN VHoLOHQ
JD]HWHOHULQD\QÖWDULKOHUGHKDIWDOÖNRUWDODPDWLUDMWRSODPÖLVH·WU
7DEORgUQHNOHPRODUDNVHoLOHQJD]HWHOHULQJQONWLUDMODUÖ
*D]HWH
(NLP2UWDODPD7LUDM
&XPKXUL\HW
)RWRPDo
+UUL\HW
7UNL\H
5DGLNDO
6DEDK
=DPDQ
7RSODP
7PWLUDMODUWRSODP
8ODûPDRUDQÖ
9HULOHULQ7RSODQPDYH'HøHUOHQGLULOPH<|QWHPL
$UDûWÖUPD HOHNWURQLN RUWDPGD EXOXQDQ WP JD]HWHOHULQ EDVÖQ DUûLYOHULQGHQ WDUDPD
\DSÖODUDNJHUoHNOHûWLULOPLûWLU
$UDûWÖUPDQÖQ
DPDFÖQÖ
JHUoHNOHûWLUHELOPHN
LoLQ
DûDøÖGD
YHULOHQ
EDVDPDNODU
X\JXODQPÖûWÖU
#
7UNL\HJHQHOLQGHGDøÖWÖPÖRODQJD]HWHOHUYHHQVRQYHULOHUHJ|UHEXJD]HWHOHULQ
#
*D]HWHOHU LoLQGHQ WLUDM DUûLY WDUDPD NROD\OÖøÖ |OoOHUL HOHNWURQLN DUûLY WDUDPD
JQONWLUDMODUÖEHOLUOHQPLûWLU
KL]PHWL YHUPH YH |UQHNOHP E\NOøQH XODûPD |OoOHUL GLNNDWH DOÖQDUDN
|UQHNOHPVHoLOPLûWLU
#
gUQHNOHP RODUDN VHoLOHQ JD]HWHOHULQ KDEHUOHULQL VÖQÖIODQGÖUGÖøÖ WHPHO DODQODU
WHVSLW
HGLOPLû
YH
NDUûÖODûWÖUPDOÖ
NRQWUROOHUL
\DSÖODUDN
DUDODUÖQGD
DQODPOÖ
IDUNOÖODûPDROXSROPDGÖøÖDUDûWÖUÖOPÖûWÖU
#
)DUNOÖODûPDQÖQ
ROPDGÖøÖ
VÖQÖIODQGÖUÖOPDVÖQGD
EHOLUOHQHUHN
NXOODQÖODELOHFHøLQH
EHOLUOHQHQ
NDUDU
WHPHO
YHULOPLûWLU
DODQODUÖQ
\D]ÖODUÖQ
%XQODU
SROLWLND
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
HNRQRPL VSRU ELOLP YH WHNQRORML VDøOÖN NOWU YH VDQDW GQ\D YH \DûDP
ûHNOLQGHGLU
#
6HoLOHQJD]HWHOHULQDUûLYOHULQHJHUL\HG|QNDUûLYWDUDPDNÖVÖWODUÖGLNNDWHDOÖQPÖû
YHWDUDPDQÖQ\ÖOODUÖDUDVÖQGD\DSÖODELOHFHøLRUWD\DoÖNPÖûWÖU
#
*D]HWH DUûLYOHULQH JLUHELOPHN LoLQ oHûLWOL JD]HWHOHU WDUDIÖQGDQ LVWHQHQ FUHWOL \D
GDFUHWVL]DERQHOLNLûOHPOHULJHUoHNOHûWLULOPLûWLU
#
(WLN NHOLPHVL KHU ELU JD]HWHQLQ DUDPD PRWRUXQD JLULOPLû YH HWLN NDYUDPÖQÖQ
#
7DUDPD .DVÖP WDULKLQGH DUDûWÖUPD JD]HWHOHULQ WDPDPÖQGD D\QÖ ]DPDQ
JHoWLøL\D]ÖODUEHOLUOHQPLûWLU
GLNNDWHDOÖQDUDNELWLULOPLûWLU
#
*HUoHNOHûWLULOHQWDUDPDVRQXFXHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQKDEHULQIDUNOÖ
VD\IDODUGD GHYDP HWPHVL QHGHQL\OH \D GD GHID J|VWHULOHQ KDEHUOHU WHN KDEHU
RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD LoLQGHNLOHU E|OPQGH JHoHQ HWLN V|]FNOHUL
GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL LoLQ DUûLYGH NDUûÖODûÖODQ
KDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE
#
%HOLUOHQHQ \D]ÖODUÖQ WP HOHNWURQLN RUWDPGDQ LQGLULOHUHN oÖNWÖODUÖ DOÖQPÖû YH
|QFHOLNOHJD]HWHLVLPOHULQHJ|UHVÖQÖIODQGÖUÖODUDNDUûLYOHQPLûWLU
#
<D]ÖODUÖQJD]HWHOHUGH\HUDOGÖøÖWHPHODODQEHOOLLVHEXDODQODUDJ|UHVÖQÖIODQGÖUPD
\ROXQDJLGLOPLûWLU
#
<D]ÖODUÖQ JD]HWHOHUGH \HU DOGÖøÖ WHPHO DODQ EHOOL GHøLO \DQL N|ûH \D]ÖODUÖ \D GD
#
<D]ÖODUÖQWHPHODODQODUÖQDOWGLVLSOLQOHULQHJ|UHVÖQÖIODQGÖUÖOPDVÖLoLQWP\D]ÖODUD
ûHKLUVD\IDODUÖQGDLVH\D]ÖODUDLoHULNDQDOL]LX\JXODQDUDNVÖQÖIODQGÖUPD\DSÖOPÖûWÖU
LoHULNDQDOL]LX\JXODQPÖûYHLoHUGLøLNRQXODUDJ|UH\D]ÖODUNRGODQPÖûWÖU
#
<DSÖODQ NRGODPDODU oDUûDI OLVWHOHUGH WRSODQDUDN RUWDN YH \DNÖQ NRGODPDODU ELU
DUD\DJHWLULOPLû\DGDIDUNOÖRUWDNELUNRGYHULOPLûWLU
#
$\UÖFD DGHW NLWDS WDQÖWÖPÖ \D]ÖVÖ NLWDSODUGD HWLN NRQXVX LûOHQGLøL LoLQ
GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP ELU |]HOHûWLUL
\|Q ROPDVÖ KHP GH ELU JD]HWH WHPHO DODQÖ NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ ELU
DODQRODUDNHOHDOÖQPÖûWÖU
#
.RGODPDODUWHNUDUNRQWUROHGLOGLNWHQVRQUDIUHNDQVODUÖVD\ÖOPÖûWÖU
*HoHUOLOLNYH*YHQLOLUOLN
<DSÖODQ DUDûWÖUPDQÖQ JHoHUOLOLøL YH JYHQLOLUOLøL QLWHOLNVHO DUDûWÖUPD NDSVDPÖQGD HOH
DOÖQDFDøÖQGDQ 0LOHV YH +XEHUPDQ·ÖQ QLWHOLNVHO DUDûWÖUPDODU LoLQ JHOLûWLUGLøL NULWHUOHU
0LOHVGLNNDWHDOÖQPÖûEXoHUoHYHGHEHOLUWLOHQ\|QWHPOHUNXOODQÖOPÖûWÖU
$UDûWÖUPDQÖQ6ÖQÖUOÖOÖNODUÖ
*HUHN NXOODQÖP GLOLQGH JHUHNVH DNDGHPLN oDOÖûPDODUGD HWLN YH HWLN LOH \DNÖQ LOLûNLOL
oHûLWOL NDYUDPODUÖQ \DQOÖû NXOODQÖPÖQD ROGXNoD VÖN UDVWODQPDNWDGÖU g]HOOLNOH DKODN YH
HWLN NHOLPHOHUL JQON NXOODQÖPODUGD VÖN VÖN ELUELULQLQ \HULQL DOPDNWDGÖU $QFDN
DUDûWÖUPDGD DKODN NDYUDPÖQÖQ HWLN DQODPÖQGD NXOODQÖOGÖøÖ \D]ÖODUD XODûPD LPNDQÖ
ROPDPÖûWÖU
*D]HWHOHUGH
WHPHO
DODQODUD
\|QHOLN
VD\IDODUÖQ
GÖûÖQGD
\HU
DODQ
\D]ÖODUÖQ
VÖQÖIODQGÖUÖOPDVÖQGD NHVLQ ELU VÖQÖU EHOLUOHPHN PPNQ GHøLOGLU $UDûWÖUPDGD \DSÖODQ
VÖQÖIODQGÖUPDODUD\|QHOLNWDUWÖûPDODURODELOHFHNWLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%XOJXODU
$UDûWÖUPDGD HOGH HGLOHQ EXOJXODU DUDûWÖUPDQÖQ DPDFÖQD \|QHOLN RODUDN |QFHOLNOH
\ÖOODUD YH JD]HWHOHU J|UH RUWD\D oÖNPD VÖNOÖøÖ DoÖVÖQGDQ GHøHUOHQGLULOPHNWHGLU 'DKD
VRQUD LVH NXOODQÖP DODQODUÖQD J|UH VÖQÖIODQGÖUPD \DSÖOPDNWDGÖU 6RQ RODUDN GD
X\JXODPDOÖHWLNDUDûWÖUPDODUÖQDNRQXRODELOHFHøLGûQOHQWDUWÖûPDDODQODUÖJD]HWHOHUGH
\HUDOPDVÖNOÖøÖQDJ|UHEHOLUOHQPHNWHGLU
<D]ÖOÖ EDVÖQGD HWLN NDYUDPÖQÖQ NXOODQÖOGÖøÖ KDEHUOHULQ \ÖOODUD J|UH GDøÖOÖPÖ 7DEOR
·GH YHULOPHNWHGLU %XQD J|UH \ÖOÖQGD \ÖOÖQGD \ÖOÖQGD KDEHUH UDVWODQÖOPÖûWÖU \ÖOÖQGD LVH DUDûWÖUPDQÖQ GHøHUOHQGLULOPHVLQH EDûODQGÖøÖ .DVÖPJQQHNDGDUWRSODPKDEHUYDUGÖU
7DEOR*D]HWHOHUGHoÖNDQHWLNNDSVDPOÖKDEHUOHULQ\ÖOYHD\ODUDJ|UHGDøÖOÖPÖ
$\ODU
2FDN
úXEDW
0DUW
1LVDQ
0D\ÖV
+D]LUDQ
7HPPX]
$øXVWRV
(\OO
(NLP
.DVÖP
$UDOÖN
7RSODP
.DVÖPWDULKOHULDUDVÖ
(WLN NDSVDPOÖ KDEHUOHULQ JD]HWHOHUH J|UH GDøÖOÖPÖ LVH 7DEOR ·GH YHULOPHNWHGLU
'DøÖOÖPGD D\QÖ HOHNWURQLN VLVWHPH EDøOÖ ROGXøX LoLQ ZZZJDULOGLFRPWU (\OO &XPKXUL\HW )RWRPDo YH <HQL\]\ÖO JD]HWHOHULQLQ WRSODP KDEHU VD\ÖODUÖ ELUOLNWH
YHULOPHNWHGLU 6|] NRQXVX JD]HWHOHUGH WRSODP KDEHU VD\ÖVÖ RODUDN J|UOPHNWHGLU
$\QÖûHNLOGHDUDûWÖUPDLoLQGH\HUDODQJD]HWHOHULQDUûLYOHULQHHWLNNHOLPHVLWDUDWÖOGÖøÖQGD
+UUL\HW *D]HWHVLQGH ZZZKXUUL\HWFRPWU (\OO 5DGLNDO *D]HWHVLQGH ZZZUDGLNDOFRPWU (\OO 6DEDK *D]HWHVLQGH ZZZVDEDKFRPWU (\OO
7UNL\H *D]HWHVLQGH ZZZWXUNL\HJD]HWHVLFRPWU (\OO =DPDQ
*D]HWHVLQGH ZZZ]DPDQFRPWU (\OO KDEHU ROGXøX VRQXFX RUWD\D
oÖNPDNWDGÖU
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
7DEOR(WLNNDSVDPOÖKDEHUOHULQJD]HWHOHUHJ|UHGDøÖOÖPÖ
*D]HWHOHU
*|UQWOHQHQ
1HWKDEHU
KDEHUVD\ÖVÖ
VD\ÖVÖ
<]GH
&XPKXUL\HW
)RWRPDo
<HQL\]\ÖO
+UUL\HW
5DGLNDO
6DEDK
7UNL\H
=DPDQ
7RSODP
$QFDNGDKD|QFHEHOLUWLOGLøLJLELHOHNWURQLNDUûLYWDUDPDWDUDIÖQGDQIDUNOÖVD\IDODUGD
GHYDP HGHQ D\QÖ KDEHUOHU D\UÖ D\UÖ VD\ÖOGÖøÖQGDQ oLIW VD\ÖPÖ HQJHOOHPHN LoLQ V|]
NRQXVX KDEHUOHU WHN KDEHU RODUDN GHøHUOHQGLULOPLûWLU $\UÖFD JD]HWHOHULQ LoLQGHNLOHU
E|OPQGH JHoHQ HWLN V|]FNOHUL GLNNDWH DOÖQPDPÖûWÖU $\QÖ ûHNLOGH LoLQGH HWLN JHoWLøL
LoLQDUûLYGHNDUûÖODûÖODQKDEHUOHUGHGHøHUOHQGLULOPHPLûWLUHWLNHWHVWHWLNWHWLNoLYE
7LUDMÖ GûN ROPDVÖQD NDUûÖQ &XPKXUL\HW *D]HWHVL·QGH HWLN NDYUDPÖ GLøHU
JD]HWHOHUGHQ
DQODPOÖ
RODUDN
GDKD
ID]OD
NXOODQÖOPDNWDGÖU
$QFDN
DUDûWÖUPDQÖQ
VÖQÖUOÖOÖNODUÖQGD EHOLUWLOHQ DKODN WHULPLQLQ NDYUDPÖQ \HULQH NXOODQÖOPD GXUXPX VDøOÖNOÖ
GHøHUOHQGLUPH\LHWNLOHPHNWHGLU
(WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD J|UH NXOODQÖP VÖNOÖøÖ LVH 7DEOR ·WH
EHOLUWLOGLøL JLEL 6DøOÖN 3ROLWLND %LOLP 7HNQRORML (NRQRPL 'Q\D
.OWU6DQDW6SRU·GÖU$\UÖFDDGHWNLWDSWDQÖWÖPÖ\D]ÖVÖNLWDSODUGDHWLN
NRQXVX LûOHQGLøL LoLQ GHøHUOHQGLUPH\H DOÖQPÖûWÖU %XQXQOD ELUOLNWH EDVÖQ HWLøL GH KHP
ELU |]HOHûWLUL \|Q ROPDVÖ KHP GH ELU JD]HWH NRQXVX NDGDU HOH DOÖQPDVÖ QHGHQL\OH D\UÖ
ELU DODQ RODUDN HOH DOÖQPÖûWÖU %DVÖQ HWLøL GH JD]HWHOHUGH \D]ÖGD WDUWÖûPD NRQXVX
ROPXûWXU
7DEOR(WLNNDSVDPOÖKDEHUOHULQWHPHODODQODUDJ|UHGDøÖOÖPÖ
7HPHODODQODU
)UHNDQV
<]GH
6DøOÖN
3ROLWLND
%LOLP7HNQRORML
(NRQRPL
'Q\D
.OWU6DQDW
%DVÖQ
.LWDS
6SRU
7RSODP
(WLN NDYUDPÖ NXOODQÖPÖQÖQ JD]HWH NRQXODUÖQD YH NRQXODUÖQ DOW DODQODUÖQD J|UH
GDøÖOÖPÖLVHûXûHNLOGHGLUGDøÖOÖPODUIUHNDQVVÖNOÖøÖQDJ|UHVÖUD\ODYHULOPHNWHGLU
6DøOÖNJHQHODQODPGDWÖSHWLøLRODUDNWDQÖPODQPÖûWÖU$OWWDUWÖûPDDODQODUÖLVH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
#
ùQVDQJHQHWLøLQH|]JHWLNVRUXQODULOHJHQOHU
#
+HUWÖEELJHOLûPHQLQGHQHQPHVLJHUHNOLOLøLWDUWÖûPDODUÖLOHNORQODPD
#
+DQJLNRQXODUGDHøLWLPYHULOPHVLJHUHNWLøLLOHWÖSHWLøLHøLWLPL
#
7ÖEEL PGDKDOHGH KDVWD RQD\Ö KDVWDQÖQ ELOJLOHQGLULOPHVL KDVWD NDUDUÖQÖQ
RWDQWLNOLøL\|Q\OHKDVWDKDNODUÖ
#
+HNLPOHUOHRODQLOLûNLOHULYHWÖSNRQJUHOHULQGHNLVSRQVRUOXNODUÖLOHLODoILUPDODUÖ
#
'RNWRUPGDKDOHVLQLQ\DSÖOÖS\DSÖOPDPDVÖJHUHNWLøL\|Q\OHDoOÖNJUHYOHUL
#
2UJDQ EDøÖûODUÖ YH RUJDQ PDI\DVÖ \|Q\OH RUJDQ QDNOL HWLN WDUWÖûPDODUD NRQX
ROPDNWDGÖU
$\UÖFD|]HOELUNRQXRODUDNWDQÖPODQDQ%DEXQDROD\ÖYDUGÖU%LOLQGLøLJLELLOLNQDNOL
LoLQ EDûODWÖODQ NDPSDQ\DODU NLûL\H |]HO ROPDVÖ YH VXLLVWLPDO HGLOPHVL \|Q\OH HWLN
NDSVDPGDWDUWÖûPDNRQXVXROPXûWXU
3ROLWLND JHQHO DQODPGD VL\DVL HWLN DODQÖ RODUDN WDQÖPODQPÖûWÖU %X WHPHO NRQXQXQ
DOWWDUWÖûPDDODQODUÖDûDøÖGDNLYHULOPHNWHGLU
#
g]HOOLNOH
Lû
GQ\DVÖ
LOH
LOLûNLOHUL
YH SDUWL
GHøLûLNOHUL
LOH
SDUODPHQWR
YH
PLOOHWYHNLOOHULQLQGDYUDQÖûODUÖ
#
ùVWLIDHWPHJHUHNOLOLNOHULDoÖVÖQGDQKNPHWOHUYH%DNDQODU.XUXOX\HOHUL
#
6Dø\DGDVROSDUWLROXûXPODUÖQGDSDUWLFLOLNYHVL\DVLHøLOLPOHUH\|QHOLNHOHûWLULOHU
#
<DVDNODUYHHOHNWURQLNGLQOHPHROD\ODUÖLOHGHPRNUDVL]HULQHWDUWÖûPDODU
#
6L\DVL OLGHUOHU YH FXPKXUEDûNDQODUÖ $PHULND %DûNDQÖ &OLQWRQ GD \DEDQFÖ VL\DVL
OLGHUOHU DUDVÖQGD HQ oRN HWLN NDSVDPGD WDUWÖûPD\D NRQX RODQ VL\DVL OLGHUGLU
WXWXPYHGDYUDQÖûODUÖLOHHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU
%LOLP YH 7HNQRORML JHQHO DQODPGD ELOLPVHO HWLN RODUDN LIDGH HGLOHELOLU %X
NRQXQXQDOWWDUWÖûPDDODQODUÖ
#
%LOLPKÖUVÖ]OÖøÖYHKÖUVÖ]OÖøÖ\DSDQODUÖQDoÖNODQPDVÖ
#
(øLWLPVLVWHPL
#
$UDûWÖUPDHWLøL
#
'RoHQWOLNVÖQDYODUÖQLYHUVLWHOHUGHNLDWDPDODU\|Q\OHDNDGHPLN\NVHOWPHOHU
#
ùQWHUQHW NXOODQÖPÖ ZHE VD\IDODUÖQGDNL DKODN GÖûÖ \D\ÖQODU YH HSRVWD DKODNÖ HWLN
WDUWÖûPDODUDNRQXROPDNWDGÖU
$\UÖFD |]HO ELU NRQX RODUDN WDQÖPODQDQ 7UNL\H·GH \DûDQDQ GHSUHP VRQXFX
DNDGHPLV\HQOHUH \NOHQHQ ELOLP DGDPÖ VRUXPOXOXøX WDUWÖûPDODUÖ YDUGÖU .RQX ELOLP
DGDPODUÖDUDVÖQGDWDUWÖûÖOGÖøÖJLELQLYHUVLWHOHUDUDVÖQGDGDWDUWÖûPDNRQXVXROPDNWDGÖU
(NRQRPLJHQHODQODPGDLûHWLøLRODUDNHOHDOPDNPPNQGU%XDODQGDWDUWÖûÖODQ
NRQXODUVÖUDVÖ\ODûXQODUGÖU
#
5ûYHW\ROVX]OXNODUYHWNHWLFLKDNODUÖ\|Q\OHLûGQ\DVÖ
#
ùûWHQoÖNDUÖOPDYHGûNFUHWOHULLOHLûJ|UHQOHU
#
%DQNDFÖOÖN ']HQOHPH YH 'HQHWOHPH .XUXOX WDUDIÖQGDQKD]ÖUODQDQ HWLN NXUDOODU
#
gGHQPH\HQYHUJLOHUYHYHUJLDIODUÖ
#
2UWD\DoÖNDQROXPVX]VRQXoODUÖLOHNUHVHOOHûPH
#
6RPXWo|]PEXOXQDPDPDVÖYH\DUDWWÖøÖSDKDOÖOÖN\|Q\OHHNRQRPLNNUL]OHU
#
g]HOOHûWLUPH LKDOHOHUL YH KD]LQH DUD]LOHULQLQ VDWÖûÖ HWLN WDUWÖûPDODUD NRQX
YHRIIVKRUHKHVDSODUÖQGDNLX\JXODPDODULOHEDQNDFÖOÖNVHNW|U
ROPDNWDGÖU
'Q\DYH\DûDPNRQXODUÖDOWÖQGD
#
$KODNLGHøHUOHULQQHROGXøX\|Q\OHWRSOXPVDOLOLûNLOHU
#
ùQVDQKDNODUÖ
$OL+DOÖFÖ³(WLN.RQXVXQXQ7UN%DVÖQ<D]ÖPÖQGD7HPHO$ODQODUD<|QHOLN$OH$OÖQÖû6ÖNOÖøÖ
#
<DUJÖYHDGDOHWWH\DûDQDQVRUXQODU
#
dHYUHNRUXPDYHLQVDQOÖøÖQJHOHFHøLLOHLOJLOLoHYUHVRUXQODUÖ
#
'Q\DGD\DûDQDQVDYDûODUoDUSÖûPDODUYHoDWÖûPDODULOHûLGGHW
#
7ÖEEL GHQH\OHUGH NXOODQÖOPD YH LQVDQODUÖQ N|W GDYUDQÖûODUÖ \|Q\OH KD\YDQ
KDNODUÖHWLNNDSVDPGDWDUWÖûÖOPDNWDGÖU
.OWU6DQDWNRQXODUÖDOWÖQGD
#
)HOVHIH\D]ÖODUÖ
#
6DQDWHWLNYHHVWHWLNLOHLOJLOL\D]ÖODUEXOXQPDNWDGÖU
%DVÖQHWLøLDOWÖQGDVÖQÖIODQGÖUÖODQNRQXODULVHûXQODUGÖU
#
+DEHUGRøUXOXøX
#
*L]OLNDPHUDL]LQVL]GLQOHPHYH\D\ÖQ\|Q\OHL]LQVL]\D\ÖQODU
#
0XKDELUGDYUDQÖûODUÖ
.LWDSWDQÖWÖPODUÖ
)HOVHIH
LOHWLûLP
|\N
PDFHUD
YV
NRQXODUVD
\D\ÖQODQDQ
NLWDSODUÖQ
WDQÖWÖP
\D]ÖODUÖQGD NLWDSODUÖQ NRQXODUÖQD SDUDOHO RODUDN HWLN WDUWÖûPDODUD \HU YHULOGLøLQGHQ D\UÖ
ELUDODQRODUDNGHøHUOHQGLUPH\HDOÖQPÖûWÖU
6SRU JHQHO DQODPGD VSRU HWLøL RODUDN WDQÖPODQPÖûWÖU 6SRU HWLøLQGH NRQXODU LNL
WHPHODODQD\|QHOLNRUWD\DoÖNPDNWDGÖU%XQODUIXWEROYHGRSLQJGLU
#
)XWERO)XWEROFXWUDQVIHUOHUL´KOOHFLOLNµRODUDNWDQÖPODQDQIXWEROFXODUÖQÖQ\XUW
GÖûÖQD WUDQVIHU ROXS EHGHOVL] RODUDN 7UNL\H·\H JHUL G|QPHVL NRQXVX VSRU
NXOSOHULQGH
\DSÖODQ
VHoLPOHU
WHNQLN
GLUHNW|U
GDYUDQÖûODUÖ
|]HOOLNOH
VRQ
G|QHPOHUGH'DXP·XQ%HûLNWDû.OXEQHWUDQVIHUL
#
'RSLQJ 7P VSRU GDOODUÖQGD VSRUFXODUÖQ \DSWÖNODUÖ GRSLQJOHU HWLN NDSVDPGD
WDUWÖûÖOPDNWDGÖU
'HøHUOHQGLUPH
7UN\D]ÖOÖEDVÖQÖQGDHWLNNDYUDPÖKHUJHoHQ\ÖOGDKDID]ODLûOHQPHNWHGLU%LUEDûND
LIDGH\OH HWLN JQP]H JHOGLNoH GDKD ID]OD NXOODQÖOÖU KDOH JHOPHNWHGLU $QFDN \ÖOODU
LWLEDUL LOH HWLN WDUWÖûPDODUÖQ DUWÖûODUÖ DUDVÖQGD DQODPOÖ ELU IDUN RUWD\D oÖNPDPDNWDGÖU
'ROD\ÖVÖ\OD DUWÖûODUÖQ NDYUDPÖQ ELU ´PRGDµ DNÖPÖ RODUDN RUWD\D NRQPDVÖ YH 7UNoH·GH
\HQL\HQLNXOODQÖPDODQODUÖEXOPD\DoDOÖûPDVÖQÖQELUVRQXFXRODUDNJ|UOPHNWHGLU
(WLN JD]HWHOHUGH HOH DOÖQPDVÖNOÖøÖQD J|UH WÖS HWLøLVL\DVL HWLN ELOLP HWLøL Lû HWLøL YH
EDVÖQ HWLøL RODUDN RUWD\D oÖNPDNWDGÖU 7ÖS HWLøL HQ HVNL PHVOHNL HWLN WDUWÖûPD
DODQODUÖQGDQELULGLU*QP]GHGHHOHDOÖQPDVÖNOÖøÖGLøHUPHVOHNOHUHJ|UH\NVHNWLU
%XQD NDUûÖQ 7UN WRSOXPXQXQ JQP]GHNL HQ |QHPOL VRUXQODUÖQGDQ ELUL RODQ
VRV\DO YH HNRQRPLN G]HQLQ ER]XNOXøX ]HULQH HWLN WDUWÖûPDODUÖQ ROGXNoD \HWHUVL]
NDOGÖøÖ J|UOPHNWHGLU $UDûWÖUPDGD EHNOHQHQ HNRQRPL\H \D GD Lû GQ\DVÖQD \|QHOLN
HWLNWDUWÖûPDODUÖQGDKDID]OD\DSÖOPDVÖROGXøXKDOGHWÖSVL\DVHWYHELOLPHWLøLQGHQGDKD
D] WDUWÖûÖOPDNWDGÖU %X EDøODPGD Lû GQ\DVÖQÖQ ELU EDVNÖ XQVXUX ROXûWXUPDVÖ NRQXVX
DUDûWÖUÖOPD\D GHøHU J|UOPHNWHGLU %XQXQOD ELUOLNWH WHPHO DODQODUÖQ DOWÖQGD RUWD\D
NRQDQ WDUWÖûPD NRQXODUÖ ]HULQGH |]HOOLNOH |UQHN ROD\ oDOÖûPDODUÖQÖQ JHUoHNOHûWLULOPHVL
PPNQGU %|\OHOLNOH JHQHOOLNOH \DEDQFÖ OLWHUDWUGHQ oHYLUL RODUDN RUWD\D NRQDQ YH
GHøHUOHQGLUPHOHULQGHJoONoHNLOHQROD\ODU\HULQLNOWUP]\DQVÖWDQ|UQHNROD\ODUD
EÖUDNDFDNWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.D\QDNoD
%HDXFKDPS7RP/3KLORVRSKLFDO(WKLFVQG(G0F*UDZ+LOO,QF1HZ<RUN
(QF\FORSHGLDRI(WKLFV(G/DZUHQFH&%HFNHU6W-DPHV3UHVV9RO,/RQGRQ
+DOÖFÖ $OL ´ùû (WLøL YH ù0.%·GH ùûOHP *|UHQ ùûOHWPHOHULQ <D]ÖOÖ YH 5HVPL
$oÖNODPDODUÖQGDNL (WLN ùoHULNOHULQ 7HVSLWLQH <|QHOLN %LU $UDûWÖUPDµ ù0.% 'HUJLVL
6D\Ö
.XoXUDGL ùRDQQD ´8\JXODPDOÖ (WLN .RQJUHVL $oÖOÖû .RQXûPDVÖµ 2UWD 'RøX
7HNQLNhQLYHUVLWHVL
0HG\D 3D]DUODPD $ú (NLP 7DULKOHUL $UDVÖ 7UNL\H *HQHOL *QON 1HW 6DWÖû
YH+DIWDOÖN2UWDODPD6DWÖûODU7DEORVX
0LOHV % 0 4XDOLWDWLYH 'DWD $QDO]VLV $Q ([SDQGHG 6RXUFH %RRN QG (G 7KRXVDQG
2DNV&$6DJH
ZZZJDULOGLFRPWU
ZZZKXUUL\HWFRPWU
ZZZUDGLNDOFRPWU
ZZZVDEDKFRPWU
ZZZWXUNL\HJD]HWHVLFRPWU
ZZZ]DPDQFRPWU
dDøÖPÖ]GDYH(WLNWH%XQDOÖP
3URI'U6HYJLù\L <DSDFDøÖPNRQXûPDGDJQP]GQ\DVÖQÖQGXUXPXQDJHQHOoL]JLOHUL\OHGHøLQHUHN
EXJQ LQVDQ YH \DûDPOD LOJLOL |]HO ELU |QHP DU] HGHQ NLPL SUREOHPOHUH o|]P DUDPD
\|QHOLPOHUL ]HULQGH GXUDFDøÖP $øÖUOÖNOÖ ûHNLOGH HWLøH \|QHOLN ELU LOJL ûHNOLQGH EHOLUHQ
EX\|QHOLPHLOLûNLQGûQGNOHULPLV|\OH\HFHøLP
dDøÖPÖ]ÖQ NHQGLQH |]J VRUXQODUÖ DUWÖN NDSÖGD EHNOH\HQ VRUXQODU ROPDNWDQ oÖNÖS
LoHUL\H JLUPLû VRUXQODU ROPDODUÖQGDQ GROD\Ö KLoELU |QJ|U JHUHNWLUPHNVL]LQ KHPHQ
KHUNHVoH J|UOHELOHFHN GXUXPGDGÖU ùoLQGH \DûDGÖøÖPÖ] GQ\D KHP oHYUH YH GRøD
NRûXOODUÖ KHP GH PHYFXW WRSOXPVDO G]HQOHPHOHU |]HOOLNOH HNRQRPLN VL\DVDO YH
KXNXNVDO G]HQOHPHOHU EDNÖPÖQGDQ E\N VÖNÖQWÖ LoLQGHGLU %X GXUXP LQVDQ \DûDPÖQÖ
KHU\|Q\OHoHSHoHYUHVDUÖSNXûDWPDNWDYHLQVDQGDDøÖUELUEXQDOÖP\DUDWPDNWDGÖU
%XJQNDUûÖNDUûÖ\DNDOGÖøÖPÖ]YHJHOHFHNWHGHNDODFDNJLELJ|UQGøP]WHKOLNH\L
|QFHGHQ J|UHUHN ´PRGHUQ GQ\DµQÖQ DUWÖN DoÖNoD RUWDGD RODQ ROJXODUÖQD LûDUHW HWPLû
NLPL ILOR]RIODUÖ |]HOOLNOH WHPHO ND\JÖODUÖQÖQ DOWÖQÖ oL]HUHN KDWÖUODPDNWD \DUDU YDU
%XQODUÖQ DUDVÖQGD LQVDQÖQ YDU ROPDVÖQÖ ELU KLo ROPD\D J|WUHQ ´PRGHUQ GQ\Dµ\Ö
GHøHUOHQGLUHUHN
JLWWLøL
\|Q
NRQXVXQGD
|QHPOL
X\DUÖODUGD
EXOXQDQ
1LHW]VFKH·\L
|QFHOLNOH EHOLUWPHN JHUHNLU <LQH D\QÖ VRUXQD IDUNOÖ ELU \DNODûÖPOD HøLOHUHN ´PRGHUQ
GQ\DµGD ´\XUWVX]µ NDODQ LQVDQÖQ GXUXPXQD o|]P DUD\DQ YH ´GûQOPH\HQµ
oDøÖPÖ]GDEL]L´GûQPH\HµoDøÖUDQ+HLGHJJHU·LXQXWPDPDNJHUHNLU$\UÖFD´PRGHUQ
GQ\Dµ JQP]GH VRV\DO ELOLPOHULQ NLPL DODQODUÖQGD GD \D\JÖQ ûHNLOGH YH ]DPDQ
]DPDQDûÖUÖGHUHFHGHVRUJXODQPDNWDGÖU
<HQL ELU \]\ÖOÖQ HûLøLQGH LQVDQOÖøÖQ JHOGLøL QRNWD QH \D]ÖN NL KLo PHPQXQ HGLFL
GHøLOGLU %X ELOGLøLPL] JLEL 5|QHVDQV·WD \HQLGHQ ELOLQoOHQGLULOHQ LQVDQÖQ YDU ROPDVÖ
GQ\DQÖQ EX GQ\D YH LQVDQÖQ GQ\DVÖ RODUDN \DSÖODQGÖUÖOPDVÖ JHUHNOLOLøL GûQFHVL\OH
EDûOD\DQ WDULKVHO VUHFLQ XODûWÖøÖ QRNWDGÖU %XJQ JHUL\H G|QS EDNÖOGÖøÖQGD DVOÖQGD
LQVDQ LoLQ LVWHQHQLQ oRN X]DøÖQD GûOPû ROGXøX J|UOPHNWH YH ´PRGHUQ GQ\DµQÖQ
EXQDOÖPÖDøÖUELULQVDQOÖNEXQDOÖPÖRODUDNNHQGLQLJ|VWHUPHNWHGLU*QP]GQ\DVÖQÖ
EHOLUOH\HQ GHøHUOHU LQVDQÖ VUHNOL NHQGL YDUOÖN NRûXOODUÖQÖQ X]DøÖQD LWPHNWH SD]DU
HNRQRPLVL\OH \|QOHQHQ WHNQRORML YH RQD EDøÖPOÖ KDOH JHOHQ ELOLP KL]PHW HWWLøL DPDo
EDNÖPÖQGDQ NHQGL ROPDNWDQ oÖNÖS DGHWD WHUVLQH ELU \ROGD LQVDQÖQ \DûDPOD RODQ EDøÖQÖ
NRSDUPDNWDGÖU ùQVDQÖ LQVDQ \DSDQ YDUOÖN NRûXOODUÖ EDNÖPÖQGDQ LQGLUJHQPLû ELU
GQ\DQÖQ GDUOÖøÖ LoLQGH LQVDQ LQVDQ ROPDQÖQ YH YDU ROPDQÖQ GÖûÖQD DWÖOPDNWDGÖU
6RQXoWDEXGQ\DLQVDQÖQWDPELU\DEDQFÖODûPD\DGûWøELUGQ\DROPXûWXU
0RGHUQ oDøÖQ HULûWLøL ´LOHULµ ELU QRNWDGD \HQL ELU GQ\D RODUDN ´PRGHUQ GQ\Dµ\Ö
\DUDWDQ \]\ÖO ELUoRN EDNÖPGDQ |QHPOL ELU \]\ÖOGÖU %LU \DQGD KD\UDQOÖN YHULFL
EXOXûODUÖYH|WH\DQGDJLUGLøLLQVDQOÖNoÖNPD]ÖLOHWXKDIELU\]\ÖO7HNQLøLQRODøDQVW
JHOLûLPLYH\NVHOLûLNDUûÖVÖQGDLQVDQOÖNWDNLGûûYH´o|NQWµEX\]\ÖOÖQEDûoHOLûNLVL
RODUDN NHQGLQL KHUWDUDIWD KLVVHWWLUPHNWHGLU 6ÖQÖUELOPH\HQ WHNQRORMLN LOHUOHPH LoLQGHNL
GQ\DGD LQVDQD LQVDQ RQXUXQD D\NÖUÖ GXUXPODU oRN VÖN \DûDQPDNWD LQVDQOÖNWDNL
8OXGDøhQLYHUVLWHVL)HOVHIH%|OP
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHOLûPH G]H\L LOH WHNQRORMLN LOHUOHPH DUDVÖQGDNL XoXUXP KÖ]OD E\PHNWH YH
GHULQOHûPHNWHGLU ùQVDQÖ KHU DQ NDUûÖODûDELOHFHøL KHU WUO WHKOLNH\H NDUûÖ JYHQFHVL]
KDWWD oDUHVL] EÖUDNDQ EX GXUXPD oDUHOHU DUDQPDNWDGÖU ùûWH JQP]GH HWLøH PHVOHN
HWLNOHUL YH \HQL HWLNOHU RODUDN \D\JÖQ ûHNLOGH DUWDQ LOJL EX GXUXPGDQ EDøÖPVÖ]
GûQOHPH]$QFDN´GûQPHGHNLµE\NELULKPDOGHQGROD\ÖHWLNGÖûÖWXWXOPXûELU
GQ\DQÖQ EXJQ JLUGLøL oÖNPD]GD HWLøH \HQLGHQ |QHP YHUHQ YH RQX WDOHS HGHQ EX
ROXPOX \|QHOLPGH IHOVHIHQLQ LKPDO HGLOPHNWH ROGXøXQX GD J|]GHQ NDoÖUPDPDN
JHUHNLU
%XJQN GQ\DQÖQ oRN FLGGL SUREOHPOHUL YH NLûLOHULQ \DûDUNHQ NLPL ]DPDQ GD
GQ\DQÖQ GXUXPXQGDQ GROD\Ö \] \]H JHOGLNOHUL ED]Ö SUREOHPOHU NDUûÖVÖQGD GRøUXGDQ
HWLøH ELU WDOHS RODUDN EHOLUHQ ELU WXWXP J|UPHNWH\L] 1H YDU NL LQVDQ VRUXQXQD YH\D
HWLøLQ VRUXODUÖQD HøLOPLû ILOR]RIODUÖQ RUWD\D NR\GXøX ELOJLOHULQ ÖûÖøÖQGD EDNÖOGÖøÖQGD
HWLøL LOJL RGDøÖ KDOLQH JHWLUHQ EX WXWXPXQ GD \]\ÖOÖPÖ]ÖQ EDûÖQGD RQX GÖûOD\DQ WXWXP
NDGDUHWLøHX]DNYHHWLøLQGÖûÖQGDNDOGÖøÖEHOLUOHQHELOLU<]\ÖOÖPÖ]ÖQEXLQVDQVRUXQODUÖ
oÖNPD]ÖQGD ´PRGHUQ GQ\DµQÖQ EDûWDQ EHUL HWLNWHQ \RNVXQ NDOPDVÖQÖQ E\N URO
R\QDGÖøÖQÖ ELU |OoGH J|UPHN |QHPOL YH ROXPOX ELU DGÖPGÖU $QFDN IHOVHIHQLQ YH
´GûQPHQLQµKDOLVOLøLNRUXQDPDGÖNoDYHELOPHQLQLQVDQLoLQDQODPÖVRUXOPDGÖNoDEX
\RNVXQOXNEDûNDELUELoLPGHKkOkVUHFHNJLELJ|UQ\RU
(WLøH PHVOHN HWLNOHUL YH \HQL HWLN DUD\ÖûODUÖ RODUDN KÖ]OD DUWDQ LOJL oDøÖPÖ]GDNL
LQVDQOÖN EXQDOÖPÖ\OD LOJLOL ROGXøX NDGDU HWLNWHNL EXQDOÖPOD GD \DNÖQGDQ LOJLOLGLU %LU
\DQGD ´PRGHUQ GQ\DµQÖQ HWLøL LKPDO HGHQ WXWXPXQXQ JHWLUGLøL NLPL VRQXoODU YH
RUWD\D oÖNDQ ROJXODU NDUûÖVÖQGD ELU ûH\OHULQ IDUNÖQD YDUÖOÖS HWLøH \|QHOHUHN oDUH
DUDQPDNWDGÖU DPD |WH \DQGD HWLøLQ NHQGLQH LOLûNLQ ELOJLGH \HWHUOL ELU ELOLQoOHQPH
J|UOHPHPHNWHGLU%XQRNWDGD.XoXUDGL·QLQJQP]GH\HQLGHQ|QHPND]DQDQHWLøH
LOLûNLQ \DSWÖøÖ ûX VDSWDPD\D GLNNDW HWPHNWH \DUDU YDUGÖU ´<]\ÖOÖPÖ]GD HWLN \D\JÖQ ELU
\DNODûÖP RODQ PHWDHWLN LOH QRUPDWLI HWLN DQOD\ÖûODUÖQÖQ ELUOLNWH EHOLUOHGLøL ELU DQOD\ÖûOD
QRUPODUD LOLûNLQ ELU DODQ GL\H J|UOPHNWHGLUµ dHûLWOHUL JLGHUHN DUWDQ PHVOHN HWLNOHUL
LVHEXJQ\D\JÖQûHNLOGHEHQLPVHQHQEXHWLNDQOD\ÖûÖQÖQX\JXODPDDODQÖQGDNL\DQVÖPDVÖ
RODUDNRUWD\DoÖNPDNWDGÖU
2\VD HWLN QH WHN WHN PHVOHNOHUH LOLûNLQ ELU QRUPODU DODQÖ QH GH HYUHQVHO QLWHOLNOL
QRUPODU DODQÖGÖU (WLN WDULKLQGH EXQX J|VWHUHQ |UQHNOHU YDUGÖU $\UÖFD JQP]GH
.XoXUDGL·QLQ HWLN J|Uû YH HWLøH \DNODûÖPÖ EX NRQXGD oRN D\GÖQODWÖFÖ ELU |UQHNWLU
(WLøLQQHROGXøXQXNÖVDFDEHOLUWPHNJHUHNLUVHHWLNIHOVHIHQLQHQHVNLGDOODUÖQGDQYDUOÖN
ELOJL YH PDQWÖN DODQODUÖQGDNL ELOJLOHULQ RQD GRøUX YH RQXQ LoLQ ROGXøX RQGD
WDPDPODQDUDN LQVDQ YDUOÖøÖQD EDøODQÖS DQODP ND]DQGÖøÖ WHPHO ELU ELOJL DODQÖGÖU
.HQGLQH |]J REMHVL YH VRUXODUÖ RODQ ELU ELOPH HWNLQOLøL DODQÖGÖU %X EDNÖPGDQ WÖSNÖ
GLøHU ELOJL DODQODUÖ JLEL ELOJLVHO ELU HWNLQOLN ROXS DVOD QRUPODUD LQGLUJHQHPH] QLWHOLNWH
ELU ELOJL GDOÖGÖU $QFDN EX WHPHO |]HOOLøL J|]GHQ NDoÖUÖOGÖøÖQGD HWLN EXJQ \D\JÖQ
ELoLPL X\JXODPD DODQÖQGD PHVOHN HWLNOHUL RODUDN J|UQHQ ELU QRUPODU EWQ RODUDN
J|UOHELOPHNWHGLU
%X GXUXPGD \]\ÖOÖQ EDûÖQGD HWLøL GÖûOD\DQ WXWXPXQ WHUVLQH ûLPGL RQD E\N
|QHP YHUHQ WXWXP NDUûÖVÖQGD \DQÖOJÖ\D GûPHPHN JHUHNLU (WLøLQ ELOJLVHO QLWHOLøLQL
J|]GHQ NDoÖUDUDN YH E|\OHFH IHOVHIH\H X]DN NDODUDN JQP] GQ\DVÖQÖQ HWLN
WDOHSOHULQH \DQÖW YHULOHELOHFHøLQL EHNOHPHN \DQÖOWÖFÖ RODELOLU dQN JQP]GH oRN
oHûLWOLYH]HQJLQJ|UQPLoLQGHELULOJLRGDøÖKDOLQHJHOHQHWLNKkOkELOLPFLELUDoÖGDQ
J|UOPHNWH YH PHVOHN HWLNOHUL ELoLPL\OH JLGHUHN GDKD GD ELOLPOHûPHNWH VRQXoWD
IHOVHIHGHQ NRSXN NLPL X]PDQOÖN DODQODUÖQD G|QûPHNWHGLU %X DQOD\Öû LoLQGH GH
6HYJLù\L³dDøÖPÖ]GDYH(WLNWH%XQDOÖP
HWLNWHQ JQON \DûD\ÖûÖPÖ]GD YH LûLPL]GH NDUûÖODûWÖøÖPÖ]VRUXQODUGDQ oHYUH VRUXQODUÖQD
NDGDU X]DQDQ KHU WU LQVDQ VRUXQXQD EDøOÖ ûHNLOGH oHûLWOHQHUHN NLPL PHVOHNOHU YH
GQ\D G]H\LQGH QRUPODU JHOLûWLUPHNOH o|]P EXOPDVÖ EHNOHQPHNWHGLU $QFDN ELU
ELOJLDODQÖRODUDNHWLøLQLûL´DKODNQRUPODUÖµ\DGDNLPLRODVÖGXUXPODULoLQL\LYHGRøUX
RODQÖ EHOLUOH\LFL QRUPODU NR\PDN GHøLOGLU %LU ELOJL GDOÖ \D GD IHOVHIH HWNLQOLøL RODUDN
HWLøLQ DVÖO LûOHYL DoÖNODGÖøÖ NLPL NDYUDPODUÖQ ELOJLVL\OH YH HøLOGLøL VRUXQODUD JHWLUGLøL
o|]POHUOH NLûLOHUH \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODU NDUûÖVÖQGD NHQGLOHUL
ELOJL UHWHUHN o|]P EXODELOPHOHUL LoLQ \DUGÖPFÖ ROPDNWÖU %X EDNÖPGDQ HWLøLQ KLoELU
GXUXPGDIHOVHIHGHQNRSPDPDVÖJHUHNLU
%X EDNÖPGDQ JQP]GH HWLøLQ PHVOHN HWLNOHUL RODUDN ELU QRUPODU DODQÖQD
G|QûPHVLQH PHVOHN HWLNOHUL QRUPODUÖQÖQ YH\D HYUHQVHO QLWHOLNOL QRUPODUÖQ EHNOHQHQ
ûH\L QH |OoGH \DSDELOHFHNOHUL NRQXVXQXQ GD KD\OL WDUWÖûPDOÖ ROGXøXQX J|] |QQH
DODUDN GLNNDW HWPHNWH \DUDUYDUGÖU ´(WLN YH +HNLPOLN 6DQDWÖµ DGOÖ \D]ÖVÖQGD WÖS HWLøLQL
LUGHOH\HQ3HWHU.RVORZVNL´L\LLVWHPHROPDNVÖ]ÖQGRøUXELOJLGRøUXH\OHPHJ|WUPH]µ
GL\RU YH ûXQX EHOLUWL\RU ´+LoELU LQVDQ ELU EDûNDVÖQÖ EX DUDGD KHNLPL GH NHQGL
ELOJLVLQLHQHOYHULûOLELoLPGHNXOODQPD\DYHL\L\LLVWHPH\H]RUOD\DPD]µ
.LûLOHULQ LûOHULQL \DSDUODUNHQ LoLQGH EXOXQGXNODUÖ WRSOXPVDO LOLûNLOHU EWQQGH
HOEHWWH \DVD \|QHWPHOLN YH PHVOHNOHULQ |]HOOLøLQH J|UH NLPL Lo LONHOHUOH \DSÖODQ ELU
G]HQOHPH RODFDNWÖU $PD NLûLOHULQ LûLQL \DSDUNHQ \DûDUNHQ YH H\OHUNHQ NDUDUODU
YHULUNHQ NDUûÖODûWÖøÖ VRUXQODUÖQ WHNOLN J|VWHUHQ ûH\OHUH LOLûNLQ ROPDODUÖ QHGHQL\OH GDLPD
QRUPODUÖDûDQNHQGLWHNOLNOHULQGHQRUPODUODHULûLOHPH]RODQELU\|QOHULYDUGÖUg\OH\VH
NLûLOHU \DûDUNHQ YH H\OHUNHQ NDUûÖODûWÖNODUÖ VRUXQODUOD LOJLOL GRøUX o|]POHULQ ELOJLVLQL
KHU WHN GXUXPGD YH EL]]DW NHQGLOHUL UHWPHN ]RUXQGDGÖU %XQXQ DQODPÖ ûXGXU
<DûD\DQYHH\OH\HQKHULQVDQKHUGXUXPGDROPDVDGDNLPLGXUXPODUGDIHOVHIH\DSPDN
]RUXQGDGÖU%X\DûDPÖQJHWLUGLøL|]HOOLNOHGHLQVDQ\DûDPÖQGDKHUKDQJLELUNRûXOGDYH
KHUKDQJLELUûHNLOGHRUWD\DoÖNÖYHUHQVRUXPOXOXøXQXDODOÖP\DGDDOPD\DOÖPRUDGDYDU
RODQHWLNIHQRPHQOHUJHUoHNOLøLQLQJHWLUGLøLELU]RUXQOXOXNWXU
ùQVDQ\DûDPÖQÖQNLPLDODQODUÖQGD|UQHøLQWÖSEDVÖQVL\DVHWJLELYHVRQ]DPDQODUGD
ELOLP DUDûWÖUPDODUÖQGD NDUûÖODûÖODQ HWLN VRUXQODUÖQ oHûLGL YH NDSVDPÖQGDQ GROD\Ö IHOVHIL
ELOJL JHUHNVLQLPL YH IHOVHIH \DSPD JHUHNOLOLøL NHQGLQL GDKD ID]OD KLVVHWWLUPHNWHGLU %X
GXUXPGDHWLNEDNÖPGDQHVDVRODQûH\HøLWLOLUOHUNHQNLûLOHUHELUELoLPGHPXWODNDIHOVHIH
\DSDELOPH
EHFHULVL
NDUûÖODûWÖNODUÖ
ND]DQGÖUPDNWÖU
VRUXQODU
PXWODND
ELU
dQN
ELOPH
PHVOHNOHULQL
YH
ELOJL
\UWUOHUNHQ
RUWD\D
NR\PD
NLûLOHULQ
HWNLQOLøLQL
JHUHNWLUHFHøLQGHQIHOVHIH\DSPDEHFHULVLQLND]DQGÖUPD\|QHOLPLELUHøLWLPHWNLQOLøLQLQ
YD]JHoLOPH] NRûXOX ROPDOÖGÖU %X IHOVHIHQLQ |]\DSÖVÖQGD EXOXQDQ LQVDQD G|QN
LûOHYLQGHQND\QDNODQÖU
gWH \DQGDQ EXJQ GQ\DGD NDUûÖODûÖODQ UNWF ER\XWWDNL VRUXQODU NDUûÖVÖQGD
IHOVHIH YH IHOVHIHGH XODûÖOPÖû EXOXQXODQ ELOJL G]H\L \HWHUVL] GHøLOGLU )LOR]RIODU HWLN
IHQRPHQOHUH GRøUX YH HOYHULûOL \DNODûÖPODU JHOLûWLUPLûWLU ´0RGHUQ GQ\DµGD DûÖOPDVÖ
Jo J|UQHQ VRUXQODU YH EXQFD N|WOøQ ROXS GXUPDVÖ JQP]GH IHOVHIL ELOJL
G]H\LQGHNL \HWHUVL]OLNWHQ GHøLO EX ELOJLQLQ \DûDPOD RODQ EDøÖQÖQ NXUXODPDPDVÖQGDQ
GROD\ÖVÖ\OD ´L\L LVWHPHQLQµ JHQHOOLNOH ELOJLVL]OLN DPD ED]HQ GH ELOLQVH GH ND\ÖWVÖ]OÖN
QHGHQL\OH´LVWHQPHPHVLQGHQµLOHULJHOPHNWHGLU
´0RGHUQ GQ\DµQÖQ oÖNPD]D G|QûHQ VRUXQODUÖQÖ KHU \|QGH GDOJD GDOJD \D\ÖODQ
LQVDQOÖøÖQ EX EXQDOÖPÖQÖ QDVÖO DûDELOLUL]" %XQXQ LoLQ LONLQ ´PRGHUQ GQ\DµQÖQ
GûQVHO DODQGDNL GDøÖOPÖûOÖøÖQGDQ oÖNPDN KHS GDKD ID]OD ELOJL DGÖQD DûÖUÖ ELU
X]PDQODûPDQÖQ JHWLUGLøL ´NOWUV]ONµWHQ NXUWXOPDN \DQL LQVDQÖ \HQLGHQ YDU HWPHN
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHNLU +HLGHJJHU·LQ GH\LûL\OH GLOH JHWLUPHN JHUHNLUVH <HQLoDøÖQ GûQûQGHNL
LKPDOGHQ GROD\Ö XQXWXOPXû RODQ ELU VRUX\X ´9DUOÖøÖQ DQODPÖ VRUXVXQXµ VRUPDN YH
´9DU ROPDµ\Ö \HQLGHQ YDUODûWÖUPDN JHUHNOLGLU %XQX \DSDELOPHN DQFDN VDøODP ELU HWLN
WHPHO]HULQGHPPNQGU'Q\DHWLNELOJLHNVLNOLøLQLQGHQH\LPLQL\HWHULQFH\DûDGÖ
%XJQ ELUELULQGHQ NRSXN X]PDQOÖN DODQODUÖQD G|QûHUHN YDU JF\OH KNP VUHQ
VÖQÖUVÖ] ELOPH WXWNXVX NDUûÖVÖQGD ELOJLQLQ LQVDQ LoLQ GHøHULQLQ YH DQODPÖQÖQ QH ROGXøX
VRUXVXQXDVOÖQGDLQVDQÖQQHROGXøXVRUXVXQXGDKDVÖNVRUPDNJHUHNOLJ|UQPHNWHGLU
%XQXQ \DQÖQGD LQVDQÖQ RQVX] ROXQDPD] ELU GûQVHO HWNLQOLøL RODQ IHOVHIH DODQÖQGD
ELOLPOH GH EWQOHûHQ ELUOLNOL ELU NDYUD\ÖûÖQ ND]DQÖOPDVÖ |]HOOLNOH LQVDQÖQ NHQGL
KDNNÖQGDNL ELOJLVL YH HWLN ELOJLVL LoLQ E\N |QHP WDûÖPDNWDGÖU %X QRNWDGD KHP
\DûDUNHQ YH H\OHUNHQ NDUûÖODûÖODQ VRUXQODUÖQ KHP JHQHOGH GQ\D VRUXQODUÖQÖQ o|]P
LoLQ WHPHOGH GRøUX YH HWNLOL ELU HøLWLP HWNLQOLøLQLQ \DQL IHOVHIL ELU HøLWLPLQ JHUHNOL
ROGXøXQX YXUJXODPDNWD \DUDU YDUGÖU dQN DQFDN GRøUX YH HWNLOL ELU HøLWLPOH JHQHO
RODUDN IHOVHIL ELU HøLWLPOH NLûLOHULQ EWQONO ELU NDYUD\ÖûD YDUPDODUÖ YH E|\OHFH
\DûDUNHQYHH\OHUNHQNDUûÖODûWÖNODUÖHWLNVRUXQODUDo|]PEXOPDODUÖPPNQGU
&XPKXUL\HWLQ NXUXOXû \ÖOODUÖQGD ONHPL]GH HøLWLP HWNLQOLøL\OH LOJLOL E|\OH ELU
NDYUD\ÖûÖQ ROGXøXQX J|UPHNWH\L] %X QRNWDGD VD\ÖQ .XoXUDGL·QLQ GQ \DSWÖøÖ
NRQXûPDGD GLOH JHWLUGLøL ELU D\UÖPÖ ´ELU GHøHU \DUJÖVÖQÖQ ELU GHøHU \DUJÖVÖ\OD oDWÖûPDVÖ
LOH ELU GHøHU \DUJÖVÖQÖQ ELU ELOJL LOH oDWÖûPDVÖµ DUDVÖQGD \DSWÖøÖ D\UÖPÖ YXUJXOD\DUDN
V|]OHULPL .ULWRQ &XUL·QLQ ûX GûQFHVL\OH ELWLUPHN LVWL\RUXP ´dHYUH HWLNoLOLøLQLQ ELU
¶LPDMROXûWXUPD·\ROXROPDVÖQDVRQYHULOPHOLGLUµ
.D\QDNoD
.XoXUDGL ù ´)HOVHIL (WLN YH ¶0HVOHN (WLNOHUL·µ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD
KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV
.RVORZVNL 3 ´(WLN YH +HNLPOLN 6DQDWÖµ (WLN YH 0HVOHN (WLNOHUL \D\ÖQD
KD]ÖUOD\DQ+DUXQ7HSH7UNL\H)HOVHIH.XUXPX$QNDUDV
$J\V
&XUL . ´0HVOHN (WLNOHULQGH <HQL %LU %R\XW dHYUH (WLøLµ (WLN YH 0HVOHN
(WLNOHUL \D\ÖQD KD]ÖUOD\DQ +DUXQ 7HSH 7UNL\H )HOVHIH .XUXPX $QNDUD
V
*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHUL
h]HULQGHNL(WNLVL
'U1XUWHQ.DUD %X WHEOLøGH 7UNL\H·GH JD]HWHFLOHULQ NHQGL VL\DVDO YH NOWUHO ELULNLPOHULQLQ KDEHU
VHoLPOHULQGH HWNLOL ROXS ROPDGÖøÖ ]HULQGH GXUDFDøÖP %XQX JD]HWHFLOHULQ ELUELULQGHQ
IDUNOÖIHPLQLVWNDGÖQKDUHNHWOHULQLKDEHU\DSDUNHQNXOODQGÖNODUÖNULWHUOHUHEDNDUDNRUWD\D
NR\PD\D oDOÖûDFDøÖP )HPLQLVW KDUHNHWOHUL ED] DOPDPGDNL QHGHQ EX KDUHNHWOHULQ
IDUNOÖOÖNODUÖ\ODKHUELULQLQWRSOXPXG|QûWUPHLGHDOLQHVDKLSROPDVÖGÖU
7RSOXPX G|QûWUPH LGHDOLQH VDKLS ROPDVÖQÖ ûX KHGHIOHULQGHQ \ROD oÖNDUDN
V|\O\RUXP
#
NDGÖQODUÖQLQLVL\DWLIYH|]JYHQND]DQPDVÖQÖVDøOD\DFDNoDOÖûPDODU\DSPDODUÖ
#
NHQGLOHUL LoLQ SROLWLND \DSDU KDOH JHOPHOHUL LoLQ ELOLQo \NVHOWPH oDOÖûPDODUÖ
\DSPDODUÖ
#
PHUNH]LROPD\DQ\D\JÖQJHYûHN\HUHO|UJWOHQPHPRGHOOHULVXQPDODUÖ
#
KHU WUO RWRULWH YH KL\HUDUûLQLQ VRUJXODPDVÖQÖ VDøOD\DFDN ROGXNoD ]HQJLQ
PFDGHOHYH|UJWOHQPHGHQH\LPOHULVXQPDODUÖ
7PEXQODUODIHPLQLVWKDUHNHWOHUELUH\LQ|]JUJHOLûLPLQLQ|]JQNRûXOX
RODUDN WDQÖPODGÖøÖ ELU GQ\DQÖQ JHUoHNOHûPHVLQL LVWHUOHU %X GD IHPLQLVW NDGÖQ
KDUHNHWOHULQLWRSOXPVDOKDUHNHW\DSDU
%X IDUNOÖ IHPLQLVW NDGÖQ KDUHNHWOHUL³EX oDOÖûPDGD OLEHUDO UDGLNDO PDUNVLVW
VRV\DOLVW LVODPFÖ KDUHNHWOHU RODUDN \HU DODFDNODUGÖU³NDGÖQODUÖQ H]LOGLøL YH NXUWXOXûODUÖ
LoLQ VWUDWHMLOHU JHOLûWLUPHVL QRNWDVÖQGD ELUOHûLUOHU DPD H]LOPHQLQ QHGHQOHUL YH NXUWXOXûD
JLGHQ\ROODUKDNNÖQGDELUELULQGHQIDUNOÖOÖNODUJ|VWHULUOHU
%XoDOÖûPDJD]HWHFLOHULQIHPLQLVWKDUHNHWOHULIDUNOÖOÖNODUÖLOHQHNDGDUWDQÖGÖNODUÖQÖYH
GÖûDUÖGDQ KHUKDQJL ELU EDVNÖ \D GD NÖVÖWODPDQÖQ ROPDGÖøÖ ELU RUWDPGD \HQL ELU
WRSOXPVDO
KDUHNHW
NDUûÖVÖQGD
JD]HWHFLOHULQ
NXOODQGÖNODUÖ
RUWDN
KDEHU
VHoPH
NDWHJRULOHULQLQYDUROXSROPDGÖøÖQÖRUWD\DoÖNDUPD\ÖKHGHIOHPLûWLU
)HPLQLVWKDUHNHWOHUGHROGXøXJLELWPWRSOXPVDOKDUHNHWOHUJHQHORODUDNLNLWHKOLNH
LOHNDUûÖNDUûÖ\DNDOPÖûODUGÖU
%LULQFLVL ´QRUPDOµ \D GD NXUXPVDOODûWÖUÖOPÖû H\OHPOHUGHQ QLWHOLN RODUDN D\UÖ
WXWXOPDVÖYHEXQHGHQOHGHPDQWÖNVÖ]\DGDROJXQODûPDPÖûRODUDNGHøHUOHQGLULOPHVLLNLQFL
RODUDN GD DPSLULN RODUDN GDKD GHULQ SUREOHPOHULQ \]H\VHO EDûNDOGÖUÖVÖ RODUDN J|UOPHVLQGHQ
´LNLQFLOµSR]LV\RQDLWLOPHVL
<HQL WRSOXPVDO KDUHNHWOHU GHøLûHQ GHøHU \DUJÖODUÖ YH JHOLûHQ DOWHUQDWLI \DûDP
ûHNLOOHUL\OH WRSOXPVDO ELU GHøLûLNOLN JLULûLPL ROPD |]HOOLøL GH WDûÖUODU .OWUHO
PGDKDOHOHU YH \HQL \DûDP WDU]ODUÖ LOH JHOHQHNVHO GHøHUOHUH PH\GDQ RNXUODU gUQHøLQ
.DGÖQKDUHNHWOHULQGHQ
5DGLNDOIHPLQL]PHJ|UH
#
NDGÖQ
HUNHN
DUDVÖQGDNL
HJHPHQOLN
LOLûNLVL
HQ
WHPHO
HJHPHQOLN
.DGÖQODUÖQHQWHPHOPFDGHOHVLHUNHNOHUHNDUûÖYHULOHQPFDGHOHGLU
*D]LhQLYHUVLWHVLùOHWLûLP)DNOWHVL
LOLûNLVLGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
/LEHUDOIHPLQL]PHJ|UH
#
NDGÖQODUDNDUûÖX\JXODQDQD\UÖPFÖOÖNOD\DVDOYHGLøHUUHIRUPODUODEDûHGLOHELOLU
#
WHPHORODUDNHûLWOLNYHELUH\LQ|]HUNOLøL]HULQGHGXUXUODU
0DUNVLVWIHPLQLVWOHUHJ|UH
#
NDGÖQODUÖQ WRSOXPVDO UHWLPLQ GÖûÖQGD WXWXOPDVÖQÖ DVÖO QHGHQ RODUDN DOÖU YH
|]JUOHûPHN LoLQ YHULOHFHN PFDGHOHQLQ NDSLWDOL]PH NDUûÖ YHULOHQ PFDGHOHGHQ
D\ÖUPD]
6RV\DOLVWIHPLQLVWOHUHJ|UH
#
NDGÖQÖQ H]LOPHVLQL SDWULDUNDO LOLûNLOHU YH NDSLWDOL]PLQ ELU |]HOOLøL RODUDN ELUOLNWH
WDUWÖûÖUODU
#
DWDHUNLONDSLWDOL]PQLWHOHPHVL\OHNDGÖQODUÖQH]LOPHVLQLVÖQÖIWHPHOOLDoÖNODUODU
ùVODPFÖPVOPDQIHPLQL]PHJ|UH
#
NDGÖQÖQPRGHUQWRSOXPODUGDH]LOPHVLQHo|]PRODUDN´PDKUHPµDODQÖ|QSODQD
oÖNDUÖUODU
#
PFDGHOHOHULQLPVOPDQNDGÖQRODUDNVUGUUOHU
$QFDNWPEXIHPLQLVWKDUHNHWOHUIDUNOÖOÖNODUÖYXUJXODQDUDNPHG\DGDHûLWûHNLOGHYH
QHVQHO |OoWOHUGH \HU DOPD]ODU =DWHQ PHG\DGD NDGÖQODUÖQ VXQXPXQD LOLûNLQ oDOÖûPDODU
YDUGÖU DPD GRøUXGDQ IHPLQLVW KDUHNHWOHULQ VXQXPXQD LOLûNLQ ELU oDOÖûPD 7UNL\H·GH
\RNWXU
0HG\DGD ED]Ö ROD\ODU VUHNOL RODUDN KDEHU GHøHULQH VDKLSWLUOHU ED]ÖODUÖ LVH
\D\ÖQODQDFDN NDGDU |QHPOL EXOXQPD]ODU +DOEXNL E|\OH ELU VUHoWH VHoLOHQ KDEHUOHULQ
VUHNOL RODUDN \HQLGHQ UHWLOPHVL JLEL VHoLOPH\HQOHULQ GH \HQLGHQ \RN HGLOPHVL V|]
NRQXVXGXU %LU ROD\ KDEHU RODUDN \DQVÖWÖOPÖ\RUVD ]DWHQ LoHULøLQLQ QH GHUHFH GRøUX YH
QHVQHORODUDNYHULOGLøLQLWDUWÖûPDRODQDøÖGDEDûWDQ\RNRODFDNWÖU
+DEHU \DSPD VUHFLQGH KDEHULQ KD]ÖUODQPDVÖ YH VHoLOPHVLQGH NXUXPVDO HNRQRPLN
YH VL\DVDO NÖVÖWODPDODU ELU \DQD EÖUDNÖOGÖøÖQGD PHG\D SURIHV\RQHOOHULQLQ ]HULQGHNL
ELUH\VHO |]QHO NÖVÖWODPDODU |Q SODQD oÖNDU %XUDGD PHG\D SURIHV\RQHOOHUL ELU ROD\D
KDEHU GHøHUL DWIHWPHN LoLQ WRSOXPXQ GLøHU ELUH\OHUL JLEL NHQGL LGHRORMLN YH NOWUHO
DQODP KDULWDODUÖQÖ YH oHUoHYHOHULQL UHIHUDQV RODUDN NXOODQDFDNODUGÖU %X QHGHQOH GH
KDEHUGHJHUoHNOLNRQXKDEHU\DSDQKHUELUELUH\HJ|UHGHøLûNHQRODFDNWÖU
3HGHOW\·QLQ JD]HWHFLOHULQ ELUH\VHO YH RUWDN NOWUHO GHøHUOHULQLQ \D]GÖNODUÖ KDEHU
PHWLQOHULQHE\N|OoGH\DQVÖGÖøÖQÖRUWD\DNR\DQoDOÖûPDODUÖYDUGÖU *RIIPDQ GD ELU JHUoHNOLøLQ DOJÖODQPDVÖ YH \DûDQPDVÖ LoLQ EX JHUoHNOLøLQ LoLQGH
JHOLûWLøL VLVWHPLQ G]HQLQ ELOLQPHVL JHUHNWLUGLøLQL YXUJXODU $QFDN GHQH\LP VDKLEL
ROXQPD\DQ NRQXODUGD QH \DSÖOGÖøÖQD LOLûNLQ WDWPLQ HGLFL ELU DoÖNODPD \DSPD] %X VRQ
GHUHFH |QHPOLGLU dQN JQGHOLN \DûDPD LOLûNLQ ´oHUoHYHOHULQµ ROPDGÖøÖ GXUXPGD
ROD\ODUÖ DOJÖOD\DELOPHN LoLQ JHUHNOL J|QGHUPHOHULQ \DSÖODELOHFHøL UHIHUDQVODUD LKWL\Do
YDUGÖU YH EXQODU ROPDGÖøÖ WDNGLUGH |QHPOL ELU ROD\ IDUN HGLOPH\HQ ELU ROD\D
G|QûHELOLU
%LU WRSOXPXQ JHOLûLP VUHFL LoHULVLQGH SHN oRN WRSOXPVDO KDUHNHW LOH NDUûÖODûPDVÖ
oRN GRøDOGÖU $QFDN EX WRSOXPVDO KDUHNHWOHULQ ED]ÖODUÖQD KDEHU GHøHUL DWIHGLOHUHN
\D\ÖQODQPDVÖ YH ED]ÖODUÖQÖQ GD \RN VD\ÖOPDVÖ VDGHFH KDEHU ROXûXPXQGDNL oHûLWOL VUHo
03HGHOW\´7KH0DUJLQDO0DMRULW\:RPHQ:DU&RUUHVSRQGHQWVLQWKH6DOYDGRUDQ
3UHVV&RUSV$VVRFLDWLRQµ&ULWLFDO6WXGLHVLQ0DVV&RPPXQLFDWLRQ9RO
(*RIIPDQ)UDPH$QDO\VLV$Q(VVD\RQWKH2UJDQL]DWLRQRI([SHULHQFH1HZ<RUN
+DUSHU5RZ3UHVVV
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
YH ]RUOXNODUÖQ YDUOÖøÖ LOH DoÖNODQDPD] dQN L]OH\LFL YH RNX\XFXGDQ X]DN WXWXODQ EX
ROD\ODUÖQ WRSOXPVDO KD\DWÖQ DQODûÖOPDVÖ YH DQODPODQGÖUÖOPDVÖQGD \DSDFDøÖ HWNLOHU \RN
HGLOPLûROXU
)HPLQLVWKDUHNHWOHUVL\DVDONOWUQG|QûPQVDøODPDNLoLQDWÖODQVHVVL]NoN
DPD |QHPOL DGÖPODUGÖU %X QHGHQOH IHPLQLVW KDUHNHWOHU VLYLO WRSOXPXQ |QFV RODUDN
GHøHUOHQGLULOPHOLGLUOHU $OWHUQDWLI ELU VL\DVDO NOWUQ PHG\DGDNL \DQVÖPDODUÖ EXQXQ
WRSOXP LoHULVLQGH YDUOÖøÖQÖQ J|UOPHVL GûQOPHVL \D\JÖQODûPDVÖ YH UHWLOPHVLQLQ
\ROXQX
DoDFDNWÖU
%X
QHGHQOH
IHPLQLVW
NDGÖQ
KDUHNHWOHUL
JLEL
\HQL
WRSOXPVDO
KDUHNHWOHULQ LoHULNOHULQLQ QHVQHO RODUDN KDEHU \DSÖOPDVÖ WRSOXPVDO \HQLOLNOHUH YH
G|QûPHJLGHQ\ROGD|QHPOLELUEDVDPDNRODFDNWÖU
%XQHGHQOHEXoDOÖûPDGDûXVRUX\DFHYDSDUDQPD\DoDOÖûÖOPÖûWÖU
0HG\D SURIHV\RQHOOHUL ]HUOHULQGH HNRQRPLN \D GD NXUXPVDO KHUKDQJL ELU
EDVNÖ XQVXUX ROPDGÖøÖQGD ELOH ELU WRSOXPVDO ROD\D KDEHU GHøHUL DWIHWPHGH
EHOLUOLVHoLPNDOÖSODUÖNXOODQÖ\RUODUPÖ"
.XOODQÖODQ KDEHU VHoPH NDWHJRULOHUL PHG\D SURIHV\RQHOOHULQLQ VL\DVDO YH
NOWUHODUNDSODQODUÖLOHEDøODQWÖOÖPÖ"
%XQXEXODELOPHNLoLQ
0HG\D SURIHV\RQHOOHULQH LoHULVLQGH KHU ELU IHPLQLVW KDUHNHWH GHQN GûHQ |]QHVL
NDGÖQ YH HUNHN RODQ KHP ROXPOX KHP ROXPVX] NXUPDFD KDEHULQ EXOXQGXøX ELU
VRUPDFD YHULOHUHN WHN VRUXPOXQXQ NHQGLOHUL ROGXøX YH KHUKDQJL ELU EDVNÖ XQVXUXQXQ
ROPDGÖøÖ ELU RUWDPGD NHQGL \D\ÖQODUÖQGD EX KDEHUOHUGHQ KDQJLOHULQH \HU YHULS
YHUPH\HFHNOHULQL GRNX]OX ELU GHøHUOHQGLUPH FHWYHOLQGH EHOLUOHPHOHUL LVWHQPLûWLU %X
VRUPDFDYHDQDOL]OHU4PHWRGRORMLVLNXOODQÖODUDN\UWOPûWU
4 PHWRGRORMLVL KDEHU VHoLPLQGH NDUDU YHUPH VUHFLQLQ NDOÖSODUÖQD X\JXQ GûPHVL
QHGHQL\OHLOHWLûLPDODQÖQGDX\JXODQPD\DoRNHOYHULûOLELU\|QWHPGLUKDEHUVHoLPLQGHNL
NDOÖSODUÖ WDQÖPODPDVÖQÖQ \DQÖ VÖUD KDEHULQ \D\ÖQD \D GD EDVNÖ\D KD]ÖUODQPDVÖ VUHFL\OH
GHEHQ]HUOLNJ|VWHULU
%XVHEHSOH|QFHOLNOHKDEHUVHoPHLûOHPLQHoRNX\JXQROPDVÖQGDQGROD\ÖYHLNLQFL
RODUDNGDLQVDQODUÖQ|]QHONULWHUOHULQLQQHOHUROGXøXQXVDSWDPDGDVDøODGÖøÖNROD\OÖNWDQ
GROD\ÖEXoDOÖûPDGD40HWRGRORMLVLNXOODQÖOPÖûWÖU
4 PHWRGRORMLVLQLQ DYDQWDMÖ WHN WHN YDNDODU ]HULQGHQ oDOÖûPDODU \DSPD\Ö PPNQ
NÖOPDVÖGÖU ´7HN YDNDµGDQ NDVÖW oDOÖûPD NDSVDPÖQGDNL ELU WHN NLûL \D GD ELUELUL LOH
HWNLOHûLPKDOLQGHRODQNLûLOHUGHQROXûPXûELUJUXSWXU
%XUDGD \DSÖODQ KHUKDQJL ELU NLûLQLQ EDûND NLûLOHUOH RUWDN |]HOOLNOHULQLQ ROXS
ROPDGÖøÖQÖ RUWD\D oÖNDUDUDN RUWDN |]HOOLøH VDKLS RODQODUÖ JXUXSODQGÖUDELOPHNWLU %HQ]HU
ELUH\OHULQELUDUD\DJHOPHVLGH´RUWDNUHIHUDQVoHUoHYHVLµ RODUDNWDQÖPODQÖU
gUQHNOHP
%XDUDûWÖUPDJD]HWHWHOHYL]\RQYHKDEHUDMDQVODUÖQGDDNWLIRODUDNKDEHU\D]DQ\DGD
GHøHUOHQGLUHQ KDEHU LOH GRøUXGDQ LOLûNLOL NLûLOHU ]HULQGH \DSÖOPÖûWÖU 8ODûÖODELOHFHN
PHYFXW JD]HWHOHUGHQ KHU ELULQLQ JHQHO HGLW|U KDEHU VSRU NDGÖQ YH VRV\DO NRQXODUOD
LOJLOL RODQ SHUVRQHOL DUDûWÖUPD NDSVDPÖQD DOÖQPÖûWÖU $UDûWÖUPD HYUHQLQLQ VDøOÖNOÖ ELU
ûHNLOGHEHOLUOHQHELOPHVLLoLQVDGHFHVDUÖEDVÖQNDUWÖWDûÖ\DQODUDUDûWÖUPDNDSVDPÖQGD\HU
-XP&1XQQDOO\-U,QWURGXFWLRQWR3V\FKRORJLFDO0HDVXUHPHQW1HZ<RUN0F*UDZ+LOOV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
DOPÖûWÖU 6HUEHVW oDOÖûDQODU SDUW WLPH oDOÖûDQODU \D GD oHûLWOL QHGHQOHUOH EDVÖQ NDUWÖ
DODPD\DQDPDDNWLIRODUDNJD]HWHFLOLN\DSDQODUGDoDOÖûPDNDSVDPÖGÖûÖQGDWXWXOPXûWXU
']HOWPHQ WHUFPDQ NDPHUDPDQ PHVVHVH PGU \D GD LGDUL WHPVLOFL JLEL
J|UHYOHUHVDKLSRODUDNVDUÖEDVÖQNDUWÖWDûÖ\DQDQFDNKDEHU\DSÖPÖLOHLOLûNLVLGROD\OÖRODQ
oDOÖûDQODU GD NDSVDP GÖûÖQGD EÖUDNÖOPÖûWÖU dHUoHYHQLQ LoLQGH NDODQODU PXKDELUOHU
LVWLKEDUDW ûHIOHUL KDEHU PGUOHUL \D]Ö LûOHUL PGUOHUL JHQHO \D\ÖQ \|QHWPHQOHUL YH
N|ûH\D]DUODUÖROPXûWXU
7RSODP
NLûL\H
X\JXODQDQ
DQNHWLQ
·LQL
NDGÖQODU
·Q
HUNHNOHU
ROXûWXUPXûWXU
8\JXODQDQ DQNHW oDOÖûPDVÖQGD NDGÖQ YH HUNHNOHU DUDVÖQGD HûLW ELU GDøÖOÖPÖQ
VDøODQPDVÖQD |]HQ J|VWHULOPLûWLU DQFDN ELU HûLWOLN VDøODQPDVÖ PPNQ ROPDPÖûWÖU
%XQXQ VHEHEL PHG\D VHNW|UQGH |]HOOLNOH NDUDU DOPD VHYL\HVLQGH oDOÖûDQ NDGÖQODUÖQ
VD\ÖFDD]OÖøÖGÖU
PXKDELU YH VW G]H\ SR]LV\RQODUGD EXOXQDQ PHG\D SURIHV\RQHOL DUDûWÖUPD
NDSVDPÖLoHULVLQGH\HUDOPÖûWÖU
6L\DVDO
J|UûH
LOLûNLQ
NDWHJRULOHULQ
7UNL\H·QLQ
PHYFXW
VL\DVDO
\DSÖVÖQD
YH
NRûXOODUÖQD X\JXQ LGHRORMLOHUL \DQVÖWPDVÖQD |]HQ J|VWHULOPLûWLU 'HQHNOHUH VL\DVDO
J|UûOHULQL
HQ
L\L
DoÖNOD\DELOHQ
NDYUDPÖQ
QH
ROGXøX
VRUXOPXû
ELU
NHVLQOLN
EHOLUWLOPHPLûWLU
%X oDOÖûPDGD DUDûWÖUPD GHQHNOHULQGHQ ·VLVL\DVDO J|Uû KDNNÖQGDELOJL YHUPHN
LVWHPHPLûWLU
$
$QDOL] %X DQDOL]OHU \DSÖOÖUNHQ VRUXODUÖQ GHøLO \DQÖWOD\DQ NLûLOHULQ DUDVÖQGDNL LOLûNL\H
EDNÖOGÖøÖQGDQNLûLOHUDUDVÖQGDNLIDNW|UDQDOL]LQLQNRUHODV\RQPDWULNVLoÖNDUÖOPÖûWÖU
%XOJXODU
%LULQFL*UXS
7RSODP NLûLQLQ ROXûWXUGXøX EX JUXSWD PHG\D SURIHV\RQHOOHUL |QFHOLNOH
VDQVDV\RQHO RODQ KDEHUOHUL VHoPLûOHUGLU %X VDQVDV\RQHO KDEHUOHU NDGÖQOD LOJLOL DQFDN
KHUKDQJL ELU IHPLQLVW NDGÖQ KDUHNHWLQH GHQN GûPH\HQ KDEHUOHUGLU %N] (N KDEHU
QRJLEL
6L\DVDO J|UûOHUL DoÖVÖQGDQ HûLW ELU GDøÖOÖPÖQ YDU ROGXøX \DQÖW \RN GL\HQOHULQ GH EX
JUXSLoHULVLQGHRUDQÖQGD\HUDOGÖøÖJ|UOU
ùNLQFL*UXS
7RSODPNLûLQLQROXûWXUGXøXLNLQFLJUXSGDYUDQÖûNDOÖEÖQÖQVHUJLOHGLøL|]HOOLNoRN
|QHPOLGLU %X GDYUDQÖû NDOÖEÖQGD UDGLNDO IHPLQLVW NDGÖQ KDUHNHWOHULQH GHQN GûHQ
KDEHUOHU UHGGHGLOLUNHQ OLEHUDO RODQ KHP ROXPOX KHP GH ROXPVX] WP KDEHUOHU
\D\ÖQODQPDNLVWHQPLûWLU
%X
JUXSWD
\HU
DODQ
PHG\D
SURIHV\RQHOOHUL
LQFHOHQGLøLQGH
VL\DVDO
J|UûOHUL
EDNÖPÖQGDQ QHUHGH\VH WDPDPHQ HûLW ELU GDøÖOÖP VHUJLOHGLNOHUL J|UOPûWU .DEXO
J|UHQ WRSOXPVDO GHøHUOHU GÖûÖQGD NDODQ KDEHUOHU PDQWÖN GÖûÖ RODUDN GHøHUOHQGLULOPLûWLU
7RSOXPVDO VDøGX\X NL EX VDGHFH oRøXQOXøD DLW ROGXøX GûQOHQ VDøGX\XGXU KDEHU
VHoLPLQLHWNLOHPLûWLU
$QDOL]OHULQ\DSÖOPDVÖQGD6366SURJUDPÖNXOODQÖOPÖûWÖU
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
hoQF*UXS
%X JUXSWD |]HOOLNOH 5DGLNDO YH ùVODPFÖ IHPLQLVW KDUHNHWOHULQ QHJDWLI RODUDN
J|VWHULOGLøL KDEHUOHU WDPDPHQ UHGGHGLOPLûWLU 6RV\DOLVW YH 0DUNVLVW IHPLQLVW NDGÖQ
KDUHNHWOHULQLQSR]LWLIRODUDNYHULOGLøLKDEHUOHULVH\D\ÖQODQPDNLVWHQPLûWLU
.HQGLVLQL $WDWUNo OLEHUDO PLOOL\HWoL RODUDN WDQÖPOD\DQODUÖQ EX JUXSWDNL GHQHNOHU
DUDVÖQGDKLo\HUDOPDGÖNODUÖEXOJXODUDUDVÖQGDGÖU'HQHNOHULQ·VLQLNHQGLVLQL6RV\DO
'HPRNUDW
YH
0DUNVLVW
RODUDN
WDQÖPOD\DQODU
·LQL
GH
\DQÖW
YHUPH\HQOHU
ROXûWXUPDNWDGÖU
%X GD J|VWHUL\RU NL EX JUXS LoHULVLQGHNLOHU ELU \DQGDQ NHQGL VL\DVDO J|UûOHUL
GRøUXOWXVXQGDNLKDEHUOHULQ\D\ÖQODQPDVÖQÖLVWHUNHQGLøHU\DQGDQGDDQDDNÖPLoHULVLQGH
VDSNÖQ
\D
GD
D\NÖUÖ
RODUDN
WDQÖPODQDQODUÖQ
GD
NHVLQOLNOH
ROXPVX]
RODUDN
\DQVÖWÖOPDVÖQGDQ\DQDGHøLOOHU
'|UGQF*UXS
0DUNVLVWUDGLNDOYHOLEHUDOKHPSR]LWLIKHPGHQHJDWLINDGÖQKDUHNHWOHULQL\DQVÖWDQ
KDEHUOHULQ WPGHQ UHGGHGLOGLøL EX JUXSWD LVODPFÖ YH OLEHUDO NDGÖQ KDUHNHWOHULQLQ GH
|]HOOLNOHNDGÖQODUWDUDIÖQGDQROXPVX]ODQGÖøÖKDEHUOHULQ\D\ÖQODQPDNLVWHQGLøLJ|UOU
%XJUXSWDNL\DQÖWOD\ÖFÖODUÖQ·VÖNHQGLVLQLùVODPFÖRODUDNJHULNDODQÖGD0DUNVLVW
RODUDNWDQÖPODPÖûWÖU
%XJUXSWDNLOHUPHG\DSURIHV\RQHOOHULQLQNHQGLVL\DVDO\DNODûÖPÖQDGHQNGûVHELOH
NDGÖQ KDUHNHWOHULQH LOLûNLQ KDEHUOHUL \D\ÖQODPDN LVWHPHGLNOHULQL RUWD\D NR\DU +DWWD
NHQGL J|UûQH GHQN GûHQ ELU VL\DVDO V|\OHPGH GH NHQGLVLQL ùVODPFÖ RODUDN
WDQÖPOD\DQODUGDROGXøXJLELEL]]DWNDGÖQODUWDUDIÖQGDQEXKDUHNHWLQROXPVX]ODQPDVÖQÖ
GROD\ÖVÖ\OD \RN HGLOPHVLQL \D GD VDoPD J|VWHULOPHVLQL VDøOD\DFDN KDEHUOHUL \D\ÖQODPDN
LVWHGLNOHULRUWD\DoÖNPÖûWÖU
%HûLQFL*UXS
dRøXQOXNOD ùVODPFÖ NDGÖQ KDUHNHWLQH GHQN GûHQOHULQ \DQÖ VÖUD 0DUNVLVW YH UDGLNDO
RODQODUÖQ GD \D\ÖQODQPD\D GHøHU J|UOGø EX JUXSWDNLOHUGH GLøHU WP NDGÖQ
KDUHNHWOHULQLROXPVX]OD\DQKDEHUOHULQUHGGHGLOGLøLELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU
%X
JUXS
LoHULVLQGH
\HU
DODQ
GHQHNOHU
NHQGLOHULQL
GDKD
oRN
OLEHUDO
RODUDN
WDQÖPOD\DQODUGDQ ROXûPDNWDGÖU %X GD NHQGLOHULQL DQDDNÖP IHPLQLVW KDUHNHWOHUH
GûQFH RODUDN GDKD \DNÖQ KLVVHGHELOHFHNOHULQL J|VWHULU *HUoHNWHQ GH DQDDNÖP
IHPLQLVW KDUHNHWOHUL ROXPVX]OD\DQ KDEHUOHUL \D\ÖQODPDN LVWHPHPHNWH DPD NHQGLOHULQH
J|UH DûÖUÖ \D GD VDSNÖQ RODUDN WDQÖPOD\DELOHFHNOHUL KDUHNHWOHUH GHQN GûHQ KDEHUOHUGH
KHPROXPOXKHPGHROXPVX]KDEHUOHUL\D\ÖQODPDNLVWHPHNWHGLUOHUùEUHWROVXQKHUNHV
QHPDOROGXNODUÖQÖJ|UVQ
$OWÖQFÖ*UXS
(UNHNOHU WDUDIÖQGDQ NDGÖQ KDUHNHWOHULQLQ ROXPVX]ODQGÖøÖ KDEHUOHUL \D\ÖQODPDN
LVWH\HQ DQFDN HUNHNOHULQ NDGÖQ KDUHNHWOHULQL GHVWHNOHGLøLQL EHOLUWHQ |]HOOLNOH UDGLNDO
IHPLQL]PGHNLSR]LWLIKDEHUOHULUHGGHGHQELUGDYUDQÖû|]HOOLøLRUWD\DoÖNPÖûWÖU
g]HOOLNOH EX JUXSWD \HU DODQODUÖQ KDEHUVHoLPLQGH FLQVL\HWoL ELU \DNODûÖP NHQGLVLQL
DoÖNoDJ|VWHUPHNWHGLU
<HGLQFL*UXSWD
0DUNVLVW YH ùVODPFÖ IHPLQL]PL ROXPVX]OD\DQ KDEHUOHUH \NVHN KDEHU GHøHUL YHUHQ
YH|]HOOLNOH&XPDUWHVL$QQHOHULLOHLOJLOLRODQKDEHULNHVLQOLNOH\D\ÖQODPD\ÖUHGGHGHQELU
NDOÖS RUWD\D oÖNPÖûWÖU %X JUXSWDNL VL\DVDO J|Uû GDøÖOÖPÖQD EDNWÖøÖPÖ]GD EXQODUÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
·QQ NHQGLVLQL $WDWUNo RODUDN WDQÖPODGÖNODUÖ J|UOU %X JUXS LoHULVLQGH
ùVODPFÖ/LEHUDO\DGD0DUNVLVWVL\DVDOJ|UûOKLoNLPVHEXOXQPDPDNWDGÖU
%X JUXS LoHULVLQGH \HU DODQODU LoLQ PHG\D KHJHPRQ\D NXUPDN LoLQ JoO ELU D\JÖW
RODUDNJ|UOU
6HNL]LQFL*UXS
%XJUXSWDNLOHULoLQKDEHUGHøHULQLHWNLOH\HQEDûNDXQVXUODUÖQYDUOÖøÖQGDQV|]HWPHN
GDKD GRøUX RODFDNWÖU %X JUXSWD \HU DODQODU LoLQ KDEHU XQVXUODUÖQÖQ WDP ROXS ROPDGÖøÖ
GDKDEHOLUOH\LFLROPXûWXU
*UXSWDNLGHQHNOHUGHQ·GHDQNHWVRUXODUÖQÖGLNNDWOLELUûHNLOGHRNXPDODUÖQD
UDøPHQ KHSVLQH NHVLQOLNOH \D\ÖQODUÖP DQODPÖQD JHOHQ SXDQÖQÖ YHUPH\L X\JXQ
J|UPûOHUGLU $QNHW \DQÖWODUÖ DOÖQGÖNWDQ VRQUD \DSÖODQ \] \]H J|UûPHOHUGH EX
NLûLOHULQ DQNHW oDOÖûPDODUÖQÖQ X\JXODQGÖøÖ G|QHPGH JQGHPL \RøXQ ûHNLOGH PHûJXO
HGHQ
0LOOL
*YHQOLN
.XUXOX
.DUDUODUÖ
GRøUXOWXVXQGD
X\JXODQDQ
VÖNÖ
VDQVU
X\JXODPDVÖQD ELU WHSNL RODUDN EX SXDQÖ VHoWLNOHUL DQODûÖOPÖûWÖU %X GD J|VWHUL\RU NL
XOXVDO JYHQOLN V|\OHPL LoHULVLQGH JHOLûWLULOHQ \RøXQ VDQVU X\JXODPDODUÖ JD]HWHFLOHU
]HULQGHE\NELUEDVNÖXQVXUXROXûWXUPDNWDYHKDEHUVHoLPOHULQLHWNLOHPHNWHGLU
%X oDOÖûPDQÖQ VRQXQGD ûX V|\OHQHELOLU ù\L \D GD N|W WP KDEHUOHULQ
\D\ÖQODQPDVÖ \D GD \D\ÖQODQPDPDVÖ ELU \DUJÖQÖQ UQGU <DSÖODQ oDOÖûPD KDEHUGH
NOWUHO YH VL\DVDO ELU WDUDIOÖOÖøÖQ NDoÖQÖOPD] ROGXøXQX RUWD\D NR\PXûWXU DPD EXQXQ
GR]X \D GD \|QQ D\DUODPDN PHG\D SURIHV\RQHOOHUL LoLQ LPNDQVÖ] RODQ ELU ûH\
GHøLOGLU /DNDWRV NDYUDPVDO KDSLVKDQHOHULPL]L EL] NXUX\RUVDN RQODUÖ \ÖNPDN GD EL]LP
HOLPL]GHGLUGHU
%X YHULOHULQ DQDOL]L VRQXFXQGD PHG\D SURIHV\RQHOOHULQLQ NXOODQGÖNODUÖ GRNX] D\UÖ
KDEHU VHoPH NDWHJRULVL RUWD\D oÖNPÖûWÖU %X NDWHJRULOHU PHG\D SURIHV\RQHOOHULQLQ
]HULQGH R\QD\DPD\DFDNODUÖ LoHULøLQL GHIRUPH HGHPH\HFHNOHUL ELU KDEHU KDYX]XQGDQ
\DSWÖNODUÖKDEHUVHoLPOHUL\OHEHOLUOHQPLûWLU
LOH
$UDûWÖUPDVRQXQGD40HWRGRORMLVLLOHVDSWDQDQGRNX]D\UÖKDEHUVHoPHNDWHJRULVL
X\XPOX
WRSODP
GRNX]
IDNW|UJUXS
RUWD\D
oÖNPÖûWÖU
%LULQFLVLQGH
PHG\D
SURIHV\RQHOOHULQLQ|QFHOLNOHIHPLQLVWNDGÖQKDUHNHWOHULLOHLOJLOL\DGDLOJLVL]VDQVDV\RQHO
RODQ KDEHUOHUH KDEHU GHøHUL YHUGLNOHUL J|UOPûWU ùNLQFLVLQGH PRGHUQ NDGÖQ
LPJHVL\OH |UWûHQ OLEHUDO IHPLQL]PLQ GÖûÖQGD NDODQ IHPLQL]POHULQ IDUNOÖ VL\DVDO
J|UûOHUH VDKLS ELU JUXS PHG\D SURIHV\RQHOL WDUDIÖQGDQ JHQHO ELU X]ODûÖ\OD GÖûODQGÖøÖ
DoÖøD oÖNPÖûWÖU $QDDNÖP OLEHUDO IHPLQL]PGHQ D\UÖODQ NDGÖQ KDUHNHWOHUL EX JUXSWDNL
PHG\D
SURIHV\RQHOOHULQFH
J|UPH]GHQ
JHOLQPLûWLU
hoQF
JUXSWD
PHG\D
SURIHV\RQHOOHULQLQ |]HOOLNOH NHQGL VL\DVDO J|UûOHULQH GHQN GûHQ IHPLQLVW NDGÖQ
KDUHNHWOHULQH KDEHU GHøHUL YHUGLNOHUL VDSNÖQ \D GD D\NÖUÖ VD\ÖODELOHFHNOHUL NHVLQOLNOH
UHGGHWWLNOHUL ELU VHoLP RUWD\D oÖNPÖûWÖU '|UGQF JUXSWD |]HOOLNOH NDGÖQODU WDUDIÖQGDQ
ROXPVX]ODQDQ
IHPLQLVW
NDGÖQ
KDUHNHWOHULQH
KDEHU
GHøHUL
YHULOGLøL
J|UOU
%X
JUXSWDNLOHU NDGÖQ KDUHNHWOHULQH NDUûÖ DoÖN ELU NDUDODPD NDWHJRULVLQLQ YDUOÖøÖQÖ RUWD\D
NR\PXûWXU %HûLQFL JUXSWD GHUV YHULFL X\DUÖFÖ QLWHOLNWH ROGXNODUÖ GûQOHQ QHJDWLI
KDEHUOHUH \HU YHULOPLûWLU %LU EDûND GH\LûOH ´LEUHW ROVXQµ \D GD ´KHUNHV QH PDO
ROGXNODUÖQÖ J|UVQµ GL\H |]HOOLNOH QHJDWLI KDEHUOHULQ VHoLOGLøL ELU NDWHJRUL RUWD\D
oÖNDUPÖûWÖU $OWÖQFÖ JUXSWDNLOHU IHPLQLVW NDGÖQ KDUHNHWOHULQL NoPVH\HQ YH DûDøÖOD\DQ
KDWWDHUNHNOHULQEXKDUHNHWOHULQGHVWHNoLVLROPDODUÖQÖ\DQVÖWPDNLVWHPH\HQFLQVL\HWoLELU
\DNODûÖPOD KDEHU VHoLOGLøLQL RUWD\D NR\PXûWXU <HGLQFL JUXS WDPDPHQ VWDWNRFX ELU
KDEHU \DSPD DQOD\ÖûÖQÖQ YDUOÖøÖQÖ J|VWHUPLûWLU <DQL VLVWHPL HOHûWLUHQ QLWHOLNWH \D GD
1XUWHQ.DUD³*D]HWHFLOHULQ.OWUHOYH6L\DVDO$UNDSODQODUÖQÖQ+DEHU6HoLPOHULh]HULQGHNL(WNLVL
´UDGLNDO oÖNÖûODUÖµ ROXPOX J|VWHUHELOHFHøL GûQOHQ KDEHUOHU VHoLOPHPLûWLU 6HNL]LQFL
JUXS KDEHU XQVXUODUÖQÖQ \HULQGH ROPDVÖQÖ \HWHUOL EXODQ IHPLQLVW NDGÖQ KDUHNHWOHUL
DUDVÖQGD VHoLFL ROPD\DQ ELU KDEHU NDOÖEÖQÖ RUWD\D NR\DU 'RNX]XQFX JUXS KNPHW
WDUDIÖQGDQ X\JXODQDQ VÖNÖ VDQVUOHULQ PHG\D SURIHV\RQHOOHUL DUDVÖQGD WHSNLVHO KDEHU
VHoLPL \DSPDODUÖQD QHGHQ ROGXøX RUWD\D oÖNPÖûWÖU %X JUXS LoHULVLQGH \HU DODQODUÖQ
WPQQ HUNHN ROGXøX J|UOPûWU %X GD HUNHNOHULQ \HWNL NXOODQPDGD GDKD UDKDW
GDYUDQGÖNODUÖQÖRUWD\DNR\PDNWDGÖU
(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
6LEHO2NWDU 6RV\DO YH WHNQRORMLN NRûXOODUGDNL GHøLûLPJHOLûPH ûLUNHWOHULQ Lû \DSÖû ûHNLOOHULQL
\|QHWLP WDU]ODUÖQÖ WDPDPHQ GHøLûWLUPLûWLU .DOLWH DUWÖN ûLUNHWOHUL ELUELULQGHQ D\ÖUDQ
IDUNOÖODûPDODUÖQÖVDøOD\DQELUNDYUDPROPDNWDQoÖNÖSLûLQROPD]VDROPD]SDUoDVÖKDOLQH
JHOPLûWLU %X JHOLûLPOH EDøODQWÖOÖ RODUDN ûLUNHW oDOÖûDQODUÖQÖQ NDWNÖ YH GHøHUL LûOHWPHOHU
LoLQ|QHPOLNRQXODUÖQEDûÖQGDJHOPH\HEDûODPÖûWÖU
úLUNHWOHULQKLVVHGDUODUÖQDPûWHULOHULQHNLPûWHULWDQÖPÖVDGHFHûXDQGDRûLUNHWLQ
VDøODGÖøÖ UQ YH KL]PHWWHQ \DUDUODQDQ NLûLOHU ROPDNOD VÖQÖUODQGÖUÖOPD\ÖS SRWDQVL\HO
PûWHULOHUL NDSVDGÖøÖQGD WRSOXPD YH oDOÖûDQODUÖQD NDUûÖ VRUXPOXOXNODUÖ YDUGÖU %X
VRUXPOXOXNODUÖQELULQFLOEHOLUOH\LFLVLYH\|QOHQGLULFLVLûLUNHWLQHWLNoHUoHYHVLQLROXûWXUDQ
DQDGHøHUOHULGLU
%X GHøHUOHULQ ûLUNHWOHU LoLQ |QHPOL ROPDVÖQÖQ VHEHEL QHGLU" <D]ÖOÖ KDOH JHWLULOPHVL
SD\ODûÖOPDVÖ GDYUDQÖû NRGODUÖ RODUDN EHQLPVHQPHVL QHGHQ JHUHNOL" úLUNHWOHU Lû HWLøL
]HULQHQHGHQHøLWLPYHUL\RUODUDQDGHøHUFPOHOHULQLSD\ODûÖ\RUODU"6DGHFHVRQPRGD
LûOHWPH\|QHWLPLVORJDQODUÖROGXøXLoLQPLûLUNHWOHUE|\OHELU\DNODûÖPDVÖFDNEDNÖ\RU"
úLUNHWOHULQ DQD DPDFÖQÖ EDVLW ELU ûHNLOGH DoÖNODPDN JHUHNLUVH X]XQ G|QHPOL NDU YH
JHOLûPH VDøODPDN GL\HELOLUL] %X DPDFD PûWHUL GHYDPOÖOÖøÖQÖ X]XQ VUH VDøOD\DUDN
XODûÖODELOLU$PDFÖVRQXFDEDøOD\DQ]LQFLULQKDONDODUÖQÖGDDPXWOXPûWHULEûLUNHWH
EDøOÖNHQGLQLLûLQHYHUHQ\HWHQHNOLPXWOXYH\HWNLQSHUVRQHOYHFPNHPPHOUQYH
VHUYLV G YL]\RQ YH H X]XQ VUHOL E\PH YH NkU·GDQ ROXûXU 3HN oRN ûLUNHWoH
EHQLPVHQPLû
RODQ
´KL]PHWNkU
]LQFLULµ J|UûQQ
KD\DWD
JHoHELOPHVLJHUoHNOHûHELOPHVL LoLQ KDONDODUÖQ HWNLOHûLP LoLQGH ROPDVÖ JHUHNLU %X
HWNLOHûLP 1HZWRQ·XQ GHYLQLP \DVDVÖQGD EHOLUWWLøL ´X\JXODQDQ KHU NXYYHWLQ WHUV
\|QQGHHûLWE\NONWHELUNXYYHWRUWD\DoÖNDUµJ|UûLOHSDUDOHOOLNJ|VWHULU %XUDGD
NDVWHGLOHQHWNLOHûLPELODUGRWRSODUÖQÖQHWNLOHûLPLQGHQIDUNOÖRODUDNoLIW\|QOYHEHOLUOL
ELU G]HQ LoLQGH ROPDVÖGÖU %X G]HQL KDONDODUÖQ \HU DOGÖøÖ oHUoHYH EHOLUOHU úLUNHWOHUGH
LVH EX HWNLOHûLPLQ JHUoHNOHûPHVL LoLQ JHUHNOL oHUoHYH\L YH GHYLQLPLQ G]HQOL YH oLIW
\|QO ROPDVÖQÖ ûLUNHW GHøHUOHUL YH HWLN ROXûWXUXU %X QHGHQOH ûLUNHW GHøHUOHULQLQ YDU
ROPDVÖYHX\JXODQPDVÖEDûNDELUGH\LûOHJHoHUOLROPDVÖNDøÖW]HULQGHûÖNJ|UQPHQLQ
oRN|WHVLQGHKD\DWLELU|QHPWDûÖPDNWDGÖU
%XJQ ELUoRN ûLUNHW PLV\RQ YL]\RQ YH GHøHUOHULQL \D]ÖOÖ KDOH JHWLUPHNOH NDOPD\ÖS
GDYUDQÖû NRGODUÖ RODUDN EHQLPVHPH YH EHQLPVHWPH \ROXQX L]OHPHNWHGLU 0LV\RQ
FPOHVL ELU ûLUNHWLQ YDU ROPD QHGHQLQL YL]\RQ FPOHVL XODûPDN LVWHGLøL QRNWD\Ö DQD
GHøHUOHULLVHLû\DSÖûûHNOLQLJ|VWHULU
%LUoRN ûLUNHWLQ DQD GHøHUOHUL LQFHOHQGLøLQGH JHQHO RODUDN GUVWON EDûNDODUÖQD
|QHP YHUPHGLNNDWH DOPD JYHQLOLUOLN DoÖNOÖN WDNÖP oDOÖûPDVÖ PûWHUL RGDNOÖOÖN
&RPPHUFLDO8QLRQ
%XUDGDNÖVDFD|]HWOHQHQEXJ|Uû-DPHV/+HVNHWW:(DUO6DVVHUYH/HRQDUG
$6FKOHVLQJHU·HDLWWLU'DKDGH\D\OÖELOJL\H6HUYLFH3URILW&KDLQ+RZ/HDGLQJ&RPSDQLHV/LQN3URILW
DQG*URZWKWR/R\DOW\6DWLVIDFWLRQDQG9DOXHDGOÖNLWDSODUÖQGDQXODûÖODELOLU
1HZWRQ%HûLøL´1HZWRQ·VFUDGOHµGHQLOHQDUDoODUODEXILNULQJ|VWHULPL\DSÖOPÖûWÖU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
oDEXN YH GRøUX FHYDS YHUPH JLEL NDYUDPODUÖQ \HU DOGÖøÖQÖ J|U\RUX] %X GHøHUOHULQ
ûLUNHW oDOÖûDQODUÖQFD EHQLPVHQL\RU ROPDVÖ GDYUDQÖûD G|QûWUOPHVL |QHPOLGLU $QD
GHøHUOHU ûLUNHW LoL \DûDQWÖGD G]HQOH\LFL YH X\JXODPD\Ö NROD\ODûWÖUÖFÖ IDNW|U RODUDN
GDYUDQÖû YH HWLN NRGODUÖ RODUDN NDUûÖPÖ]D oÖNÖ\RU úLUNHWOHULQ EXOXQGXøX ONHOHUGHQ GH
EDøÖPVÖ]HYUHQVHOJHQHONXUDOYHGHøHUOHUGHQROXûWXNODUÖQÖGDV|\OH\HELOLUL]
úLUNHW
DQD
GHøHUOHULQLQ
NUL]
DQODUÖQGD
|QHP
YH
|QFHOLNOHULQL
ND\EHGLS
ND\EHWPHGLNOHULQLQ HNRQRPLN NRûXOODUGDNL GHøLûLNOLNOHULQ HWLN GDYUDQÖû NRGODUÖQÖQ
X\JXODPD\D NRQPDVÖQGD HWNLOL ROXS ROPDGÖøÖQÖQ NUL] DQODUÖQÖQ EX ´GHøHUµOHULQ
GHøHUOHQGLULOPHVLQGHIDUNOÖOÖN\DUDWÖS\DUDWPDGÖøÖQÖQVRUJXODQPDVÖ|QHPOLGLU
úLUNHW DQD GHøHUOHUL VHoPH YH \HUOHûWLUPH JQON Lû SUDWLNOHUL YH LûWHQ D\UÖOPD
SURWRNROOHUL GH GDKLO ROPDN ]HUH ûLUNHW \DûDPÖQÖQ KHU ROJXVXQXQ LoLQH LûOHPLû ROPDVÖ
YHWPûLUNHWoDOÖûDQODUÖQÖQEXGHøHUOHULEHQLPVH\HUHNEXGHøHUOHUOH\DûÖ\RUROPDVÖEX
GHøHUOHULQSUDWLN\DûDPDDNWDUÖOÖ\RUROPDVÖDoÖVÖQGDQ|QHPOLELUJ|VWHUJHGLU
´8\JXODPDOÖ (WLNµLQ NRQXVX RODELOPHVL LoLQ ELU NRQXQXQ WDUWÖûPD\D \RO DoDQ
FRQWURYHUVLDO EHOLUOL ELU J|UûQ NDUûÖW J|UûOHULQLQ GH YDU ROGXøX ELU NRQX ROPDVÖ
JHUHNWLøL J|UûQGHQ \ROD oÖNDUVDN EXUD\D NDGDU EHOLUWLOHQOHU KHUNHV WDUDIÖQGDQ
EHQLPVHQHELOHFHN WDUWÖûPD NRQXVX ELOH ROPDVÖ JHUHNPH\HFHN NDGDU NDEXO HGLOHELOLU
J|UQHELOLUYH´X\JXODPDOÖHWLNµLQNRQXVXROXSROPDGÖøÖWDUWÖûÖODELOLU
.RQX\X ELUD] GDKD |]HOH LQGLUJHPHN YH ûLUNHW DQD GHøHUOHULQLQ X\JXODPD\D
\DQVÖPDVÖQÖ
LVWL\RUXP
7UNL\H·GH
ùûWH
EX
\DûDQDQ
QRNWDGD
HNRQRPLN
GD
GXUXPNUL]
NRQXQXQ
oHUoHYHVLQGH
´X\JXODPDOÖ
HWLNµL
WDUWÖûPDN
LOJLOHQGLUGLøLQL
GûQ\RUXP.UL]G|QHPLX\JXODPDODUÖùQVDQ.D\QDNODUÖYH3HUVRQHO\|QHWLFLOHULQLQ
PHVOHN NXUXOXûODUÖQD NRQX ROGX GRøUX ROPDGÖøÖ GûQOHQ X\JXODPDODU HOHûWLULOGL YH
V|\OHQHQOHUH NDUûÖW ELU J|Uû ROPDGÖøÖQGDQ WDUWÖûPD \DUDWPDNWDQ oRN ELOJL SD\ODûÖPÖ
RUWDPÖ
\DUDWWÖ
.DUûÖW
J|UûOHULQ
V|]FNOHUOH
GLOH
JHWLULOPHPLû
ROPDVÖQÖQ
EL]L
\DQÖOWPDPDVÖJHUHNWLøLQLGûQ\RUXPoQNNDUûÖWJ|UûH\OHPGDYUDQÖûRODUDNGLOH
JHWLULOGL %L]]DW X\JXODPDGD NHQGLQL J|VWHUGL %X QHGHQOH Lû HWLøLQLQ G|QHPVHO
GHøLûLNOLNOHUGHQHWNLOHQLûELoLPLQLQWDUWÖûÖOPDVÖQÖQ|QHPOLROGXøXQXGûQ\RUXP
.UL]G|QHPLQGHNLX\JXODPDODUODNUL]|QFHVLEHQLPVHQPLûRODQûLUNHWDQDGHøHUOHUL
YH RQXQ JHWLUGLøL GDYUDQÖû ELoLPLQGH ELU oDWODN ROXûWXøXQD WDQÖN ROGXN <DûDQDQ
HNRQRPLN NUL] EHQLPVHGLøLPL] GHøHUOHUGH ELU VDUVÖQWÖ PÖ \DUDWWÖ \RNVD DVOÖQGD EX WLS
GHøHUOHULPL]ROPDGÖøÖQÖPÖRUWD\DoÖNDUWWÖ"
1H\D]ÖNNLVRQD\LoHULVLQGHLûVL]NDODQNLûLVD\ÖVÖQÖELOHWDPRODUDNELOPL\RUX]
)DUNOÖ ND\QDNODU LOH DUDVÖQGD IDUNOÖ UDNDPODUGDQ EDKVHGL\RU .UL]LQ
HQoRNHWNLOHGLøLNHVLPLQLVHEH\D]\DNDOÖoDOÖûDQODU\DQLL\LHøLWLPOLJHQoGHøLûLPHYH
JHOLûLPH DoÖN NUL] |QFHVL ELUoRN ûLUNHW LoLQGHQ oDOÖûPDN LVWHGLøL ûLUNHWL VHoHELOHFHN
ûLUNHWOHULPL]GH oDOÖûWÖUPDN LoLQ Lû RUWDPODUÖQÖ DU]X HGLOHQ KDOH JHWLUPHN LoLQ oDED
KDUFDGÖøÖPÖ]
oDOÖûDFDøÖ
ûLUNHWLQ
DQD
GHøHUOHULQL
JHUoHNOHûWLUPHVLQGH
NDWNÖGD
EXOXQDFDøÖQD LQDQÖODQ LûH DOÖQÖUNHQ EX DQD GHøHUOHUL JHUoHNOHûWLUHFHN \HWNLQOLNOHUL ROXS
ROPDGÖøÖoHûLWOLWHVWYHPODNDWODUODVÖQDQDQELUJUXS
%X LQVDQODUÖQ JHUoHNWHQ LûWHQ oÖNDUWÖOPDVÖ JHUHNL\RU PX\GX" %X VRUXQXQ WDPDPHQ
D\UÖ ELU WDUWÖûPD NRQXVX ROGXøXQX NHQGL EDûÖQD X]XQ X]XQ WDUWÖûÖOPDVÖ JHUHNWLøLQL
GûQGøPGHQ GHWD\OÖ RODUDN EX \D]ÖQÖQ JQGHPLQGH \HU DOPD\DFDN %X QHGHQOH
\D]ÖQÖQJHULNDODQNÖVPÖQGDLûWHQoÖNDUWPDODUÖQNDoÖQÖOPD]ROGXøXQXYDUVD\DFDøÖP
%N]ùQWHUQHW(QF\ORSHGLDRI3KLORVRSK\KWWSZZZXWPHGXUHVHDUFKLHS
WDULKLQGHKDEHUEOWHQOHULQGH\D\ÖQODQDQVD\Ö
6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
6RUJXODPDPÖ]
JHUHNHQ
´Lû
DKODNÖQDµ
X\JXQ
GDYUDQÖûODUÖPÖ]ÖQ
WHPHOLQL
ROXûWXUGXøXQD LQDQGÖøÖPÖ] ûLUNHW DQD GHøHUOHUL D EX GHøHUOHU JHUoHNWL JHUoHNWHQ
LQDQÖOÖ\RUGX DPD HNRQRPLN RUWDPNUL] R NDGDU NDWDVWURIRELNWL NL ûLUNHWOHU NHQGL
GHøHUOHUL LOH WXWDUVÖ]ODûPD\D ]RUODQGÖ E EX GHøHUOHU JHUoHNoL GHøLOGL F EX GHøHUOHU
JHUoHNGHøLOGL
D úLUNHW DQD GHøHUOHULQL EHQLPVHPLû YH GDYUDQÖûODUÖ LOH KD\DWD JHoLUPLû ûLUNHWOHU
GH \DûDQDQ NUL]OH ELU LNLOHP \DûDGÖODU .DoÖQÖOPD] GXUXPODUGD LQVDQODUÖQ
JLWPHOHULQH L]LQ YHUGLOHU EXQX \DSDUNHQ RQODUÖ LûH DOÖUNHQ J|VWHUGLNOHUL |]HQL
J|VWHULS LQVDQ RODUDN ´GHøHUµ ROGXNODUÖQÖ XQXWPDGÖODU .HQGL DQD GHøHUOHUL LOH
PPNQROGXøXQFDoHOLûPHGLOHU
E úLUNHWOHU LGHDO ROGXNODUÖQÖ GûQGNOHUL ² EHONL GH VDOW LGHDO ROGXNODUÖ LoLQ
EHQLPVHGLNOHUL²DPDJHUoHNOHûPHVL]RURODQGHøHUOHULEHQLPVHPH\HoDOÖûWÖODU
NHQGLOHULQH JHUoHNOLøH ELUHELU \DQVÖ\DPD\DFDN LQDQo VLVWHPOHUL \DUDWWÖODU %X
GHøHUOHULQ JHUoHN YH JHUoHNoL ROGXøXQXQ \DQÖOVDPDVÖQÖ \DûDGÖODU .UL]
RUWDPÖQGD LVH EX LGHDO GHøHUOHULQ JHUoHNoL ROPDGÖøÖQÖQ IDUNÖQD YDUGÖODU ùVWHVHOHUGHX\JXODQDPD]GHøHUOHUOHNDUûÖNDUûÖ\DNDOGÖODU
F 6RQ GXUXPGD LVH EX GHøHUOHU NDøÖW ]HULQGH \D]ÖOÖ ROPDQÖQ |WHVLQGH KLo YDU
ROPDGÖODU KLo X\JXODQPDGÖODU %X \D]ÖOÖ GRNPDQODU NUL] LOH VDGHFH ´NDøÖWµÖQ
GHøHULQL
DODELOGLOHU
úLUNHW
DQD
GHøHUOHUL
LOH
X\JXODPD
DUDVÖQGD
LNLOHP
\DûDPD\DQ WHN JUXS WD EX ROGX (NRQRPLN NUL] LûWHQ oÖNDUWPDODUD QHGHQ PL
\RNVD EDKDQH PL ROGX WDUWÖûPDVÖ GD EX QRNWDGD NDUûÖPÖ]D oÖNWÖ úLUNHW DQD
GHøHUOHULQL EHQLPVHPHPHQLQ GÖûÖQGD LQVDQÖ ´GHøHUµ RODUDN J|UPHGHQ WP
PRUDOGHøHUOHUHWHUVGûHQX\JXODPDODUDIÖUVDWYHULOGL
.UL]LQ
RODQDNODQGÖUGÖøÖ
ûH\OHUGHQ
ELUL
GH
GHøHUOHULPL]L
YH
GHøHUOHULPL]L
GHøHUOHQGLUGLøLPL] GHøHUOHQGLUPH VLVWHPOHULPL]L \HQLGHQ J|]GHQ JHoLUPHN YH WDUWÖûPD
RUWDPÖ
VDøOD\DELOPHNWLU
´ùû
HWLøLµ
NDYUDPÖQÖ
\HQLGHQ
LQFHOHPHNWLU
.UL]
&XPKXUEDûNDQÖWDUDIÖQGDQVL\DVLHWLN\DVDVÖQÖQ]RUXQOXOXøXQXQLIDGHHGLOPHVLQHQHGHQ
ROPXûVD EX
oHUoHYHGH
Lû
HWLøL
\DVDVÖQÖQ
JQGHPH
JHWLULOPHVLQH
GH
RODQDN
VDøOD\DELOHFHNWLU
ùûWHQ oÖNDUWPD NHQGL LoLQGHNHQGLOLøLQGHQ ² L\L \D GD N|W GRøUX \D GD \DQOÖû HWLN
\D GD HWLN ROPD\DQ ûHNLOGH \DSÖOPDVÖQGDQ EDøÖPVÖ] ² ]DWHQ IDUNOÖ VRV\DO SVLNRORMLN
HNRQRPLN VRUXQODU EDUÖQGÖUPDNWDGÖU .HQGLOLøLQGHQ IDUNOÖ GHøHUOHUL VDUVDQ ELU H\OHPLQ
HQ D]ÖQGDQ LQVDQÖQ NHQGL GHøHULQL NRUXPD\D RODQDN VDøOD\DFDN \|QWHPOHUOH \DSÖOPDVÖ
PPNQGU%XWLS\|QWHPYHX\JXODPDODUDELUoRN|UQHNVÖUDODQDELOLU.LûLOHULoDOÖûDQ
HPSOR\HHGXUXPXQGDQoDOÖûDQRODELOLUHPSOR\DELOLW\KDOLQHJHWLUPHNOHLûHEDûODQDELOLU
$QFDN XQXWXOPDPDVÖ JHUHNHQ EDûND ELU KXVXV GD EX GHøHUOHULQ \HUOL \HULQGH
ROPDVÖQÖVDøOD\DFDNRUWDPODUÖQGD\HUOL\HULQGHROPDVÖJHUHNOLOLøLGLUúXDQGDPHYFXWLû
\DVDODUÖ YH \DVDO X\JXODPDODUÖ NUL]LQ ELU EDKDQH RODUDN NXOODQÖOPDVÖQÖ RODQDNOÖ KDOH
JHWLUHFHN QRNWDGDGÖU <DVDGD LûYHUHQ LoLQ EHOLUOHQHQ ]RUOD\ÖFÖ IDNW|UOHU oDOÖûDQÖ
NRUXPDNWDQ ]L\DGH LûYHUHQLQ X\JXODPD\Ö JHUoHNOHûWLUPHVLQL HQJHOOH\HFHN ûHNLOGHGLU
%HONLEXQRNWDGDEDWDQELUJHPLGHQDQFDNIOLNDVD\ÖVÖQDRUDQWÖOÖVD\ÖGDNLûLQLQNXUWDUÖODELOHFHøL
GûQFHVLQHJ|QGHUPH\DSDELOLUL]NLPLQIOLNDGDNDODFDøÖNLPLQJHULGHEÖUDNÖODFDøÖKXVXVXQGDNL
HWLNNDUDUÖQYHULOPHVLDûDPDVÖQGDPPNQROGXøXQFDREMHNWLINULWHUOHULQNXOODQÖOGÖøÖQÖXPDUDN
3ODWR·QXQ'HYOHW·WHWDQÖPODGÖøÖPDøDUDDOHJRULVLQGHQoRNGDIDUNOÖROPD\DUDN3ODWR7KH
5HSXEOLF3HQJXLQ%RRNV(QJODQGV
&XPKXUEDûNDQÖ·QÖQ<DVDPDG|QHPLDoÖOÖûNRQXûPDVÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.UL] G|QHPLQGH GH LOJLOL \DVDODUÖQ KHP ûLUNHWOHUL KHP GH oDOÖûDQODUÖ NRUXPDNWDQ DFL]
NDOGÖøÖ J|UOG <D]ÖOÖ Lû V|]OHûPHOHULQLQ ² \DVD LOH NRUXQDQ ² \HWHUVL] NDOGÖøÖ EX
GXUXPGD \D]ÖOÖ \D GD V|]O GLOH JHWLULOHQ ûLUNHW GHøHUOHULQLQ NRUXQPDVÖ YH UHIHUDQV
RODELOPHVLQLEHNOHPHNRODQDNVÖ]ODûWÖ
úLUNHW GHøHUOHULQLQ YH LQVDQ RODUDN GHøHULPL]LQ NHQGL LoLQGH ELU EDøOD\ÖFÖOÖøÖ ROPDVÖ
YHEX\DNODûÖPÖQ\DVDOG]HQOHPHOHUGHQGHJoDODELOPHVLJHUHNPHNWHGLU
úXDQGD\UUONWHRODQoDOÖûPDPHY]XDWÖ\DVDYHX\JXODPDODUGDNLEHOLUVL]OLNOHUGHQ
ND\QDNODQDQ\DSÖVÖLWLEDULLOHLûYHUHQLHWLNNXUDOODUoHUoHYHVLQGHoDOÖûPD\D\UHNOHQGLULFL
GHøLOGLU dDOÖûPD PHY]XDWÖQÖQ Lû HWLøL \DVDVÖ LOH GHVWHNOHQPHVL YH X\JXODPDODUÖQ EX
\|QGH WHNUDU J|]GHQ JHoLULOPHVL KHP oDOÖûDQ KHP GH LûYHUHQ DoÖVÖQGDQ \DUDU
VDøOD\DFDNWÖUdDOÖûPDPHY]XDWÖLûYHUHQLQ\NQVUHNOLRODUDNDøÖUODûWÖUPD\|QWHPLQL
VHoWLøL]DPDQGDKDID]ODVD\ÖGDûLUNHWLPHY]XDWGÖûÖQGDX\JXODPD\DSPD\DLWHFHøLQGHQ
oDOÖûDQÖQKDNODUÖQÖQNRUXQPDVÖ\|QQGHNL\DSWÖUÖPD]DODFDNWÖU
.RQX\X
LNL
EDûOÖN
DOWÖQGD
|]HWOH\LS
|UQHNOHPHPL]
PPNQ
$
dDOÖûPD
PHY]XDWÖQDLOLûNLQ<DVDODU%dDOÖûPDPHY]XDWÖQDLOLûNLQX\JXODPDODU
$ dDOÖûPDPHY]XDWÖ\DVDVÖQDúLUNHWDQDGHøHUOHULYHX\JXODPDODUÖLOHLOJLOLûXDQD
NDGDUWDUWÖûWÖøÖPÖ]NRQXODUODLOLûNLOHQGLUHUHNEDNWÖøÖPÖ]GDo|UQHNOHQHGHQELU
QHWOHûWLUPH\HLKWL\DoGX\XOGXøX|]HWOHQHELOLU
D
)HVLK ELOGLULPL IHVLK ELOGLULP ûHNOL ² NL EXUDGD \D]ÖOÖ ROPD ]RUXQOXOXøX
NDVWHGLOL\RU GDKD QHW ROPDNOD ELUOLNWH \DSÖOPD \HUL YH ]DPDQÖ EHOLUVL]OLN
LoLQGHGLUYHEXNRQXGDELUKNP\RNWXU
)HVLKELOGLULPLQLQ\DSÖOPD\HULYH]DPDQÖKDNNÖQGDKNPROPDGÖøÖQGDQ
EXQXQ HVDV LWLEDUL\OH Lû\HUL YH oDOÖûPD VUHOHUL LoLQGH YH\D GÖûÖQGD KHU
\HUGH YH KHU ]DPDQ \DSÖOPDVÖ PPNQ J|UOPHNWHGLU $QFDN PQDVLS
ROPD\DQ\HUYH]DPDQGD\DSÖODQIHVLKELOGLULPLQLQUHGGHGLOPHVLKDOLQGHJHoHUVL]
VD\ÖODFDøÖNDEXOHGLOPHNWHGLU %X QRNWDGD HWLN ROPDGÖøÖQÖ GûQGøP] LûWHQ oÖNDUWPD ELOGLULPOHULQLQ
´PQDVLSµ ROXS ROPDGÖøÖQÖQ NDUDUÖQÖ YHUPHPL] ]RUODûPDNWD \DVD\D J|UH
PQDVLSROPDRODVÖOÖøÖGRøPDNWDGÖU
E
hFUHWWHQ LQGLULP \DSÖODPDPDVÖ VD\ÖOÖ ùû .DQXQX·QXQ PDGGHVL
´LûoL FUHWOHULQGHQ KHU QH ûHNLOGH ROXUVD ROVXQ HNVLOWPH \DSÖODPD]µ
GHPHNWHGLU $QFDN EX KNP ´KL]PHW DNGL YH\D WRSOX Lû V|]OHûPHVL LOH
oDOÖûPD NRûXOODUÖQÖQ GHøLûWLULOPHVL YH\D VUHQLQ D]DOWÖOPDVÖ KDOOHUL LOH LOJLOL
GHøLOGLUµ %X GXUXPGD oDOÖûDQÖQ UÖ]DVÖ LOH E|\OH ELU GHøLûLNOLN \DSPD
RODVÖOÖøÖ KHU ]DPDQ YDU %L]LP LVH HWLN ROXS ROPDGÖøÖQÖ VRUJXODGÖøÖPÖ]
´oDOÖûDQÖQ UÖ]DVÖµ DOÖQDUDN oHûLWOL \|QWHPOHUOH FUHW LQGLULPL \DSÖODQ
GXUXPODUÖQ´HWLNµOLøLQLWDUWÖûPDPÖ]]RUODûÖ\RU
%
dDOÖûPD PHY]XDWÖQD LOLûNLQ X\JXODPDODU X\JXODPDODUD LOLûNLQ |UQHNOHUL
oHûLWOHQGLUPHN YH VD\ÖVÖQÖ DUWWÖUPDN oRN NROD\ DQFDN EX QRNWD GD EHQ HQ
JQFHO YH HQ EDVLW RODQÖ VHoHFHøLP $QD\DVDQÖQ PDGGHVLQGH ´'HYOHW
oDOÖûDQODUÖQ \DSWÖNODUÖ LûH X\JXQ DGDOHWOL ELU FUHW HOGH HWPHOHUL LoLQ JHUHNOL
WHGELUOHUL DOÖUµ KNP EXOXQPDNWDGÖU
NRQXVXQGDNL
DQD\DVDO
VRUXPOXOXøX
'HYOHWLQ JHUHNOL WHGELUOHUL DOPDN
VD\ÖOÖ
ùû
.DQXQX·QXQ
1XULdHOLNùû+XNXNX'HUVOHUL%HWD%DVÖP<D\ÖP'DøÖWÖP$úùVWDQEXOV
$J\V
$J\V
6LEHO2NWDU³(NRQRPLN.UL]LQLQùû(WLøLQGH$oWÖøÖ2ODQDNODU$ODQÖ
PDGGHVLQGH \HU DODQ DVJDUL FUHW X\JXODPDVÖ LOH NDUûÖPÖ]D oÖNDU $VJDUL FUHW
DVJDUL FUHW \|QHWPHOLøLQLQ PDGGHVLQGH ´DVJDUL FUHW LûoLOHUH QRUPDO ELU
oDOÖûPD JQ NDUûÖOÖøÖ RODUDN |GHQHQ YH LûoLQLQ JÖGD NRQXW JL\LP VDøOÖN
XODûÖP YH NOWU JLEL ]RUXQOX LKWL\DoODUÖQÖ JQQ IL\DWODUÖ ]HULQGHQ DVJDUL
G]H\GH NDUûÖODPD\D \HWHFHN FUHWWLUµ
ûHNOLQGH WDQÖPODQÖU %X WDQÖPGDQ
\ROD oÖNDUDN ´DVJDUL FUHWLQ VDSWDQPDVÖQGD LûoLQLQ DLOHVLQLQ GHøLO VDGHFH
NHQGLVLQLQ ]RUXQOX LKWL\DoODUÖQÖQ J|] |QQGH EXOXQGXUXODFDøÖ VRQXFXQD
YDUÖODELOPHNWHGLUµ
$QD\DVDQÖQ PDGGHVLQLQ QH GHUHFH \HULQH JHWLULOGLøL VRQ JQOHUGH DVJDUL FUHW
NDSVDPÖQGD \RøXQ RODUDN WDUWÖûÖOPDNWDGÖU %|\OH ELU RUWDPGD \XNDUÖGD EHOLUWLOHQ
´FUHWLQLQGLULOHPH]OLøLµQLQX\JXODPDSUREOHPOHULQLQ´HWLNµROXSROPDPDVÖKXVXVXQXQ
LNLQFLONDOPDVÖoRNGRøDOGÖU
<XNDUÖGDNL |UQHNOHUGHQ GH DQODûÖODFDøÖ JLEL oDOÖûPD PHY]XDWÖQÖQ EXJQN GXUXPX
oDOÖûDQKDNODUÖQÖNRUXPDNWDQROGXNoDX]DNWÖU%XNRQXGD\|QHWPHOLNYHX\JXODPDODUGD
L\LOHûWLUPH\HJLWPHN\HWHUOLROPD\DFDNWÖU<DVDODUÖQ\HQLGHQJ|]GHQJHoLULOPHVLYH
HNRQRPLN NUL]LQLQ DoWÖøÖ RODQDN DODQODUÖQÖ GHøHUOHQGLULS Lû HWLøL \DVDVÖQÖQ oÖNDUWÖOPDVÖ
HQD]ÖQGDQLûHWLøLoHUoHYHVLQGHROJXQODûWÖUÖOPDVÖJHUHNOLGLU
úLUNHW NHOLPHVL ùQJLOL]FH YH /DWLQFH N|NHQOHULQGH ´HNPHøLQL SD\ODûDQµ
DQODPÖQD
JHOPHNWHGLUg\OHLVHHNPHøLSD\ODûDQWPWDUDIODUÖQ²HNPHøLQYDUOÖøÖQÖQGHYDPÖLoLQ
HWLN GHøHUOHULQ EDøOD\ÖFÖOÖøÖQÖ VDøODPDN \|QQGH oDED KDUFDPDVÖ JHUHNL\RU%X GD \DVDO
G]HQOHPHOHUH HN RODUDN WNHWLFL KDNODUÖ LOH LOJLOL NXUXOXûODU VRV\DO GHQHWLP NXUXOXûODUÖ
\HWNLQ YH REMHNWLI VLYLO RUJDQL]DV\RQODU DUDFÖOÖøÖ LOH ûLUNHWOHULQ NHQGLOLNOHULQGHQ VRV\DO
VRUXPOXOXNODUÖ HWLN GHøHUOHUL LOH LOJLOL GHQHWOHQPHN LVWHPHOHUL GHQHWLP VRQXoODUÖQÖQ
SD\ODûÖOPDVÖ PûWHUL oDOÖûDQ YH ûLUNHW RODUDN EX GHøHUOHUL EHQLPVH\HQOHULQ EDøOD\ÖFÖ
\DNODûÖPYHGDYUDQÖûODUÖLOHPPNQRODELOLU
$J\VYXUJXEDQDDLW
$J\V
&RPSDQ\NHOLPHVLN|NHQRODUDN´VKDUHURIEUHDGµHNPHøLSD\ODûDQODUDQODPÖQGDRODQFRPSDQLRQ
NHOLPHVLQGHQ/DWLQFHN|NHQLQGHLVH´FRPµELUDUDGD´SDQLVµHNPHN\DQLHNPHøLQLSD\ODûDQ
DQODPÖQDJHOPHNWHGLU
0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHOYH8OXVDO
"
0HG\D8]DPODUÖQGD(WLNùNL].XOHOHUgUQHN2OD\Ö <UG'Ro'U1LPHWgQU
$UDû*|U$\ûHdDWDOFDOÖ
*LULû
*QP]GHNUHVHOOHûPHQLQJHOLûHQGLQDPLNOHULXOXV|WHVLROXûXPODUÖQDNW|UOHULQ
RUJDQL]DV\RQODUÖQYHoRNXOXVOXûLUNHWOHULQ\DVDONXUXPVDOHWNLQOLNOHULQLDUWWÖUPDNWDGÖU
8\GX WHNQRORMLOHULQLQ GLMLWDO \D\ÖQFÖOÖN YH HULûLP RODQDNODUÖQÖQ JHOLûPHVLQLQ \DQÖ VÖUD
XOXVDO YH NUHVHO PHG\D HQGVWULOHUL PHG\D SD]DUODUÖ DUDFÖOÖøÖ\OD HNOHPOHQHUHN \HQLGHQ
\DSÖODQPDNWDGÖU %X \DSÖGD \HQL JHOLûHQ VD\ÖODUÖ \DNODûÖN RWX]NÖUN XOXV |WHVL ûLUNHWLQ
E\\HUHN EDûDW KDOH JHOGLøL YH KHU ELULQLQ ´NRQJOHPHUDWµ ELU \DSÖ ND]DQGÖøÖ NUHVHO
PHG\DODUGDQ\DNODûÖNRQNDGDUÖQÖQ$PHULNDQûLUNHWLROGXøXJ|UOPHNWHGLU%XGXUXP
NUHVHO PHG\DQÖQ WHPHO |]HOOLøL RODQ PHG\D JFQQ PHUNH]LOHûPHVL VUHFLQLQ GH
J|VWHUJHVLGLU *HOLûPHOHU JLGHUHN NDPX \D\ÖPFÖOÖøÖQÖQ YH NDPXVDO KL]PHWOHULQ ELULQFLO
DPDo ROPDNWDQ oÖNDUDN WLFDULOHûPHVL\OH VRQXoODQPDNWDGÖU %|\OHOLNOH KHU QH NDGDU
PHG\D VD\ÖVÖ DUWWÖNoD GHPRNUDVLOHUGH NDPXVDO DODQODUD LûOHUOLN ND]DQGÖUDELOHFHøL J|Uû
\D\JÖQOÖøÖQÖ NRUX\RUVD GD JHUoHNWH LNL \|QO ELU JHOLûPH VRPXW L]OHQHELOLU ELU KDO
DOPDNWDGÖU
D
*HUHN
PHUNH]
JHUHNVH
oHYUH
ONHOHUGH
QHROLEHUDOLVW
SROLWLNDODUÖQ
\D\JÖQODûPDVÖ XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWOLOLøLQL PHG\D DODQÖQÖ KHP
GDKD NkUOÖ ELU KDOH JHWLUPHNWH KHP GH YD]JHoLOPH] NÖOPDNWDGÖU %X GXUXP
XOXVDO PHG\DODUÖQ VD\Ö YH WHNQLN GRQDQÖP EDNÖPÖQGDQ JHOLûPHVLQL YH JLGHUHN
HQGVWULOHûPHVLYHWHNHOOHûPHVUHFLQHLWLOPHVLQLLYPHOHQGLUPHNWHGLU
E
.DSLWDOL]PLQ GLQDPLNOHULQLQ \DUDWWÖøÖ PHG\D GHYOHULQLQ GLNH\ oDSUD] \DWD\
WHNHOOHûPHOHU YH VHUPD\H HYOLOLNOHUL\OH NUHVHO XOXV|WHVL WLFDUL PHG\DODU
KDOLQH G|QûP XOXVDO YH \HUHO PHG\DODUÖQ HWNLQOLN DODQODUÖQÖ QIX]XQX
NÖUPDNWDGÖU %|\OHOLNOH XOXV|WHVL PHG\D GHYOHUL GQ\DQÖQ KHU QRNWDVÖQÖ
NRQWUROHGHUKDOHJHOPHNWHGLU
dRN
XOXVOX
ûLUNHWOHULQ
·OÖ
\ÖOODUGDQ
LWLEDUHQ
ELUHU
´DV
R\XQFXµ
RODUDN
HWNLQOLNOHULQLQ J|UOPH\H EDûODPDVÖ\OD XOXVODUDUDVÖ PDO YH VHUPD\H KDUHNHWL PHG\D\Ö
|QHPOLELUJoKDOLQHJHWLUPLûWLU.XûNXVX]NUHVHOPHG\DVLVWHPLQHXOXVDOYH\HUHOELU
WDNÖP WHSNLOHULQ ELUOLNWH RUWD\D oÖNWÖøÖ J|UOVH GH XOXVODUDUDVÖ LOHWLûLP NUHVHOOHûPHQLQ
DOW\DSÖVÖQÖROXûWXUGXøXQGDQJHULG|QOHPH]NDUûÖNRQXODPD]ELUVUHoEDûODPÖûWÖU%X
DOW\DSÖ
D
7RSOXPODUDUDVÖ N|SUOHU NXUDUDN JHoLUGLNOHUL ELOJL YH HQIRUPDV\RQOD \HUHO
XOXVDOYHXOXVODUDUDVÖELUOHûPHYHD\UÖûPD]HPLQOHULROXûWXUPDNWDGÖU
ùNL].XOHOHU7ZLQ7RZHUV1HZ<RUN·WDNL'Q\D7LFDUHW0HUNH]LELQDVÖGÖU%XELQD\D
(\OOWDULKLQGHXoDNODWHU|ULVWH\OHPG]HQOHQPLûYHoRNVD\ÖGDNLûL|OPûWU
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL5DG\R7HOHYL]\RQYH6LQHPD%|OP
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL*D]HWHFLOLN$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
E
8OXVODUDUDVÖLOHWLûLPNDQDOODUÖXOXVLoLELUoRNHWNLOHûLPDODQÖQÖXOXVODUDUDVÖDODQD
oHNPHNWHGLU
F
%XLOHWLûLPNDQDOODUÖ\ODXOXVODUDUDVÖYHULSD\ODûÖPÖDUWPÖûWÖU
G
%LOJLYHHQIRUPDV\RQJHQHOOLNOH%DWÖPHUNH]ONHOHUGHUHWLOPHNWHGLU
H
0HUNH] YH oHYUH ONHOHU DUDVÖQGD SD\ODûÖODQ ELOJLQLQ VWUDWHMLN |QHPL JLGHUHN
GDKD GD DUWPDNWDGÖU dHYUH ONHOHU GH EX WHNQRORMLOHU LoLQ L\L ELUHU SD]DUGÖU
'ROD\ÖVÖ\OD PHUNH] NDGDU ROPDVD GD EX WHNQRORMLOHULQ NXOODQÖPÖ DUWPD
\ROXQGDGÖU
I
*HOLûPHOHU ELOJL WHNQRORMLOHULQLQ WRSOXP ]HULQGHNL LQLVL\DWLILQGHQ oRN ´<HQL
'Q\D ']HQLQLQµ \DQL XOXVODUDUDVÖ VLVWHPLQ EX WHNQRORMLOHUL \|QOHQGLULFL
KDOHJHOPHVLQHGD\DQPDNWDGÖU
·ODUGDQ LWLEDUHQ XOXVODUDUDVÖ YHUL DNÖûÖ KÖ]OD DUWPÖûWÖU 0]LN HQGVWULVL ILOP
UDG\R WHOHYL]\RQ EDQNDFÖOÖN YE VHNW|UOHU X\GX WHNQRORMLOHUL ILEHU RSWLN YH GLMLWDO
LOHWLûLP RODQDNODUÖ\OD ELUOHûLQFH RUWD\D oÖNDQ HQIRUPDV\RQ RWR\ROODUÖ NUHVHO LOHWLûLPDOW
\DSÖVÖQÖQ +HUPDQ ( 6 0F&KHVQH\ 5 : LûOHUOLOLøLQL KÖ]ODQGÖUPDVÖ XOXV
GHYOHWOHULQPHG\DSROLWLNDODUÖQÖGHøLûWLUPH\|QQGHEDVNÖROXûWXUPXûWXU
g]HOOLNOH WHOHNRPQLNDV\RQ WHNQRORMLOHULQLQ NUHVHOOHûPHVL EDûWD ROPDN ]HUH
LOHWLûLP DODQÖQÖQ NUHVHOOHûPHVL WNHWLFL DoÖVÖQGDQ GD XOXVODUDUDVÖ LOHWLûLPL |QHPOL KDOH
JHWLUPLûWLU +NPHWOHU HOHNWURQLN \D\ÖQFÖOÖNWD YH ùQWHUQHWWH GDKD \RøXQ RODQ ELOJL
DNÖûÖ ]HULQGH G]HQOHPH \HWNLVLQH VDKLS ROPDGÖNODUÖQGDQ EX DODQ ]HULQGH NDUDU
YHUPH \HWNLOHUL JLGHUHN ]D\ÖIODPDNWDGÖU 0RKDPPDG\ $ 0HUNH] ONHOHULQ
PHG\D ûLUNHWOHULQGHQ oHYUH ONHOHUH GDKD \D\JÖQ ROPDN ]HUH JHUoHNOHûHQ LNQD HGLFL
UHNODPFÖOÖNPHVDMODUÖWNHWLPNOWUKDEHUELOJLYEDNÖûÖ\ODYHPHUNH]LQJ|UûOHULQLQ
\D\JÖQODûPDVÖ\ODSROLWLNDODQGDNLV|\OHPOHULEXWHNQRORMLOHUOHoRNX]DNDODQODUÖELOHHû
]DPDQOÖ RODUDN EHQ]HU NOWUHO IRUPDODUD GRøUX ND\GÖUPÖûWÖU 8OXV |WHVL ûLUNHWOHULQ
NXOODQGÖNODUÖ \HQL LOHWLûLP WHNQRORMLOHUL YH PHG\D SD]DUODUÖQÖQ UQOHUL KNPHWOHULQ
VÖQÖUODUÖQÖ DûPDNWD EX QHGHQOH GH NUHVHO LOHWLûLPL VÖQÖUODQGÖUDFDN EDUL\HUOHU XOXV
GHYOHWOHUWDUDIÖQGDQNXUXODPDPDNWDGÖU
%X ûHNLOGH ROXûDQ ELU HYUHQVHO PHG\D X]DPÖQGD NUHVHO PHG\DODU XOXVDO YH \HUHO
PHG\DODUOD HNOHPOHQPHNWH YH EX \ROOD GD HYUHQVHOPHG\DODUÖ \HUHOOHûWLUPLû ROPDNWDGÖU
gUQ&117UN
$QFDN NUHVHO PHG\D RUWDPÖ \HUHOOHûPLû J|]NVH GH NUHVHO VHUPD\HQLQ NUHVHO
DNÖûNDQOÖøÖQD JHUHNVLQLP GX\GXøX DODQODUGD VUHNOL ELU JHQLûOHPH J|VWHUHUHN YH
LGHRORMLN YH NOWUHO GHøLûLPOHU \DUDWDUDN NHQGLVLQGHQ EHVOHQHQ XOXVDO YH \HUHO
PHG\DODUÖWLFDULOHûWLUPHNWHGLU%XQHGHQOHXOXVDOPHG\DODUÖQNDPX\D\ÖQFÖOÖøÖKL]PHWLQL
\HULQH JHWLULû ELoLPLQGH FLGGL ND\PDODU J|]OHQPHNWHGLU 2UWD\D oÖNDQ EX GHøLûPHOHU Lo
LoHLNLD\UÖROXûXPX\DUDWPDNWDGÖU6WUHHW-
D
gQFHOLNOH XOXVDO KNPHWOHULQ JF ]HULQGH PHG\DQÖQ HWNLVL JLGHUHN
DUWPDNWDGÖU
E
0HUNH] ONHOHU oHYUH ONHOHU ]HULQGH SROLWLN oÖNDUODUÖQÖ VUGUPHN LoLQ
KNPHWOH
PHG\D
]HULQGH
VUHNOL
G]HQOHPHOHU
\DSPD
JHUHNVLQLPL
GX\PDNWDGÖU
'HY PHG\D ûLUNHWOHUL XOXVDO PHG\DODUOD DUDODUÖQGD NXUGXNODUÖ RUWDNOÖNODUOD \D GD
GRøUXGDQ VDWÖQ DOPDODUOD PH\GDQD JHWLUGLNOHUL PHG\D X]DPODUÖQGD F\EHUVSDFH NUHVHO
LOHWLOHULQ GLO YH LoHULN EDøODPÖQGD EHQ]HUOLNOHUL V|] NRQXVX ROPDNWDGÖU 'LøHU ELU
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
GH\LûOH XOXVDO PHG\D NUHVHO IRUPDWD X\DQ \D\ÖQ DQOD\ÖûÖ YH LoHULøL J|VWHUPHNWHGLU
%|\OHOLNOH NUHVHO DODQD oÖNDQ XOXVDO PHG\D YH NUHVHO PHG\D \D\ÖQ SROLWLNDODUÖQGD
J|VWHUPHNWH\DGDPHUNH]LQPHG\DSROLWLNDODUÖQGDQHWNLOHQPHNWHGLUOHU
%|\OHOLNOH PHUNH] YH oHYUH ONHOHU PHG\D X]DPODUÖ\OD GQ\D VLVWHPLQH IDUNOÖ
G]H\OHUGH NDWÖOÖP J|VWHUVHOHU GH XOXVDO PHG\DODU KHP DOW \DSÖ YH KHP GH PHG\D
UQOHULQLQ \HWHUVL]OLNOHUL QHGHQL\OH LOHWLûLPGH HQIRUPDV\RQ WHNQRORMLOHULQLQ \DUDWWÖøÖ
RODQDNODUD
PHUNH]
ONHOHULQ
NDQDOÖQGDQ
XODûPDNWDGÖUODU
%|\OHFH
ND]DQÖODQ
Hû
]DPDQOÖOÖN YH Hû X]DNOÖOÖN LONHVL\OH WP GQ\D EHQ]HU NOWUHO VWDQGDUWODUD GRøUX
oHNLOPHNWHGLU 'DKD E\N HNRQRPLOHULQ \DUDWÖOPDVÖQD KL]PHW HGHQ EX JHOLûPHOHU
WHPHOGH PHG\D ûLUNHWOHULQLQ NUHVHO DoÖOÖPODUOD ELUOLNWH Hû ]DPDQOÖ XOXVDOODûPDODUÖQÖ
\HUHOOHûPHOHULQL
JHUHNOL
NÖOPDNWDGÖU %|\OHFH
NUHVHOOHûPH
PHG\D
X]DPODUÖQGD
\HUHOOHûPHNWHGLU
.UHVHOOHûPH6UHFLQGH0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVLYH(WLN
8OXVDO
PHG\D
SROLWLNDODUÖ
NUHVHOOHûPHQLQ
GD\DWWÖøÖ
WHNHOOHûPH
WLFDULOHûPH
VUHoOHUL\OH\HQLGHQ\DSÖODQPDNWDGÖU
.UHVHO ûLUNHWOHU PHG\D KDNLPL\HWLQH R\QDPDNWDGÖUODU .HQGLOHUL LoLQ |QHPOL RODQ
oVHoHQHøLGHøHUOHQGLUPH\DUÖûÖLoLQGHGLUOHU
D
6WG\RROPDNYHUQUHWPHN
E
7RSWDQGDøÖWPDN
F
'RQDWÖP WHPLQ HGHUHN ELU VLVWHP NXUPDN 0LUOH\ ' 5RELQV . $QFDN XOXVDO PHG\D SROLWLNDODUÖ PHG\DQÖQ VUHNOL NkUOÖ DODQODUD ND\PD \DUÖûÖ
LoLQGH \HWHUVL] NDOPDNWDGÖU 2\VD EWQ UHMLPOHUGH \|QHWHQ YH \|QHWLOHQ
DUDVÖQGD |QHPOL ELU N|SU ROXûWXUDQ PHG\DQÖQ LOHWWLøL ELOJL \XUWWDûODUÖQ
HNRQRPLN VRV\DO SROLWLN DPDoODUÖ\OD KNPHWLQ DOGÖøÖ NDUDUODU DUDVÖQGD
G]HQOH\LFL \|QOHQGLULFL ELU LûOHYL \HULQH JHWLUPHVL JHUHNPHNWHGLU %X QHGHQOH
JQP]GH
GH
NUHVHOOHûHQ
GQ\DGDNL
XOXV
GHYOHWOHULQ
YDWDQGDûODUÖQÖQ
PHG\DQÖQ \DUDWWÖøÖ NDPXVDO DODQODUGD KDOHQ GHPRNUDVLOHUGHNL NRQVHQVVQ
ROXûPDVÖLoLQJHUHNOLRODQWDUWÖûPD]HPLQLQHXODûPDODUÖEHNOHQPHNWHGLU0HG\D
GHPRNUDVLVL GH GL\HELOHFHøLPL] EX JHOLûPHOHUOH XOXV GHYOHWOHUGH YDWDQGDû
GHYOHWLOLûNLOHULG]HQOHQPHNWHGLU
*QP]Q
NDWÖOÖPFÖ
GHPRNUDVLOHUL
RODUDN
GD
EHWLPOHQHQ
EX
DûDPDGD
YDWDQGDûODUÖQ ELOJLOHQPHVL VUHFL HQIRUPDV\RQ DOW \DSÖVÖ NDGDU GD |QHPOLGLU <LQH GH
JQP]GH NUHVHOOHûHQ XOXVDO PHG\DODUÖQ EX LûOHYL \HULQH JHWLUPHVL VUHFLQGH PHG\D
XOXVDO DPDoODUÖQ GÖûÖQD oÖNDELOPHNWHGLU 2\VD |]HOOLNOH NDWÖOÖPFÖ GHPRNUDVLOHULQ
YD]JHoLOPH]DUDFÖVD\ÖODQPHG\DQÖQLGHDOGHûXLûOHYOHUL\HULQHJHWLUPHVLEHNOHQPHNWHGLU
*XQWKHU50XJKDQ$
D
3ROLWLN LOHWLûLP VUHFL RODUDN KNPHWLQ GÖûÖQGD IDUNOÖ ELOJL HQIRUPDV\RQ YH
SHUVSHNWLI
VXQDUDN
VL\DVDO
HOLWOHULQ
KNPHW
]HULQGH
NRQWUROQ
YH
NDPXR\XQXQ\|QHWLPHELUWHSNLROXûWXUPDVÖQÖVDøODPDOÖGÖU
E
9DWDQGDûODUÖQ LOHWLûLP |]JUOøQ JHQLûOHWPH\H oDOÖûDUDN DOWHUQDWLI ELOJL
ND\QDNODUÖ VXQPDOÖGÖU $\QÖ ]DPDQGD KNPHWLQ NH\IL X\JXODPDODUÖQGDQ
YDWDQGDûODUÖQNRUXQPDVÖQGDGDHWNLOLROPDOÖGÖU%XWHPHOGHPHG\DoRøXOFXøXQ
NXUXPODûPDVÖQÖ VDøODPDOÖGÖU 6DOW PHG\DQÖQ oRøXOFX ELU \DSÖ\D XODûPDVÖ GHøLO
NDPXQXQ GRøUX ELOJLOHQGLULOPHVL HøLWLOPHVL LoLQ NXUXPODûPDQÖQ ROXûPDVÖ GD
JHUHNPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
%|\OHFH KNPHW NRQWUROQGHQ EDøÖPVÖ]ODûDQ PHG\D WLFDUL DODQD ND\PDNWDGÖU
.UHVHOOHûPH\OH ELUOLNWH LNLQFL GQ\D VDYDûÖQGDQ LWLEDUHQ NDSLWDOLVW ELU Jo RODUDN
RUWD\D oÖNDQ $PHULND NUHVHOOHûHQ GQ\DQÖQ PHUNH]L YH oHNLUGHøL ELU NRQXPD
\HUOHûPLûWLU 0HG\D PHUNH] NDSLWDOLVW WRSOXPODUOD EX WRSOXPODUÖQ oHYUHVL DUDVÖQGD
\DWÖUÖP ELULNLPOHUL\OH IL\DWODUÖQ VDSWDQPDVÖ GHYLUOLOLN VUHNOLOLN LoLQGH LOLûNLOHULQL GH
G]HQOHQGLøLQGHQJQP]WRSOXPODUÖLoLQ|QHPOLELULûOHYLYDUGÖU
·OL
\ÖOODUGDQ
(PSHU\DOL]PLµ
LWLEDUHQ
´0HG\D
´<HQL
'Q\D
(PSHU\DOL]PLµ
(QIRUPDV\RQ
´<HQL
'Q\D
']HQLµ
ùOHWLûLP
´.OWU
']HQLµ
\DNODûÖPODUÖQGD ROGXøX JLEL 6WHYHQVRQ 5 / PHG\D HJHPHQ LGHRORML\L
GRøUXGDQ VDYXQPDN \HULQH LGHRORMLN GHøHUOHUL \D\JÖQODûWÖUPD LûOHYLQL GLøHU JQGHOLN
LûOHYOHULQLQ LoLQH VÖNÖûWÖUDUDN \HULQH JHWLUPHNWHGLU 3L\DVD LOLûNLOHULQL JQFHO ROD\ODUÖ
UHWLP YH WNHWLP KDONDODUÖQÖQ NRRUGLQH HGLOPHVLQGH HJHPHQ LGHRORML\L GH ROXPODPD
LoLQH JLUPHNWHGLU (QGVWUL\HO NDSLWDOL]PLQ YH JQP]Q LOHUL NDSLWDOLVW LOLûNLOHULQLQ
PHûUXODûWÖUÖOPDVÖ
RQD\ODQPDVÖ
DQODPÖQD
JHOHQ
EX
VUHo
VUHNOL
NOWUHO
DODQÖ
\HQLOHPHNWHGLU
*ROGLQ YH 0XUGRFN GD EHQ]HU ûHNLOGH PHG\DQÖQ LGHRORMLN ELU UROQQ ROGXøXQX
]HQJLQOLN YH LNWLGDUÖ PHûUXODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU 'XUXP EX WRSOXPVDO
EWQOøQ JLGHUHN GDKD NDUPDûÖN ELU J|UQPH EUQGNoH ELU NÖVÖP ELUH\OHULQ
ROD\ODUÖDQDOL]HWPHOHULQLQ]RUODûPDNWDROGXøXQXYHEWQQELOJLVLQHXODûDELOPHNLoLQ
NHQGLQL VHPEROLN RODUDN GROD\ÖPODQPÖû WHFUEHVLQH GDKD EDøÖPOÖ KDOH JHOPHNWH
ROGXøXQXLOHULVUPûWU6KROOH'-
*UDPVFL ³|UQ KDEHUOHULQ VRV\DO VLVWHP LoLQGHNL SROLWLN HQWHOHNWHO HWLN GHøHUOHUL
QHGHQL\OH³ HJHPHQOLøL \D\JÖQODûWÖUGÖøÖQÖ LOHUL VUPHNWHGLU .DPX\D LOHWLOHQ KDEHUOHULQ
GHWHNUDUODQDQQRUPDOLWHOHUOHPDUMLQDOLWHOHUOHPHûUXOXN\DGDPHûUXROPD\ÖûÖQNRGODUÖ
oL]LOHUHN LOHWLOPLû RODELOHFHøL J|UûQGHGLU %X \ROOD NDSLWDOLVW VLVWHPLQ NDEXO HGLOHELOLU
GHøHUOHULQLQ LGHRORMLVLQLQ GH \D\JÖQODûPDVÖ JHUoHNOHûPHNWHGLU 'ROD\ÖVÖ\OD KDEHUOHU
LNLQFL HO JHUoHNOLNOHUGLU %HUNRZLW] ' +DEHUOHULQ KD]ÖUODQPDVÖ YH
KDEHUGHøHULRODUDNJ|UOHQNULWHUOHUVLVWHPDWLNNXUXOXELUDQODPGQ\DVÖQDNDWÖOÖPGÖU
%X VUHo NLûLQLQ NHQGLOLøLQGHQ EHOLUOL HWLN GHøHUOHUH EDøODQPDVÖQÖ JHUHNWLULU 0HG\D
VD\ÖVÖ DUWVD GD KDEHUOHU IDUNOÖ ND\QDNODUGDQ JHOVH GH ELUH\OHULQ JHUoHøL \DNDODPDVÖ X]DN
J|]NPHNWHGLU
.OWUOHUHWLNVLVWHPOHULEHOLUOHPHNWHGLU0HG\D\ROX\ODNXUXODQXOXVODUDUDVÖLOHWLûLP
VUHFLQGH GH IDUNOÖ NOWUOHULQ HWLN GHøHUOHUL NDUûÖ NDUûÖ\D JHOPHNWHGLU %|\OHFH
NOWUOHU NRG VLVWHPOHULQLQ LGHDO DQODP GHøHUOHULQLQ DOWÖQÖ oL]PHNWHGLU &DVPLU ) /
gQHPOL RODQ GLøHU ELU QRNWD GD JoO RODQ EDûDW NOWUQ EHOLUOH\LFLOLøLGLU
'HPRNUDVLOHUGH PHG\DQÖQ NOWUOHUL HûLW RODUDN WHPVLO HWPHVL JHUHNPHNWHGLU 2\VD
PHG\D ED]Ö NOWUOHUL GDKD JoO KDOH JHWLULUNHQ ED]ÖODUÖQÖ ]D\ÖIODWPDNWDGÖU gUQHøLQ
PHUNH] ONHOHULQ NOWUOHUL NDUûÖVÖQGD |WHNL WRSOXPODUÖQ NOWUOHUL XOXV GHYOHW LoLQGHNL
oHûLWOL DOW NOWUOHU ]D\ÖIODWÖODUDN VXQXOPDNWDGÖU %|\OHFH LONH RODUDN GHPRNUDWLN XOXV
GHYOHWLQ
oRN
IDUNOÖOÖøÖQGDQ
NOWUOON
ND\QDNODQDQ
ROJXVX
EX
ER]XOPXû
NOWUHO
ROPDNWÖU
IDUNOÖODûPD\OD
0HG\DGD
NOWUOHU
WHPVLO
GRøDO
HGLOPH
DODQÖQGDQ
PHG\DQÖQWHPVLODODQÖQDoHNLOPHNWHGLU.UHVHOGQ\DVLVWHPLQHGLUHQoJ|VWHUHQ²|UQ
ùVODPFÖOÖNWD ROGXøX JLEL² \HUHO YH XOXVDO NOWUOHU GH PHG\DGD |WHNLOHûWLULOPHNWHGLU
0HG\D LoHULNOHUL\OH KHP |WHNLQLQ IRUPDWODUÖ oL]LOPHNWHGLU KHP PDUMLQDOOHûWLULOPHNWHGLU
%DûDW NOWU RODUDN VXQXODQ |UWO QHROLEHUDOL]PLQ GHøHUOHUL SRSOHU NOWU RODUDN
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
SROLWLN DODQGD YDWDQGDû YH GHYOHW DUDVÖQGDNL LOLûNLOHUL GH \|QOHQGLUPHNWH \D GD
GHøLûWLUPHNWHGLU
$UDûWÖUPDQÖQ<|QWHPYH7HNQLøL
$UDûWÖUPDGD (\OO WDULKLQGH PH\GDQD JHOHQ LNL] NXOHOHU |UQHN ROD\ÖQÖ 7UNL\H
8OXVDO %DVÖQÖ LoLQGH HQ VDøGDQ HQ VROD \D\ÖQ SROLWLNDODUÖ LoLQGH \HU DODQ =DPDQ VDø
5DGLNDO RUWD &XPKXUL\HW VRO JD]HWHOHULQLQ PDQûHW KDEHU EDûOÖNODUÖ YH LoHULNOHUL
ELUELUL\OH NDUûÖODûWÖUÖOPÖûWÖU EN] (\OO VD\ÖODUÖ .RQX\OD LOJLOL =DPDQ
5DGLNDO&XPKXUL\HWJD]HWHOHULQLQ|QVD\IDGD\HUDODQPDQûHWOHULYHKDEHULoHULNOHUL
D
.DSLWDOL]PYH<HQL'Q\D']HQLNUHVHOOHûPHROXPODPDROXPODPDPD
E
$PHULNDQVWQOø
F
$PHULNDQJFJoV]Oø
G
$PHULNDQÖQKDNOÖOÖøÖKDNVÖ]OÖøÖ
H
$PHULNDOÖ YH |WHNL PVOPDQ NRQXVXQGD FPOHOHU QLWHOLNVHO LoHULN DQDOL]L\OH
VÖQÖIODQGÖUÖOPÖûWÖU
WHNQLøL\OH
$QODWÖPODU
\RUXPODQPD\D
ID]ODFD
GHWD\ODQGÖUÖOPDNVÖ]ÖQ
oDOÖûÖOPÖûWÖU
'HøHUOHQGLUPHGH
V|\OHP
PHWQLQ
DQDOL]
DQODPVDO
LoHULøL PHWLQ GÖûÖ GRøUXGDQ \D GD GROD\ÖPODQPÖû J|QGHUPH \DSÖODQ DQODPODUOD
o|]POHQPH\HoDOÖûÖOPÖûWÖU
.DSLWDOL]P<HQL'Q\D']HQLYH.UHVHOOHûPH
0DQûHWOHUGH=DPDQJD]HWHVL\HQLGQ\DG]HQLQLNRDOLV\RQRODUDNGHøHUOHQGLULUNHQ
5DGLNDO EX GQ\DQÖQ KHUNHVLQ GQ\DVÖ ROGXøXQX LûELUOLøL oDøUÖVÖ YE EDûOÖNODUOD
PHUNH]LQ J|UûQ RQD\ODPDNWDGÖU %HQ]HU ûHNLOGH &XPKXUL\HW JD]HWHVLQLQ GH ´'Q\D
6DUVÖOÖ\RUµ
´'Q\D
'HYOHWOHUL
/DQHWOHGLµ
´$PHULNDQÖQ
<DQÖQGD\Ö]µ
YE
JLEL
PDQûHWOHUOH \HQL GQ\D G]HQLQL RQD\DQ EX GQ\DQÖQ GÖûÖQGDNL GQ\D\Ö \RN VD\DQ
DQODPLoHULNOHUL\NOHQHUHNKD]ÖUODQPÖûROGXøXJ|UOPHNWHGLU
0DQûHWOHULQ DOWÖQGDNL KDEHUOHULQ DQODP LoHULNOHULQH EDNÖOGÖøÖQGD |] RODUDN =DPDQ
JD]HWHVL GQ\D\Ö VDUVDQ EX ROD\D ID]ODFD ND\ÖWVÖ] NDOPDNVÖ]ÖQ NHQGLVLQLQ WDUDIWDU
ROPDGÖøÖ PHUNH]LQ J|UûOHULQLQ GÖûÖQGD DQODWÖPODUOD \DNODûPDNWDGÖU ùVODP GQ\DVÖ YH
EX GQ\D GÖûÖQGDNL |WHNL GQ\D D\UÖPÖQÖQ GROD\ÖPODQPÖû RODUDN LIDGH HGLOGLøL
DQODWÖPGD NDSLWDOLVW GQ\DQÖQ |YOPHVLQGHQ oRN LoHULNWH GH ELUWDNÖP WDQÖPODPDODUGD
NUHVHO ELUOLNWHQ |YJ LOH V|] HGLOPHPHNWHGLU $QFDN EX GQ\DQÖQ LoLQGH \HU DODQ
ROXûXPODUÖQ DQODWÖPÖQGD ´0VOPDQ %ORNµXQ D\UÖ ROXûXPXQGDQ GROD\OÖ RODUDN V|]
HGLOPHNWHGLU gUQ ´$%' KNPHWL 0WWHILN hONHOHU dLQ YH 0VOPDQ 'HYOHWOHUµ
D\UÖPÖQDoHûLWOLELOJLOHUOHELUOLNWH\HUYHULOPHNWHGLU
%HQ]HU D\UÖP &XPKXUL\HW JD]HWHVLQGH GH YDUGÖU $QFDN EXUDGD GDKD oRN NDSLWDOLVW
GQ\DQÖQ
YH
NRQXVXQGDNL
EX
GQ\DGDNL
\DNODûÖP
GLNNDW
EDVÖQÖQ
PHUNH]LQ
oHNLFLGLU
JFQ
gUQHøLQ
6SHU
DEDUWPDPDVÖ
*FQ
JHUHNWLøL
oDUHVL]OLøLQLQ
XOXVODUDUDVÖ VLVWHPLQ \HQLGHQ \DSÖODQPDVÖ JHUHøLQLQ $%' ELUOLøLQLQ o|NûQGHQ YE
V|] HGLOLUNHQ NDSLWDOLVW GQ\DQÖQ E\NOøQH $%'·QLQ EX ELUOLøLQ PLPDUÖ ROGXøXQD
$PHULNDQ HPSHU\DOL]PLQH J|QGHUPHOHU \DSÖOÖUNHQ D] GD ROVD HOHûWLUHO DQODWÖPODUÖQ \HU
DOGÖøÖ GD J|UOPHNWHGLU 6SHU JFQ LQVDQ DYÖQGDQ EX JFQ DEDUWÖOGÖøÖQGDQ
$%'·QLQHPSHU\DOLVWSROLWLNDODUÖQGDQYEV|]HGHUNHQNUHVHONDUûÖWODUÖQGD\HUDODQVRO
FHSKHGHNLJ|UûOHUH\HUYHUPHQLQGHWHUFLKHGLOGLøLJ|UOPHNWHGLU
5DGLNDO JD]HWHVLQLQ PHUNH]LQ J|UûOHULQH GRøUXGDQ NDWÖOÖPFÖ ELU WXWXP LoLQGH
NHQGLVLQLQ GH \HU DOGÖøÖ GQ\DQÖQ LoLQGHNL $%' LVWLKEDUDWÖQÖ $%' ED\UDøÖQÖ
7UNL\H·QLQ EXEORNWDNL ´\DVµD VDYDûD NDWÖOÖPÖQGDQ ,UDN GÖûÖQGDNL $%' LWWLIDNÖ $%'
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GRVWODUÖ 3HQWDJRQ NDPSDQ\DVÖ NDYUDPODUÖQÖ NXOODQDUDN $PHULNDQÖQ NUHVHO ELUOLNWHOLøL
GROD\OÖRODUDNROXPOD\DQDQODPODUÖQD\HUYHUGLøLJ|UOPHNWHGLU
$PHULND·QÖQhVWQOø
0DQûHW
KDEHUOHULQGH
=DPDQ
JD]HWHVLQLQ
$PHULNDQÖQ
VWQOøQH
J|QGHUPH
\DSPDGÖøÖ GLNNDW oHNPHNWHGLU 2\VD &XPKXUL\HW V|] NRQXVX EX VWQOø $%'
%DûNDQÖQÖ FH]DODQGÖUPD JLULûLPLQH $%'·QLQ ·OL UDNDPODUD XODûDQ DMDQ YH )%,
X]PDQODUÖQÖQROGXøXYEJ|UûOHUL\OHVUGUGøVRUXûWXUPDGDQV|]HWPHNWHGLU
5DGLNDO JD]HWHVL EX NRQXGD GD %DWÖ·QÖQ VWQOøQ $PHULND·QÖQ IHQD YXUDFDøÖQÖ
.DELO·GHNL %DWÖ NRUNXVX RODQODUÖ .XUWDUPD HNLSOHULQLQ YLQo YH MHQHUDW|UOHULQLQ
JUOWVQ $PHULND·\Ö ´DELµ RODUDN QLWHOHQGLUHQ DQODWÖPÖ\OD NXUWDUPD oDOÖûPDODUÖQÖQ
SODQOÖ ROXûX\OD E|\OH ELU ROD\OD NDUûÖODûPDQÖQ \DUDWWÖøÖ &,$ )%, YH 16$·QÖQ ]RU
GXUXPODUÖQGDQ
V|]
HGHUHN
GLøHU
LNL
JD]HWH\H
J|UH
$PHULNDQÖQ
VWQOøQ
YXUJXODPDNWDGÖU
$PHULNDQÖQ*F*oV]Oø
=DPDQ
JD]HWHVLQGH
$PHULNDQÖQ
VWQOøQ
YXUJXOD\DQ
|QHPOL
PDQûHWOHUH
UDVWODQÖOPDGÖøÖKDOGH&XPKXUL\HWJD]HWHVL´6SHUJoLPDMÖQVDUVÖOGÖµ´,,,'Q\D6DYDûÖ
EDûODGÖµ PDQûHWOHUL LOH LWWLIDNÖQ LoLQGH \HU DODQ 7UNL\H·QLQ GH J|UHYH KD]ÖU ROGXøXQX
ELOGLUPHNWHKHP$PHULNDQÖQJFQRQDPDNWDKHPGHEXJFQ\DQÖQGD7UNL\H·QLQ
GHROGXøXQXLIDGHHWPHNWHGLU5DGLNDOJD]HWHVLEXJFQNHQGLQLQLoLQJ|VWHUPHGLøLQL
JHoNDOÖQGÖøÖQÖLûLûWHQJHoWLøLQL*QD\GÖQ´NRUVDQODUÖQL]LQHUDVWODQÖOGÖøÖQÖµ´$PHULND
PLVLOOHPH\H ELU NDUDU YHULUVHµ JLEL $PHULNDQ JFQ DoÖøD oÖNDUDQ PDQûHWOHUH \HU
YHUPLûWLU
0DQûHWOHUOH LOJLOL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $PHULNDQÖQ JF YH
JoV]OøQ YXUJXOD\ÖFÖ DQODWÖPODUD \HU YHUPHNVL]LQ V|\OHQHQOHULQ VSHNODV\RQGDQ
LEDUHWROGXøXQXEHOLUWPHNWHGLU
&XPKXUL\HW LVH EX ROD\ÖQ $PHULND·QÖQ JFQ \ÖSUDWWÖøÖQD ´'Q\D 'HYLQLQ
NDOELQGHQ YXUXOXûXµQD GHøLQLUNHQ KD]ÖUOÖNVÖ] \DNDODQGÖøÖQÖ GD EHOLUWPHNWH DQFDN
%XVK·XQ EX VDOGÖUÖODUÖQ FH]DVÖ] NDOPD\DFDøÖ WHU|ULVWOHUL DYOD\DFDøÖQÖ EX VÖQDYÖ PXWODN
JHoHFHNOHULQL GQ\D LVWLKEDUDW |UJWOHULQLQ GH $PHULND·QÖQ \DQÖQGD ROGXøX \ROXQGDNL
J|UûOHULQH \HU YHUHUHN $PHULND·QÖQ JFQ DoÖøD oÖNDUPDNWDGÖU $QFDN 5DGLNDO LOH
NDUûÖODûWÖUÖOGÖøÖQGDEXNRQXGDNLV|\OHPOHULQ]D\ÖIROGXøXNDQDDWLQHXODûÖODELOPHNWHGLU
5DGLNDO JD]HWHVL LVH KDEHU LoHULNOHULQGH )%, \DUGÖPFÖ SHUVRQHOLQ
ROGXøXQX $IJDQLVWDQ·D DQL EDVNÖQ KD]ÖUOÖøÖQÖ HYUHQVHO GHVWHN DOÖQGÖøÖ YXUJXODQDUDN
JFQQ E\NOø RUWD\D oÖNPDNWDGÖU %X GHVWHøLQ VDOW $PHULND·\Ö GHøLO GQ\D\Ö GD
]DIHUHJ|WUHFHNROGXøXQXEHOLUWHQDQODPLoHULNOHULQLQ|QHoÖNWÖøÖJ|UOPHNWHGLU
$PHULNDQÖQ+DNOÖOÖøÖ+DNVÖ]OÖøÖ
=DPDQ JD]HWHVLQGH PDQûHW KDEHUOHUGH $PHULNDQÖQ KDNOÖOÖøÖQÖ |QH oÖNDUDQ KDEHUH
UDVWODQÖOPDPÖûWÖU ´ho NLûL WXWXNODQGÖµ ´7HU|UL]POH PFDGHOH NDUDUÖµ RODUDN \HU DODQ
PDQûHWOHU KDEHU DoÖNODPDODUÖ\OD ELUOHûWLULOGLøLQGH $PHULNDQÖQ PDøGXUL\HWLQL VL\DVDO
ùVODP·DNDUûÖGXUXûXQXKDNOÖoÖNDUDQEHWLPOHPHOHUHGH\HUYHUGLøLJ|UOPHNWHGLU
&XPKXUL\HW JD]HWHVL =DPDQ LOH NDUûÖODûWÖUÖOGÖøÖQGD J|UHFH EX KDNOÖOÖøÖ PDQûHWOHULQH
GDKD ID]OD WDûÖPÖû ROGXøX J|UOPHNWHGLU %XVK ROD\Ö $%'·\H DoÖOPÖû ELU VDYDû RODUDN
QLWHOHQGLUGL \HQPHN LoLQ ND\QDNODU NXOODQÖODFDN YE JLEL V|\OHPOHUH \HU YHULOHUHN
YXUJXODQPDNWDGÖU
1LPHWgQU$\ûHdDWDOFDOÖ³0HG\D3ROLWLNDODUÖQÖQ'HPRNUDWLNOHûPHVL6UHFLQGH.UHVHO
5DGLNDO JD]HWHVL LVH PDQûHWOHULQGH ´(Q NDUDQOÖN JHFH %H\D] 6DUD\ KHGHIWH
ED\UDNODUÖQ \DUÖ\D LQHFHøL WDULKLQ HQ E\N WHU|U YE JLEL V|\OHPOHUOH EX KDNOÖOÖøÖ oRN
EHOLUJLQELUELoLPGHYXUJXODPDNWDGÖU
+DEHU LoHULNOHULQH EDNÖOGÖøÖQGD =DPDQ JD]HWHVLQGH GDKD oRN LGGLDODU KDNNÖQGD QHW
ELU ND\QDN J|VWHULOPH\HQ EHOLUVL] DQODWÖPODUÖQ \HU DOGÖøÖ J|UOPHNWHGLU 'XUXPX
SURWHVWR HGHQOHU ´ GN·OÖN VD\JÖ GXUXûXQGD *XLOORX IXDUÖ WHUN HWWLµ ´.|U N|UQH |o
YH LQWLNDP DOÖQPD\DFDøÖQÖµ YE DQODWÖPODUD \HU YHULOPLûWLU %X N|U N|UQH LQWLNDP
DOPDQÖQ JHUoHNOHûPH\HFHøLQL EHOLUWLOPHVL $PHULNDQ WHKOLNHVLQL \XPXûDWPDN DPDFÖQÖ
WDûÖPDNWDGÖU
&XPKXUL\HW JD]HWHVLQGH GH $%'·\H DoÖOPÖû ELU VDYDûÖQ YDUOÖøÖQGD $%'·QLQ
SVLNRORMLN WUDYPD LoLQGH ROPDVÖ QHGHQL\OH GûPDQÖ \HQPHN LoLQ ND\QDNODUÖQ KDUHNHWH
JHoLULOHFHøLEHOLUWLOPHNWHGLU%|\OHFH$PHULNDQÖQKDNOÖOÖøÖQDGD\HUYHULOPHNWHGLU
5DGLNDOJD]HWHVLLVH$PHULND·QÖQKDNOÖOÖøÖQÖNDKUDPDQODUÖQND\EÖQÖQYH|OVD\ÖVÖQÖQ
E\N ROGXøXQX NXUWDUPD HNLSOHULQGHQ FDQ ND\ÖSODUÖQÖ YXUJXOD\DUDN PDøGXUL\HWLQL
EHOLUWPHNWHYHKDNOÖOÖøÖQÖ|QHoÖNDUPDNWDGÖU
$PHULNDOÖYHgWHNL0VOPDQ
+DEHUOHUGH =DPDQ JD]HWHVL WDP EHOLUJLQ ELU ELoLPGH $PHULNDOÖ YH gWHNL D\UÖPÖQÖ
PDQûHWH\DQVÖWPDPDNODELUOLNWHEXD\UÖPÖGDYDUVD\DUDN´WDUDIODUDUDVÖQGDEWQOHûPH
JHUHNVLQLPL\DUDWÖOPDVÖQGDQµ\DQDROGXøXJ|VWHUPHNWHGLU
&XPKXUL\HWJD]HWHVLQLQGHV|]NRQXVXD\UÖPÖQGDKDSHNLûWLUGLøLJ|UOPHNWHGLUgUQ
´*|]OHU
/DGLQ·H
oHYULOGLµ
´$IJDQLVWDQ·GDQ
DOHYOHU
\NVHOL\RUµ
´/DGLQ·LQ
YH
WDUDIWDUODUÖQ NDQOÖ NURQRORMLVLµ ´0VOPDQODUD VDOGÖUÖ DUWWÖµ ´7HKOLNHOL NXWXSODûPDµ
JLELYXUJXODPDODUODD\UÖPODûDQLNLD\UÖGQ\DGDQV|]HWPHNWHGLU
5DGLNDOJD]HWHVL$PHULND·QÖQûXDQGDELUIHODNHWL\DûDGÖøÖQÖYHEXQXQIDUNOÖOÖNODUÖQD
UDøPHQEL]LP\DûDGÖøÖPÖ]GRøDOGHSUHPIHODNHWLQHEHQ]HUELUIHODNHWLQROGXøXDFÖYH
NHGHUL |INH\L NRQX HGHUHN |WHNLOHULQ $PHULNDQ KDONÖQÖ Jo GXUXPD GûUGøQH
J|QGHUPH\DSDUDN$PHULNDLOH$PHULNDGÖûÖQGDNDODQODUÖELUELULQGHQD\ÖUPDNWDGÖU
0DQûHWOHULQ DOWÖQGDNL KDEHUOHUH EDNÖOGÖøÖQGD =DPDQ JD]HWHVL $UDS |øUHQFLOHU
]HULQGHNLNXûNXODUÖQYDUOÖøÖQGDQ&XPD·QÖQ|OHQOHUHGXDJQROPDVÖQGDQEDKVHGHUHN
$%'·QLQ0VOPDQDOH\KWDUOÖøÖQÖN|UNOHGLøLNRQXVXQX|QHoÖNDUPDNWDGÖU&XPKXUL\HW
JD]HWHVLQLQ LVH GLQOHU NDYJDVÖQÖQ \DQOÖûOÖøÖ 0VOPDQ J|oPHQOHULQ WUEDQODUÖ\OD
GRODûPDPDODUÖ JHUHNWLøL 1$72·QXQ VDOGÖUÖ SODQÖ YH $IJDQLVWDQ·GDNL VDYDû SDQLøL
H\OHPOHULQ VRUXPOXVX /DGLQ YH WDUDIODUÖ YE LIDGHOHUOH $PHULNDQÖQ |WHNLOHULQL KHP
WDQÖPODPDNWDKHPGHEXD\UÖPÖGHULQOHûWLUPHPH\HoDOÖûWÖøÖJ|UOPHNWHGLU
5DGLNDO JD]HWHVL LVH $PHULNDQÖQ WDQÖPODGÖøÖ \|QGH ROD\ÖQ IDLOL RODUDN 8VDPH %LQ
/DGLQ·L J|VWHUPHNWHGLU +DWWD oHûLWOL DQODWÖPODUÖQGD E\N ELU RUDQOD EX
NRQXGDNL NDQDDWLQL SHNLûWLUPHNWHGLU 7HU|UQ IDLOLQL J|VWHUHUHN oHûLWOL V|\OHPOHUOH GH
EXDQODPÖSHNLûWLUPHNWHGLU
6RQXo
·OÖ \ÖOODUGDQ LWLEDUHQ QHROLEHUDOLVW SROLWLNDODUOD PHG\D DODQODUÖQÖQ WLFDULOHûPHVL
YH NUHVHOOHûPHVL PHG\DODUÖ NDPX \D\ÖQFÖOÖN LONHVLQGHQ X]DNODûWÖUPDNWDGÖU .DPX
\D\ÖQFÖOÖøÖQÖ PHûUX NÖODQ YH PLV\RQX EHOLUOH\HQ oRøXOFXOXN WHPVLO KDNNÖ HULûLP YH
LOHWLûLPKDNNÖJLELNDYUDPODUJHWLULOPLûYHXOXVDOPHG\DODUGDEHNOHQWLOHUGHøLûPLûWLU
0HG\DQÖQ WRSOXPODUÖQ ELOJLOHQGLULOPHVL D\GÖQODWÖOPDVÖ HøLWLOPHVL JLEL LûOHYOHUL\OH
XOXV
GHYOHWLQ
LûOH\LûLQLQ
|QQGHNL
HQJHOOHULQ
NDOGÖUÖOPDVÖ
GD
JLGHUHN
RUWDGDQ
NDONPDNWDGÖU 'LøHU ELU GH\LûOH |QFHVL XOXV GHYOHWOHUL D\DNWD WXWDFDN XOXV NOWU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROXûWXUPDVÖYHJHOLûWLUPHVLEHNOHQHQPHG\DNUHVHOHNRQRPLNLûELUOLøLLoLQGHXOXV|WHVL
ROXûXPODUÖQ HWNLVLQH JLUPHNWHGLU 'ROD\ÖVÖ\OD \D\ÖQ SROLWLNDODUÖ XOXV GHYOHWOHUOH VÖQÖUOÖ
NDOPD\ÖS XOXV |WHVL PHG\D PDUNHWOHULQ EDVNÖVÖ DOWÖQD JLUPLûWLU +DEHU HøOHQFH WLFDUL
UHNODPFÖOÖNHOHNWURQLNYHULOHULYHVHVOLYH\D]ÖOÖLOHWLOHULDNWDUDQPHG\DQÖQXOXVODUDUDVÖ
ND\QDNODUGDQ
EHVOHQGLøL
WHNHOOHûPHOHU
YH
LoLQ
VHUPD\HQLQ
HNOHPOHQPHOHUOH
ROGXøX
NUHVHO
NDGDU
PHG\D
PHG\D
X]DPODUÖQD
NXUXPODUÖQGDNL
DoÖOPÖû
ROGXøX
J|UOPHNWHGLU .DPXVDO \D\ÖQ SROLWLNDODUÖQGD WLFDULOHûPH \|QQGH JHOLûHQ EX HøLOLP
XOXVDO PHG\D HWLøLQL YH SROLWLNDODUÖQÖ GHøLûWLUHUHN PHG\DQÖQ \HULQH JHWLUGLøL XOXVoX
SROLWLNVRV\DOL]DV\RQVUHFLQLHWNLOHPHNWHGLU
ùNL] .XOHOHU |UQHN ROD\Ö\OD LOJLOL KDEHUOHULQ \HU DOGÖøÖ PHG\DQÖQ SROLWLNDODUÖQD J|UH
LoHULøLQGH
ELoLPOHQGLøL
J|UOPHNWHGLU
$QFDN
PHG\D
SROLWLNDVÖQÖQ
\DQÖ
VÖUD
NUHVHOOHûPHVUHFLQLQNDSLWDOLVWLGHRORMLQLQPHG\DQÖQWXWXPXQGDEHOLUOH\LFLELUHWNHQ
ROGXøXJ|UOPHNWHGLU
%|\OHOLNOH
$PHULNDQ
LGHRORMLVLQH
NDUûÖ
GXUDQ
ùVODPFÖ
EDNÖû
DoÖVÖ
KDEHU
GHøHUOHQGLUPH\H GH \DQVÖPDNWDGÖU ùQFHOHGLøLPL] o JD]HWHGHQ VDø \D\ÖQ SROLWLNDVÖQÖ
EHQLPVH\HQ =DPDQ JD]HWHVL $PHULNDQ LGHRORMLVL WDUDIWDUOÖøÖQÖ HQ D] \DQVÖWÖU GXUXPGD
LNHQ VRO \D\ÖQ SROLWLNDVÖQGD \HU DODQ &XPKXUL\HW JD]HWHVL GH NÖVPHQ GH ROVD
NUHVHOOHûPH\H
ROXPOX
\DNODûPDNWD
5DGLNDO
JD]HWHVL
GH
$PHULNDQ
LGHRORMLVLQL
WDPDPHQROXPOD\DQELUWXWXPVHUJLOHPHNWHGLU
6RQXo RODUDN JQP]GH PHG\D HWLøL PHG\D \D\ÖQ SROLWLNDODUÖ\OD QHROLEHUDOLVW
X\JXODPDODUODYHWRSOXPODUÖQNOWUHO\DSÖODUÖ\ODELoLPOHQPHNWHGLU
.D\QDNoD
+HUPDQ(60F&KHVQH\5:*OREDO0HGLD7KH1HZ0LVVLRQDULHVRI&RUSRUDWH
&DSLWDOLVP&DVVHOO:RUOLQJ+RXVH/WG/RQGRQ
0RZODQD + *OREDO ,QIRUPDWLRQ DQG :RUOG &RPPXQLFDWLRQ 1HZ )URPWLHUV
,QWHUQDWLRQDO5HODWLRQV/RQJPDQ1HZ<RUN
0RKDPPDG\
'HYHORSLQJ
$
:RUOGµ
´&RPPXQLFDWLRQ
,QWHUQDWLRQDO
DQG
*OREDOL]DWLRQ
&RPPXQLFDWLRQ
DQG
3URFHVV
*OREDOL]DWLRQ
LQ
WKH
HG
$
0RKDPPDG\6DJH3XEOLFDWLRQV/RQGRQ
6WUHHW-0DVV0HGLD3ROLWLFVDQG'HPRFUDF\3DOJUDYH1HZ<RUN
0RUOH\ ' 5RELQV . .LPOLN 0HNkQODUÖ YH .UHVHO 0HG\D (OHNWURQLN 2UWDPODU YH
.OWUHO6ÖQÖUODUoHY(=H\EHNRøOX$\UÖQWÖ<D\ÖQODUÖùVWDQEXO
*XQWKHU50XJKDQ$'HPRFUDF\DQGWKH0HGLD&DPEULGJH8QLYHUVLW\3UHVV
6WHYHQVRQ 5 / ´&RPPXQLFDWLRQ 'HYHORSPHQW 7KLUG :RUOGµ 7KH *OREDO
3ROLWLFVRI,QIRUPDWLRQ/RQJPDQ,QF1HZ<RUN
6KROOH'-´(OHûWLUHOdDOÖûPDODUùGHRORML7HRULVLQGHQùNWLGDU%LOJL\Hµ0HG\DùNWLGDU
ùGHRORMLGHUYHoHY0HKPHW.oN$UN<D\ÖQODUÖ
%HUNRZLW]'6RFLDO0HDQLQJ1HZV6DJH3XEOLFDWLRQV/RQGRQ
&DVPLU ) / (WKLFV LQ ,QWHUFXOWXUDO DQG ,QWHUQDWLRQDO &RPPXQLFDWLRQ /DZUHQFH
(ULEDXP$VVRFLDWHV3XEOLVKHU/RQGRQ
"
8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL 3URI'U<DPDQgUV
*LULû
%X VXQXûXQ \|QWHPELOJLVL PHWRGRORML DoÖVÖQGDQ NXûNXVX] ELUELULQH \DNÖQGDQ EDøOÖ
RODQ DQD QRNWDODUÖQÖ û|\OH VÖUDOD\DELOLUL] 7HN ELU HWNLQOLN RODUDN DGODQGÖUÖODQ YH |\OH
NDEXO HGLOHJHOPLû RODQ IHOVHIHQLQ RQXQ HYULPL VÖUDVÖQGD RUWD\D oÖNPÖû oRN GHøLûLN
NDUûÖWRNXOODUÖQDNÖPODUÖQDUDODUÖQGDNLD\UÖOÖNODUDEDøOÖROPDN]HUHJHUoHNWHELUGHQoRN
HWNLQOLN RODUDN GD GûQOHELOHFHøL HWLN \D GD DKODNL GHøHUOHU IHOVHIHVL DODQÖQGD EXQXQ
EHONL |]HOOLNOH EHOLUJLQ ROGXøX DKODNL GHøHUOHULQ \DOQÖ] IHOVHIH HWNLQOLøLQGH GHøLO
LQVDQWRSOXPELOLPOHULQGHGHHOHDOÖQGÖøÖIHOVHIHFLOHUFHGDKDoRN´X\JXODPDOÖHWLNOHUµ
RODUDNELOLQHJHOPLûXøUDûHWLNOHULQLQIHOVHIHGHNLHWLøLQV|]NRQXVXXøUDûODUGDNL|]HOYH
IDUNOÖODûPÖû ELUHU X]DQWÖVÖ RODUDN J|UOHELOHFHøL %X EDøODPGD HQ |QGH JHOHQ YH IHOVHIH
HWNLQOLøLQLQ WP HYULPL ER\XQFD ]HULQGH SHN GXUXOGXøXQX V|\OH\HPH\HFHøLPL] ELU
QRNWD RODUDN GD IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLNDKODNL GHøHUOHU DoÖVÖQGDQ
VRUJXODQDELOHFHøLQGHQVRUJXODQPDVÖ JHUHNWLøLQGHQ V|]DoÖODFDNWÖU .XûNXVX]E|\OHELU
DOWHWNLQOLN IHOVHIHQLQ ELU DOW GDOÖ RODQ HWLN·WHQ D\UÖ NRQXPGDGÖU YH ELU X\JXODPDOÖ HWLN
\D GD IHOVHIH HWNLQOLøLQLQ NHQGLVLQLQ ELU XøUDû NRQXPXQXQ EXOXQXS EXOXQPDGÖøÖ
NRQXVX ELU \DQD ELU XøUDû HWLøLDKODNÖ RODUDN GûQOHELOLU %|\OH GH GûQOPHOLGLU
YH
IHOVHIHFLOHULQ
HWNLQOLNOHULQH
\|QHOLN
RODUDN
EXUDGDQ
oÖNDUDFDNODUÖ
|QHPOL
\|QWHPELOJLVLYH´XøUDûDKODNÖµVRQXoODUÖROPDOÖGÖU
)HOVHIH(WLN)HOVHIHOHU(WLNOHU
%XUDGD |QFH IHOVHIH HWNLQOLøL LOH LOJLOL RODUDN V|] DoPDQÖQ |QHPOL ROGXøXQX
GûQGøP ELU QRNWD\Ö GLOH JHWLUPHP JHUHNHFHNWLU .DQÖPFD IHOVHIH DODQÖ LoLQ LONHFH
JHoHUOLRODQ´$NDGHPLNµRODQYHROPD\DQ)HOVHIHD\UÖPÖQÖNHQGLDoÖPGDQEXVXQXûXQ
WPEDøODPÖQGDGLNNDWHDOPDNGXUXPXQGD\ÖP´$NDGHPLN)HOVHIHGHQµ\ÖONDGDU
|QFH (JH NÖ\ÖODUÖQGD RUWD\D oÖNDQ VRQ \]\ÖOODUGD GD ´%DWÖ )HOVHIHVLµ ELoLPLQGH
DQÖODUDNNHQGLQLVUGUHQYHJHUHNHøLWLPLJHUHNVHNHQGLVLLONHFHQLYHUVLWHLoLQGH\DGD
ELU
QLYHUVLWH
DQOD\ÖûÖ\OD
JHUoHNOHûWLULOHQ
NDYUDPVDOHOHûWLUHOPDQWÖNVDO
ELU
JHUHNoHOHQGLUPH HWNLQOLøLQL DQODWPDN LVWL\RUXP %WQ GûQOGøQGH EX HWNLQOLN
JHQHOGH ´'RøX )HOVHIHVLµ \D GD ´'RøX )HOVHIHOHULµ RODUDN ELOLQHQ EXJQ GDKD oRN
´<DûDP )HOVHIHVLµ RODUDN WHULPOHQGLUHELOHFHøLPL] YH |UQHøLQ EHONL ´9DUROXûFXOXøXQµ
ELU
WU
NDUûÖOÖøÖ
RODUDN
J|UHELOHFHøLPL]
HWNLQOLNOH
\HULQH
J|UH
E\N
D\UÖOÖN
J|VWHUPHNWHGLU$QFDNEXUDGDNRQX\ODLOJLOLoQRNWD\ÖGDKDEHOLUWPHNGXUXPXQGD\ÖP
ùON RODUDN NXOODQGÖøÖP ´$NDGHPLN )HOVHIHµ WHULPLQGHNL ´DNDGHPLNµ V|]FøQQ
.RQJUHGHNLVXQXOXûXQGDQVRQUDEXPHWLQLNLD\UÖEDøODPGD|]QGHGHøLûLNOLN\DSÖOPDGDQ
DQFDNGDKDX]XQRODUDND\UÖEDûOÖNODUODYHDOWEDûOÖNODUÖQGDGHøLûLNYXUJXODPDODUOD\HQLGHQ
VXQXOPXûYHWDUWÖûÖOPÖûWÖU´(WLN8øUDû(WLNOHULYH)HOVHIH<DSPDQÖQ(WLøLµ$NGHQL]
hQLYHUVLWHVL)HOVHIH.XOE$QWDO\D1LVDQhQLYHUVLWH·GHNLWDQÖWÖPÖQGDEDûOÖN´(WLN
'HøHUOHUYH(WLN)HOVHIHVLµRODUDNYHULOPLûWLU´)HOVHIHYH(WLøLµ7UN6RV\DO%LOLPOHU
'HUQHøL$QNDUD0D\ÖV%XUDGDNLVRQPHWLQLoLQLVHGDKDoRNNRQJUHGHNLVXQXûXQYH
WDUWÖûPDODUÖQNDYUDPoHUoHYHVLGLNNDWHDOÖQPÖûWÖU
$QNDUDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3ODWR·QXQ ´$NDGHPLVLµ LOH GRøUXGDQ KLo ELU LOLûNLVLQLQ EXOXQPDGÖøÖQÖ V|\OHPHP
JHUHNL\RU
ùNLQFL
QRNWD
WDULKVHO
ROPDNWDQ
oRN
\|QWHPELOJLVHOGLU
6|]
NRQXVX
JHUHNoHOHQGLUPH LûLQH %DWÖ IHOVHIHVLQGH GH |UQHøLQ ]DPDQÖPÖ]ÖQ ´SRVWPRGHUQµ GHQHQ
IHOVHIHVLQGH ROGXøX ELoLPGH QHUHGH\VH ERû YHULOGLøLQL |WH \DQGDQ RQXQ 9L\DQD
dHYUHVL·QLQ \HQL ROJXFXOXøXQGD PDQWÖNoÖ HPSLULVL]PGH |]HOOLNOH 5HLFKHQEDFK·ÖQ
DoÖNOÖøD NDYXûWXUGXøX ELOLPVHO IHOVHIHGH ]DPDQÖPÖ]GD WHPHO ELOLP HWNLQOLøLQGH ROGXøX
JLEL ELU GRUXøD XODûWÖøÖQÖ V|\OH\HELOLUL] %XUDGD oQF RODUDN LVH EX VRQXQFXVX\OD
\DNÖQGDQ
EDøODQWÖOÖ
RODQ
ûX
QRNWD
V|]
NRQXVXGXU
7DULKVHO
DoÖGDQ
EXUDGDNL
EDøODPÖPÖ]GD LVH GDKD |QHPOL RODUDN \|QWHPELOJLVL DoÖVÖQGDQ DNDGHPLN IHOVHIHQLQ LON
RUWD\D oÖNÖûÖQGDQ EHUL ELU EDNÖPD RQXQ YDUOÖN QHGHQL ROGXøX V|\OHQHELOHFHN YH WHPHO
ELOLP DQODPÖQGD ELOLPLQNL\OH LONHFH |UWûHQ DPDFÖQÖ JQGHPH JHWLUPHOL\L] HQ JHQLû
DQODPGD \HU\] YH J|N\]QGH GRøD YH LQVDQ WRSOXPODUÖQGD HYUHQGH WP ROXS
ELWHQOHU DQODPÖQGD GQ\DQÖQ DQODûÖOPDVÖ YH DoÖNODQPDVÖ =DPDQ LoLQGH EX DPDFÖQ
GRøUXGDQ GL\HELOHFHøLPL] ELoLPGH JHUoHNOHûWLULOGLøL HWNLQOLN JLGHUHN \RøXQ ELU ELoLPGH
ELOLP ROPXûWXU %DûODQJÖoWD 9L\DQD dHYUHVL·QLQ GDU ELU DoÖGDQ GD ROVD oRN \HULQGH
VDSWDGÖøÖ JLEL EX EDNÖPGDQ DNDGHPLN IHOVHIH\H GH EDûWD WHPHO ELOLP ROPDN ]HUH
ELUHU´DNDGHPLNµXøUDûRODQYHROPD\DQEHOOLEDûOÖLQVDQHWNLQOLNOHULQLGûQFHGLOYH
GHøHUOHUG]H\LQGHLUGHOHPHNGûPHNWHGLU%XPHWLQGHGH´IHOVHIHGHQµNXûNXVX]KHS
DNDGHPLNIHOVHIHDQODûÖOPDOÖGÖU
*LULûWHNÖVDFDGHøLQLOGLøLEXE|OPQEDûOÖøÖQGDGDEHOLUWLOGLøLJLELNDQÖPFDIHOVHIH
EHONL |]HOOLNOH JQP]GH WHN ELU HWNLQOLN RODUDN J|UOHPH] EXQXQ GD WHPHO QHGHQL
DODQÖQHYULPLER\XQFD\HULQHJ|UHWHPHO\|QWHPELOJLVHOQRNWDODUGDELUELULQHoRNNDUûÖW
RODQ IHOVHIH RNXOODUÖQÖQDNÖPODUÖQÖQ EXOXQXûXGXU %X DNÖPODUÖQ DUDVÖQGD EXUDGDNL
EDøODPÖPÖ]GD |UQHN ROXûWXUDFDNODU ûXQODU RODELOLU ùQJLOL] HPSLULVL]PL PDGGHFLOLN
LGHDOL]P \HQL 3ODWRQFXOXN \HQL .DQWoÖOÖN YDUROXûoXOXN \HQL ROJXFXOXN %XQODUÖQ
DUDVÖQGDNL
\|QWHPELOJLVHO
LOLûNLOHUL
\D
GD
IHOVHIH
RNXOODUÖQÖQDNÖPODUÖQÖQ
VÖQÖIODQGÖUÖOPDVÖNPHOHQGLULOPHVL VRUXQXQX EXUDGD ELU \DQD EÖUDNDUDN WP IHOVHIH
HYULPL ER\XQFD YDU ROPXû HQ WHPHO LNL NPH RODUDN 8VVDOFÖOÖN 5DV\RQDOL]P YH
'X\XVDOFÖOÖN
(PSLULVL]P
DUDVÖQGDNL
NDUûÖWOÖøÖ
JQGHPH
JHWLUHELOLUL]
*HQHOOLNOH
ELOLQPHVL JHUHNWLøL JLEL EXQODUÖQ DUDVÖQGDNL WHPHO D\UÖP ELOJLQLQ N|NHQL \D GD ND\QDøÖ
LOH LOJLOLGLU %LULQFLVLQH J|UH EX LQVDQ XVXGXU LNLQFLVL DoÖVÖQGDQ LVH GÖû GQ\DGÖU
)HOVHIHGH EX LNL DQD DNÖP \D GD RNXO YH DOWDNÖPODUDOWRNXOODU DUDVÖQGD EX \|QGHQ
RUWD\D oÖNDQ D\UÖOÖN \HULQH J|UH |\OHVLQH E\NWU NL \|QWHPELOJLVHO DoÖGDQ GHPHN
ROX\RU NL IHOVHIH DQOD\ÖûÖ \DNODûÖP \|QWHP YH HWNLQOLøL JHUoHNOHûWLUPHIHOVHIH \DSPD
DoÖVÖQGDQ WHN ELU IHOVHIH HWNLQOLøLQGHQ oRN GHøLûLN ´IHOVHIHOHULQµ EXOXQGXøXQX LOHUL
VUPHN DEDUWÖOÖ ROPD\DFDNWÖU g]GHû \D GD ELUELULQH \DNÖQ ]DPDQODUGD JHOLûPLû
´IHOVHIHOHUGHQµ 3ODWR·QXQ YH $ULVWR·QXQ IHOVHIHOHUL .DQW·ÖQ IHOVHIHVL LOH GL\DOHNWLN
PDGGHFLOLN YDUROXûoXOXNOD PDQWÖNoÖ HPSLULVL]P EX EDNÖPGDQ J|VWHULOHELOHFHN X\JXQ
NDUûÖWoLIWOHURODUDNGûQOHELOLU
)HOVHIH\OH LOJLOL DNDGHPLN ELU VXQXûWD EX HWNLQOLNWHNL DNÖPODUÖQ RQXQ GDOODUÖ \D GD
DOWGDOODUÖ\OD NDUÖûWÖUÖOPDPDVÖ JHUHNWLøLQGHQ V|] DoPDN EHONL DEDUWÖOÖ YH JHUHNVL] ELU Lû
JLELJ|UQHELOLUNDQÖPFDGDEXLONHFHDEDUWÖOÖYHJHUHNVL]ELULûWLU$QFDNVXQXFXQX]XQ
EX NRQXGDNL J|]OHPOHUL QH \D]ÖN NL EX LûL QHUHGH\VH JHUHNOL NÖOPDNWDGÖU 2 |UQHøLQ
NHQGL EHQLPVHGLøL IHOVHIH RNXOX RODQ ELOLPVHO IHOVHIHQLQ VH\UHN ROPD\DUDN ELU IHOVHIH
GDOÖ RODQ ELOLP IHOVHIHVL\OH NDUÖûWÖUÖOGÖøÖQÖ J|UPûWU KHP GH ELUWDNÖP IHOVHIHFLOHU KLo
GHJHQoROPD\DQGHQH\LPOLIHOVHIH|øUHWLP\HOHULWDUDIÖQGDQ
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
)HOVHIH NRQXVXQGD \|QWHPELOJLVHO YH HYULPVHO ELU \DNODûÖPOD \XNDUGD \DSÖODQ
o|]POHPH \HULQGH LVH IHOVHIHQLQ ELU GDOÖ RODQ (WLN \D GD $KODNL 'HøHUOHU )HOVHIHVL
DODQÖQGDGDJLULûE|OPQGHGHGHøLQGLøLPJLELELUELULQGHQD\UÖELUGHQoRNHWNLQOLøLQ
EXOXQGXøX VDSWDPDVÖ ELU DEDUWPD ROPD\DFDNWÖU %X NRQXGD SHN JoON oHNPHGHQ ELU
HWLN HWNLQOLøLQGHQ oRN ELUWDNÖP ´HWLNOHUµGHQ V|] DoPDN NXûNXVX] HQ EDûWD JHOHQHNVHO
LQVDQ YH EHQ PHUNH]OL XVVDOFÖ IHOVHIHFLOHULQ JHOLûWLUGLNOHUL ´DKODN VLVWHPOHULµ GLNNDWH
DOÖQGÖøÖQGD ROGXNoD KDNOÖ ELU J|]OHPLQ DQODWÖPÖ ROVD JHUHNWLU 6RNUDW·OD 3ODWR·\X
6SLQR]D·\Ö .DQW·Ö 1LH]WVFKH·\L YE GûQHOLP 2QODUÖQ JHOLûWLUGLNOHUL DKODN |øUHWLOHUL
DUDVÖQGDELUWDNÖPEHQ]HUOLNOHUGHROVDEXUDGDNLVDYLONHFHJHoHUOLGLUNDQÖVÖQGD\ÖP(WLN
DODQÖQGDGDVLVWHPJHOLûWLUPH\HNDUûÖRODQ|]QHOFL\DNODûÖPOÖHPSLULVLVWOHULQEXDODQGDNL
GHøLûLNJ|UûOHULGûQOQFHIHOVHIHGH´HWLNOHUµLQYDUOÖøÖGDKDEHOLUJLQROPDNWDGÖU
%LOLP)HOVHIH$KODNYH(WLN
.RQX LoHULNOHUL RUWDN ROVD GD ´$KODNµ YH ´(WLNµ WHULPOHUL DUDVÖQGD JHQHO RODUDN
NDEXO J|UGøV|\OHQHELOHFHN D\UÖOÖøÖ NXûNXVX] EX EDøODPGD GD JQGHPH JHWLUPHOL\L]
%XUDGDNL HQ WHPHO QRNWD EXQODUGDQ ELULQFLVLQLQ ELU WRSOXPGD LQVDQ WXWXP YH
GDYUDQÖûODUÖQD \|QHOLN LVWHNOHUL YH NDEXOOHUL LoHUHQ GHøHUOHULPL]LQ WRSODPÖ DQODPÖQD
JHOPHVLQH NDUûÖOÖN LNLQFLVLQLQ DNDGHPLN ELU DOWDODQ ROXûXGXU 6RQ RQ\ÖOODUGD GQ\DGD
HWLN DODQÖQGD JLGHUHN GDKD \RøXQ ELoLPGH JQGHPH JHOHQ JHOLûPHOHULQ VRQXFX RODUDN
LNLQFL WHULP ELUWDNÖP DQODP GHøLûLNOLNOHULQH XøUDPÖûVD GD \|QWHPELOJLVL DoÖVÖQGDQ
RQXQODLOJLOLE|\OHELULON\DGDWHPHOVDSWDPD\ÖLONHFH\HULQGHNDEXOHGHELOLUL]
<|QWHPELOJLVHO DoÖGDQ EXUDGD NRQX HGLOHELOHFHN LNLQFL ELU QRNWD ûXGXU 'HRQWLN
PDQWÖN JLEL EHOOL ´WHNQLNµ \|QOHULQL ELU \DQD EÖUDNÖUVDN JHQHOGH HWLN DODQÖ IHOVHIH
HWNLQOLøLQLQHQD]WHNQLNYHELUEDNÖPDJHUoHNWH´RUJDQLNµELULOLûNLVLQLQGHEXOXQGXøX
V|\OHQHELOHFHN ´\DûDP IHOVHIHVL\OHµ EHQ]HûHQ GDOÖGÖU %XUDGD ´WHNQLNµ V|]Fø\OH
JHQHOGH DNDGHPLN DODQODUÖQ LONHFH KHSVL LoLQ JHoHUOL ROGXøXQX GûQGøP ûX QRNWD\Ö
DQODWPDNLVWL\RUXPLQVDQODUÖQJQON\DûDPODUÖQGDD]oRNRUWDNVD\ÖODELOHFHNGHQH\LP
LOLûNL VUHo YE ROXS ELWHQOHUGHQ D] \D GD oRN GHøLûLNOLN D\UÖOÖN J|VWHUHQ |]HOOLNOHU %X
DoÖGDQ EDNÖOGÖøÖQGD |UQHN RODUDN YHUPHN JHUHNLUVH PDWHPDWLN YH PDWHPDWLN IHOVHIHVL
VLPJHVHO PDQWÖN IL]LNWH J|UHFHFLOLN NXUDPÖ YH IHOVHIL o|]POHPHVL HYULP EL\RORMLVL YH
IHOVHIHVL |UQHøLQ KXNXN YH IHOVHIHVLQGHQ VL\DVDO IHOVHIH \D GD WDULKOH EX DODQÖQ
IHOVHIHVLQGHQ\HULQHJ|UHoRNGDKD´WHNQLNµDODQODUGÖU
%XE|OPQEDøODPÖQGDoQFELUNRQXRODUDN¶ELOLP·NDYUDPÖQGDQV|]DoDELOLUL]
%X NDYUDPÖQ JQGHPH JHOPHVLQLQ QHGHQL VXQXFXQX]XQ |]QHOFL \DNODûÖPÖQD J|UH
LQVDQ
WXWXP
YH
GDYUDQÖûODUÖ\OD
LOJLOL
LVWHN
YH
GLOHNOHULPL]GHQ
ROXûDQ
DKODNL
GHøHUOHULPL]LQELOLPHWNLQOLøLQL\DNÖQGDQLOJLOHQGLUPHVLGLU$QFDNEXUDGD´LOJLOHQGLUPHµ
LOHEDûWDWHPHOELOLPOHUROPDN]HUHEXHWNLQOLøLQDKODNLGHøHUOHUDoÖVÖQGDQLUGHOHQLûLQL
GDKD DoÖN ELU DQODWÖPOD ´ELOLPOHULQ HWLøLQLµ \D GD ´ELOLP DKODNÖQÖµ DQODWPDN
LVWHPL\RUXP %HQLP EXUDGD ]HULQGH GXUGXøXP QRNWD DKODNL GHøHUOHULPL]LQ QH\L
DKODNL VRUXQ RODUDN J|UGøP]Q EX DODQGDNL o|]P |QHULOHULPL]LQ VHoLPOHULPL]LQ
YH NDUDU YHUPHOHULPL]LQ WRSOXPLQVDQ ELOLPOHULQLQ |QHPOL NRQX NPHOHUL DUDVÖQGD
ROXûODUÖGÖU .XûNXVX] EX NRQXODUÖQ EX ELOLPOHUGH HOH DOÖQPDVÖ RQODUÖQ DoÖNODQPDVÖ YH
RUWD\D oÖNÖû NRûXOODUÖ\OD LOJLOL RODUDN ELUWDNÖP JHQHOOHPHOHUH YDUÖOPDVÖ ELU EDûND
DQODWÖPOD ELOLPVHO ELOJL UHWLOPHVL DPDFÖQD \|QHOLNWLU )HOVHIHGH LVH EX DODQÖQ
\|QWHPELOJLVLQLQ JHUHøL RODUDN E|\OH ELU ELOJL UHWLPL DPDFÖ V|] NRQXVX RODPD]
gUQHøLQ VXQXFXQX]XQ EDøOÖ EXOXQGXøX ELOLPVHO IHOVHIH DNÖPÖQÖQ GRøUXOWXVXQGD HWLN
GDOÖQGD GD HQ EDûWD \DSÖODQ DKODNL GHøHUOHULPL]LQ VRUXQODUÖPÖ]ÖQ o|]POHULPL]LQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NDUDUODUÖPÖ]ÖQ EXQODUOD LOJLOL H\OHPOHULPL]LQ YE WXWDUOÖOÖN EHOOL EDûOÖ HWLN LONHOHUL JLEL
\|QOHUGHQ NDYUDPVDO G]H\GH o|]POHQPHVLGLU EX o|]POHPHQLQ EDûOÖFD QLWHOLøL LVH
RQXQHOHûWLUHOPDQWÖNVDODQODPELOJLVHOELU\RUXPDXODûPDoDEDVÖROXûXGXU
%X E|OPQ NDSVDPÖ LoLQGH G|UGQF YH VRQ RODUDN GD ´HWLNµ YH ´DKODNµ
WHULPOHULQLQDUDVÖQGDNLDQODPD\UÖOÖøÖQÖQ´X\JXODPDOÖHWLNOHUµRODQXøUDûHWLNOHULQGHELU
EDNÖPD RUWDGDQ NDONPDVÖQGDQ V|] HGHELOLUL] %XQD J|UH |UQHøLQ ´ELOLP DKODNÖµ LOH
´ELOLP HWLøLµ ´WÖS HWLøLµ LOH ´WÖS DKODNÖµ \D GD ´DUDûWÖUPD HWLøLDKODNÖµ DUDVÖQGD JHQHO
RODUDN ´HWLNµOH ´DKODNµ DUDVÖQGD V|] NRQXVX RODQD EHQ]HU ELU D\UÖOÖøÖQ EXOXQGXøX SHN
V|\OHQHPH] 8øUDû DKODNÖXøUDû HWLNOHUL NRQXVXQX ûLPGL \DNÖQGDQ LUGHOHUNHQ EX
NRQXQXQEHONLGROD\OÖELoLPGHGHROVDGDKDELUDoÖNOÖøDNDYXûDFDøÖQÖGûQ\RUXP
%LUHU)DUNOÖODûPÖû8]DQWÖ2ODUDN8øUDû(WLNOHUL
%XUDGDNL EDøODPÖPÖ]GD EHONL oRøX IHOVHIHFLQLQ J|]\OH ELUHU ´X\JXODPDOÖ HWLNµ
RODUDN J|UOHQ XøUDû HWLNOHUL NRQXVXQX D\UÖQWÖOÖ RODUDN LûOHPHPL]H SHN JHUHN \RNWXU
GL\HELOLUL] %XQXQ ELU QHGHQL EXUD\D GHN \DSWÖøÖPÖ] JHQHO YH GDKD NXUDPVDO RODQ
o|]POHPHOHUGHQVRQUDEDøODPÖPÖ]DoÖVÖQGDQEXQDSHNJHUHNNDOPDPDVÖRODELOLUVHELU
|WHNLVL GH EDûOÖøÖPÖ]GDNL o WHULPGHQ HQ oRN YXUJXODQPDVÖ JHUHNHQLQ EXQGDQVRQUDNL
E|OPGH HOH DODFDøÖPÖ] ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPL ROPDVÖGÖU +HU GXUXPGD EX
EDøODPGD XøUDû HWLNOHULQL WDUWÖûPDPÖ]ÖQ GDKD oRN ELU ´IHOVHIH HWLøLQLQµ JHOLûWLULOPHVL
|QHULVLQH
DUDo
RODUDN
GûQOPHVL
JHUHNWLøLQL
EHOLUWPHOL\L]
%XUDGD
\D]ÖQÖQ
EDûOÖøÖQGDNL LNLQFL WHULP RODQ ´X\JXODPDVÖ] HWLNµ ]HULQGH GXUPD\Ö GûQP\RUXP
RQGDQ ´JHQHO RODUDN HWLNµ DQODûÖODELOHFHøL JLEL DNDGHPLN DQODPGD EDûOÖøD GLNNDWL
oHNPH EHNOHQWLVLQL NDUûÖODPD GÖûÖQGD DQODPELOJLVHO KHUKDQJL ELU LûOHY EHNOHQPH\HELOLU
GH
%X
E|OPQ
EXOXQPDNWDGÖU
EDûOÖøÖQGD
DoÖNOÖøD
NDYXûWXUXOPDVÖ
´IDUNOÖODûPÖû
X]DQWÖµ
YH
´XøUDûµ
JHUHNHQ
%XQODUGDQ
LNL
WHULP
LNLQFLVL
GDKD
IL]LNWHQ
WRSOXPELOLPH GHN WHPHO ELOLPOHUL WÖS |WHNL VDøOÖN DODQODUÖ PKHQGLVOLNOHU JLEL JHUHNOL
ROPD]VD ROPD] NRûXOODUÖ WHPHO ELOLP RODQ DODQODUÖ JLGHUHN GH WDULK KXNXN HøLWLP
LNWLVDWIHOVHIHYEQLYHUVLWHHøLWLPLQHGD\DQDQSHNoRNHWNLQOLøLYHEXQODUÖQQLYHUVLWH
GÖûÖQGDNL YH LoLQGHNL JHUoHNOHûWLULOPH ELoLPOHULQL DQODWPDNWDGÖU %L]LP EXUDGDNL
EDøODPÖPÖ]GD GDKD |QHPOL YH oRN GDKD JHoHUOL RODQ ELULQFL WHULPLQ ND\QDøÖQÖ LVH
FDQOÖOÖN
ELOLPOHULQGHNL
ROXûWXUPDNWDGÖU
LNL
´UDKLPLoL
KFUHQLQ
JHOLûLPµLQ
ELUOHûPHVLQGHQ
WHPHO
|]HOOLøL
ROXûPXû
RODQ
´G|OOHQPLû
´IDUNOÖODûPDµ
\XPXUWDGDQµ
JHOLûHQ DQFDN ]DPDQ LoLQGH RQGDQ JLWWLNoH GDKD LOHUL ELU ELoLPGH D\UÖOÖNODU J|VWHUHQ
KFUHOHU YH RQODUÖQ EDûND \DSÖVDO |øHOHUOH ELUOLNWH ROXûWXUGXNODUÖ GRNXODU gUQHøLQ
VLQLU \D GD NDV KFUHOHULQGH ROGXøX JLEL EX D\UÖPODûPD \D GD IDUNOÖODûPD |\OHVLQH LOHUL
G]H\GH RODELOLU NL JHOLûPHQLQ LON DûDPDODUÖQGDNL KFUHOHUOH RQODUÖQ DUWÖN oRN D]
EHQ]HUOLøLQLEXODELOLUVLQL]
ùûWHEXUDGDQ \ROD oÖNÖODUDN \DSÖODELOHFHN ELU EHQ]HWLPOHû|\OH GûQHELOLUL] <NVHN
HøLWLPH GD\DQDQ KHUKDQJL ELU XøUDûÖQ KHU \|QQQ DKODNL GHøHU VRUXQODUÖQÖQ
LQFHOHQGLøL ELU XøUDû HWLøL IHOVHIHQLQ ELU GDOÖ RODQ ´JHQHOµ JQON \DûDPGDNL DKODNL
GHøHU VRUXQODUÖQGDQ SHN ´IDUNOÖODûPDPÖûµ HWLøLQ EX XøUDû LoLQGHNL X]DQWÖVÖ RODUDN
GûQOHELOLU %XUDGD ´IDUNOÖODûPD\Öµ YH RQXQ QLFHOLøLQL ´|OoVQµ EHOLUOH\HQ V|]
NRQXVX XøUDûÖQ GDKD \XNDUGD V|]Q HWWLøLPL] ´WHNQLNOLNµ GHUHFHVL RODFDNWÖU %XQX
XVXPX]GDDoÖNOÖøDNDYXûWXUPDNLoLQ\LQHGDKD|QFHV|]DoWÖøÖPÖ]JLELJQON\DûDPÖQ
DKODNL VRUXQODUÖ YH o|]POHUL\OH |UQHøLQ oHNLUGHN IL]LøL FDQOÖOÖN ELOLPOHULQGH NDOÖWÖP
DUDûWÖUPDODUÖ HWQRORML DUDûWÖUPDODUÖ \D GD SVLNL\DWUL YH VLQLU FHUUDKLVLQLQ \UWOPHVL
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
VÖUDVÖQGD RUWD\D oÖNDQ DKODNL GHøHU VRUXQODUÖQÖNRQXODUÖQÖ NDUûÖODûWÖUDOÖP ùNLQFLOHUL
DoÖNOÖNOD NDYUD\DELOPHPL] LoLQ |QFH RQODUÖQ RUWD\D oÖNWÖNODUÖ EDøODPODUÖ GDKD DoÖN
DQODWÖPÖ\OD LOJLOL ´WHNQLNµ DODQÖ RQXQ \|QWHPELOJLVHO |]HOOLNOHULQL RQXQ \UWOPHVL
VÖUDVÖQGDNL LOLûNL GXUXPODUÖQÖ \DNÖQGDQ WDQÖPDN JHUHNHFHNWLU %X oRN WHPHO ´IHOVHILµ
QRNWDQÖQ
GLNNDWH
DOÖQPDPDVÖ
\D
GD
ERûODQPDVÖQGDQ
GROD\ÖGÖU
NL
NHQGLOHUL
´IDUNOÖODûPDPÖûµIHOVHIHFLOHU´X\JXODPDOÖµHWLNNRQXVXQGDLOJLOLXøUDûODUÖQNLûLOHULQGHQ
]DPDQ ]DPDQ LOHUL RODELOHQ WHSNLOHUOH NDUûÖODûPDNWDGÖUODU dQN RQODUÖQ HWLNOH LOJLOL
RODUDN ROXS ELWHQOHUL VRPXW EDøODPODUÖQGDQ QHUHGH\VH NRSDUDQ oRN JHQLû NDSVDPOÖ
´DKODNL LONHOHULµ XøUDû HWLNOHULQGHNL VRUXQ NPHOHULQLQ NDYUDPVDO o|]POHQPHVLQGH
HNVLNNDOPDNWDGÖU
)HOVHIH<DSPDQÖQ)HOVHIHQLQ(WLøL
%XVXQXûXQ|]JQ YH DøÖUOÖNOÖ QRNWDVÖ VXQXFXQX] DoÖVÖQGDQ IHOVHIHQLQ \D GDIHOVHIH
\DSPDQÖQ HWLøL NRQXVX LVH GH EXUDGDNL EDøODPÖPÖ]GD EX E|OP YH EXQGDQ VRQUDNL
VRQXo E|OPQ X]DWPDN \LQH GH SHN JHUHNOL J|UQP\RU <D]ÖQÖQ EDûÖQGDQ EHUL
IHOVHIHQLQ YH HWLøLQ \|QWHPELOJLVL NRQXVXQGDNL VDSWDPDODUOD XøUDû HWLNOHUL DODQÖQGDNL
J|]OHPOHU \HULQGH LVHOHU YH EXQODU IHOVHIHQLQ ´NHQGLVLQLQµ HWLøL NRQXVXQGD GD
´IHOVHILµELUoÖNÖûQRNWDVÖROXûWXUDELOL\RUODUVDR]DPDQVXQXûXQHQ|QHPOL\|QGHROVD
EX EDøODPGD EX NRQX\X GDKD oRN X]DWPDQÖQ SHN JHUHøL ROPD\DELOLU 'ROD\ÖVÖ\OD EX
E|OPQ NRQXVX EXUDGD GDKD |QFH GLOH JHWLULOHQ WHPHO QRNWDODUÖQ ÖûÖøÖQGD YH oRN |]
ELU ELoLPGH HOH DOÖQDFDNWÖU $\UÖFD E|OPQ EDûOÖøÖQGD EHOLUWLOGLøL JLEL ´IHOVHIHQLQ
HWLøLµ LOH ´IHOVHIH \DSPDQÖQ HWLøLµ WHULPOHULQLQDQODWÖPODUÖQÖQ HQ D]ÖQGDQ EXUDGDNL
EDøODPÖPÖ]GDELUELUOHUL\OHHûDQODPOÖRODUDNNXOODQÖODELOHFHøLQLGûQ\RUXPgUQHøLQ
´7ÖS (WLøLµQH NRûXW RODUDN ROXûWXUXODELOHFHN ´)HOVHIH (WLøLµ WHULPL EX HWNLQOLøLQ ELU
GDOÖQÖ ROXûWXUDQ ´*HQHO 2ODUDN (WLNµ DQODPÖQD GD JHOHELOHFHøLQGHQ EXUDGD JQGHPH
JHWLULOPHPLûWLU
)HOVHIH \DSPDQÖQ HWLøL NRQXVXQXQ ELOLQHQ XøUDû HWLNOHUL LOH ELU NDUûÖODûWÖUPDVÖQÖ
\DSDELOPHN DPDFÖ\OD IHOVHIHQLQ NLûLQLQ \DûDPÖQGD JHOLU VDøOD\DQ ELU XøUDû ´PHVOHNµ
ROXS ROPDGÖøÖ YH ROXS RODPD\DFDøÖ NRQXVXQX GD EXUDGD VÖQÖUOÖ ELU ELoLPGH GH ROVD
JQGHPH JHWLUPHOL\L] 6XQXFXQX]XQ J|UHELOGLøL |OoGH EX NRQXGD EX EDøODPGD ûX
V|\OHQHELOLU *HOHQHNVHO IHOVHIH oHYUHOHULQGH EX NRQXGDNL ´JHOHQHNVHO VDSWDPDµ
IHOVHIHQLQ ELU XøUDû RODPD\DFDøÖ oQN ´ILOR]RIODUÖQµ ´E\N IHOVHIHFLOHUµ RODUDN
\D]DU ROPDODUÖQÖQ GÖûÖQGD ]DWHQ RODøDQ DQODPGD XøUDû NLûLVL ROPD GûQFHVLQLQ
GÖûÖQGD WXWXOPDODUÖ JHUHNWLøL NHQGLOHULQH DQFDN ´E\NOHULµ L]OHPHN LûL GûHQ ´IHOVHIH
SURIHV|UOHULQLQµ ´|øUHWPHQOHULQLQµ LVH IHOVHIH DUDFÖOÖøÖ LOH ´SDUD ND]DQVDODUµ ELOH
´ILOR]RIµROPDGÖNODUÖLoLQEXQXQGDIHOVHIHQLQELUXøUDûROGXøXDQODPÖQDJHOHPH\HFHøL
ELoLPLQGHGLU 6RQ RQ\ÖOODUGD EHONL HQ EDûWD $PHULND·GDQ EDûOD\DUDN |]HOOLNOH WÖS
HWLøLEL\RPHGLNDO HWLN EDøODPÖQGD \DûDQDQODU IHOVHIHQLQ ELU XøUDû NRQXPXQGD
RODELOHFHøLQLHQD]ÖQGDQEXNRQXPDJHOHELOHFHøLQLJ|VWHUPLûWLUoQNEX\ROODGHPHN
ROX\RU NL X\JXODPDOÖ HWLN \ROX\OD IHOVHIHFLOHU ELUHU XøUDû VDKLEL JLEL \DûDPODUÖQÖ
ND]DQPD\D EDûODPÖûODUGÖU %XUDGD JQP] IHOVHIHVLQGH EX DODQGD |UQHN RODUDN
J|VWHULOHELOHFHN |WHNL JHOLûPHOHUL ELU \DQD EÖUDNÖS KHU GXUXPGD ELU HWNLQOLN DNDGHPLN
ROPDVÖ JHUHNHQ ELU HWNLQOLN RODUDN IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ XøUDû
HWLNOHUL EDøODPÖQGD YH \|QWHPELOJLVHO DoÖGDQ NDUûÖODûWÖUPDOÖ ELU ELoLPGH JQGHPH
JHWLULOHELOHFHøLQLGûQPHNKLoGH\DQOÖûROPD\DFDNWÖU
2 ]DPDQ IHOVHIHQLQ \D GD IHOVHIH \DSPDQÖQ HWLøLQGHQ QH\L DQOD\DELOHFHøLPL]
NDQÖPFD DoÖN ROPDNWDGÖU .DUûÖVÖQGDNL RNXOX \D GD DNÖPÖ HOHûWLUPHQLQ GÖûÖQGD
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
IHOVHIHFLOHULQEXHWNLQOLøLQHYULPLER\XQFDûLPGL\HGHNIHOVHIHQLQJHQHO\|QWHPELOJLVHO
\D GD ´IHOVHILµ ELU GHøHUOHQGLULOPHVLQL \DSWÖNODUÖ SHN V|\OHQHPH] 2QODU JHQHOGH HQ
EDûWDNHQGLIHOVHIHRNXOODUÖQÖ´GÖûGQ\D\DµNDUûÖHOHûWLULVL]ELUELoLPGHNRUXPXûODUGÖU
%|\OH ELU WXWXPXQ VRQXFX RODUDN RQODUGDQ NHQGL HWNLQOLNOHULQL HWLN DoÖVÖQGDQ \D GD
DKODNL DoÖGDQ HOHûWLUHO ELU GHøHUOHQGLUPHGHQ JHoLUPHOHUL NXûNXVX] SHN EHNOHQHPH]
*HUoHN GXUXP GD EXGXU YH NDQÖPFD IHOVHIHFLOHU NDUûÖ RNXOODUÖQ WHPVLOFLOHULQLQ HWLN
DODQÖQGD JHOLûWLUGLNOHUL J|UûOHUH NDUûÖ oÖNDUNHQ GH EXQX VDQÖUÖP DKODNL \D GD HWLN ELU
ND\JÖ\OD ROPDNWDQ oRN XVVDO ´IHOVHILµ ELU DoÖGDQ \D GD E|\OH ELU EHNOHQWL\OH
JHUoHNOHûWLUPHNWHGLUOHU %L]LP EXUDGDNL EDøODPÖPÖ]GD NDQÖPFD DVÖO |QHPOL RODQ QRNWD
LVH LONHFH ELOLQoDOWÖ GD ROVD EXQXQ WHUVLQH ELU WXWXPXQ IHOVHIHFLOHU DoÖVÖQGDQ HWNLQOLøLQ
WPQHWLN\|QQGHQHOHûWLUL\HDoDELOHFHøLND\JÖVÖGÖU%XLVH|]HOOLNOHLQVDQXVYHNLûL
PHUNH]OL
JHOHQHNVHO
XVVDOFÖ
IHOVHIH\L
EHQLPVHPLû
YH
HWNLQOLNOHUL\OH
NHQGLOHULQL
JHUHøLQGHQ oRN |]GHûOHûWLUPLû RODQODUÖQ ´LûLQH JHOPH\HFHNWLUµ oQN EX GXUXPGD
RQODU HWNLQOLNOHULQLQ HOHûWLUHO GHøHUOHQGLULOPHVLQL NHQGL NLûLOLNOHULQLQ HOHûWLULOPHVL
ELoLPLQGHDOJÖOD\DELOHFHNOHUGLUEHQLPJ|]OHGLøLPQLWHNLP|\OHROPDNWDGÖU
)HOVHIHHWNLQOLøLQLQJHQHO\|QWHPELOJLVHOGHøHUOHQGLULOPHVLQLQ\DQÖQGDHWLNDoÖVÖQGDQ
VRUJXODQPDVÖQÖQ IHOVHIHFLOHU YH IHOVHIH GÖûÖ oHYUHOHU WDUDIÖQGDQ \HULQH JHWLULOHPHPLû
ROPDVÖQÖQ UXKELOLPVHO WRSOXPVDO YE QHGHQOHULQLEHOLUOH\LFLOHULQL EXUDGD ELU \DQD
EÖUDNPDOÖ\Ö]h]HULQGHD]GXUXOPXûEXNRQXQXQHOHDOÖQPDVÖIHOVHIHHWNLQOLøLLOHNHQGL
DoÖODUÖQGDQ LOJLOHQHFHN RODQ WRSOXPELOLPFLOHULQ UXKELOLPFLOHULQ \HULQH J|UH UXK
KHNLPOHULQLQ
YE
LûLGLU
$QFDN
EXUDGD
EL]
EX
LQVDQ
ELOLPOHULQLQ
GÖûÖQGD
YH
ELOLPVHODNDGHPLN DoÖGDQ WHNQLN ROPD\DQ ELU VDSWDPD\OD JHQHOGH GûOGøQQ
WHUVLQH IHOVHIHGH HOHûWLUHO WXWXPXQ \HWHULQFH \D\JÖQ ROPDGÖøÖQÖ EX HWNLQOLNWH \HUOHûPLû
YH HOHûWLUHO ROPD\DQ \|QWHPELOJLVHO WXWXP DOÖûNDQOÖNODUÖQÖQ ELU HWNHQ RODUDN D\UÖFD EX
\]GHQNROD\NROD\DûÖODPDPDNWDROGXøXQXV|\OH\HELOLUL]
6RQXoYHdÖNDUÖPODU
%X VXQXûWD IHOVHIH HWNLQOLøL\OH YH RQXQ ELU DOWGDOÖ RODUDN HWLNOH LOJLOL RODQ YH
DUDODUÖQGD VXQXFXQX]XQ NXUGXøX EDøODQWÖODUOD HOH DOÖQDQ WHPHO QRNWDODUÖ ELU EDNÖPD
´PHWDIHOVHIHµYH´PHWDHWLNµNRQXODUÖQÖELUNH]GDKDYXUJXODPDNJHUHNLUVHEXUDGDoRN
|] RODUDN ûX V|\OHQHELOLU $NDGHPLN ELU HøLWLPL RODQKHUHWNLQOLN JHQHOGH GH KHU LQVDQ
HWNLQOLøL LoLQ V|] NRQXVX ROGXøX JLEL IHOVHIHQLQ X\JXODPDOÖ HWLN \D GD XøUDû DKODNÖ
DoÖVÖQGDQ GHøHUOHQGLULOPHVLQGH GH LON \DSÖOPDVÖ JHUHNHQ EX HWNLQOLøLQ \|QWHPELOJLVHO
DoÖGDQ
VRUJXODQPDVÖ
oDEDVÖ
ROPDOÖGÖU
<|QWHPELOJLVHO
VRUJXODPDGDQ
LVH
EHQ
VXQXûXPXQEDûODUÖQGD´GLGDNWLNµROPDND\JÖVÖWDûÖ\DUDNDoÖNRODUDNRUWD\DNR\PDGÖøÖP
ûX o VRUX\D \DQÖW DUDQPDVÖQÖ DQOÖ\RUXP 1H" 1HGHQ" 1DVÖO" 'DKD DoÖN ELU DQODWÖPOD
EXWHPHO\|QWHPELOJLVLQGHEL]LPELUDNDGHPLNHWNLQOLNEDøODPÖQGDEL]HQWHPHORODUDN
RQXQ NRQXODUÖQÖQ QHOHU ROGXøXQX \D GD LoHULøLQLQ QHOHUGHQ ROXûWXøXQX EX NRQXODUÖQ
V|]NRQXVXHWNLQOLNWHHOHDOÖQPDVÖQÖQDPDFÖQÖ\DGDHWNLQOLøLQYDUOÖNQHGHQLQLYHLOJLOL
NRQXODUÖQ EX DPDFD J|UH LûOHQPHVLQLQ QH \ROODQDVÖO JHUoHNOHûWLULOHFHøLQL \D GD
HWNLQOLøLQ\|QWHPLQL\|QWHPOHULQLDUDûWÖUPDPÖ]JHUHNHFHNWLU%XVXQXûXQEDøODPÖQGD
DoÖNoDVRUXOPXûROPDVDODUYHGROD\OÖELUELoLPGHGLOHJHWLULOPLûROVDODUGDEXVRUXODUÖQ
\DQÖWÖQÖ EDûODUGD IHOVHIH LOH LOJLOL RODUDN GDKD VRQUD GD HWLN·H \|QHOLN RODUDN JQGHPH
JHWLUGLPNXûNXVX]NHQGLIHOVHIHYHWHPHO\|QWHPELOJLVLJ|UûPHEDøOÖRODUDN
+HU GXUXPGD IHOVHIHQLQ GH HWLN DoÖVÖQGDQ VRUJXODQPDVÖQÖQ oRN JHUHNOL GL\HELOLULP
NL NDoÖQÖOPD] ROGXøXQX GûQPHOL J|UPHOL\L] %|\OH ELU oDED VÖUDVÖQGD IHOVHIH
HWNLQOLøLQLQ\|QWHPELOJLVHOGHPHNROX\RUNLNDYUDPVDOG]H\GHYHHOHûWLUHO²PDQWÖNVDO²
<DPDQgUV³8\JXODPDOÖ(WLN8\JXODPDVÖ](WLNYH)HOVHIH<DSPDQÖQ(WLøL
DQODPELOJLVHO DoÖGDQ LQFHOHQPHVLQLQVRUJXODQPDVÖQÖQ JQGHPH JHOPHVL HWLN LQFHOHPH
\|QQGHQ ELU DUDo ROGXøX |OoGH JHQHOGH IHOVHIH \D GD PHWDIHOVHIH DoÖVÖQGDQ NHQGL
EDûÖQD ELU DPDo RODUDN GD J|UOPHOLGLU )HOVHIHQLQ HWLN \|QQGHQ ROGXøX |OoGH
\|QWHPELOJLVL DoÖVÖQGDQ GD VRUJXODQPDVÖQÖ EHQLPVHPH\HFHN GDKD GRøUXVX JHQHOGH
EXQODUD WHSNL GX\DFDN JHOHQHNVHO \DNODûÖPOÖ IHOVHIHFLOHULQ LVH DODQODUÖQÖQ EX WUGHQ YH
HOHûWLUHO ELU ELoLPGH VRUJXODQPDODUÖQD KHU GXUXPGD NDUûÖ oÖNDFDNODUÖQD NHVLQ J|]\OH
EDNDELOLUL]6XQXFXQX]DJ|UHHYULPLER\XQFDLQVDQODUÖQGûQVHOYHWRSOXPVDO\|QOHUL
]HULQGH |\OHVLQH HWNLOL ROPXû RODQ IHOVHIH HWNLQOLøLQLQ EX DoÖODUGDQ LQFHOHQPHVLQH
NDWNÖGD EXOXQPDN \HULQH EXQD NDUûÖ oÖNPDN DQFDN EX DODQGD ROXS ELWHQOHUL
\|QWHPELOJLVHOG]H\GHELUWUDQOD\DPD\ÖûNDYUD\DPD\ÖûODDoÖNODQDELOLU
%X
VXQXûXQ
EDøODPÖQGD
\XNDUGD
LûOHQHQ
WHPHO
QRNWDODUGDQ
\ROD
oÖNDUDN
JHOLûWLULOPHOHUL GûQOHELOHFHN RODVÖ NRQXODU DUDVÖQGD QHOHU RODELOLU" %|\OH ELU VRUX\D
EXUDGD D\UÖQWÖOÖ RODUDN \DQÖW YHUPHN NXûNXVX] EDøODPÖPÖ]ÖQ VÖQÖUODUÖQÖ oRN DûDU
'RøUXVX EHQ EX RODVÖ QRNWDODUÖQ KHSVLQL DoÖN RODUDN VDSWDPÖû GD GHøLOLP %X
EDøODPÖPÖ]GDLVHDQFDNELUE|OPQNRQXPX]ODGRøUXGDQ|WHNLOHULQLLVHGROD\OÖELU
ELoLPGH LOLûNLOL J|UGøP ELUNDo WHPHO QRNWD\Ö EXUDGD \DOQÖ]FD EHOLUWHELOLULP \XNDUGD
NÖVDFDGHøLQGLøLP)HOVHIHQLQ(WLøLLOH)HOVHIH<DSPDQÖQ(WLøLDUDVÖQGDELUD\UÖPROXS
ROPDGÖøÖ
IHOVHIHGHNL
HWLNOH
X\JXODPDOÖ
HWLNOHUXøUDû
HWLNOHUL
DUDVÖQGDNL
LOLûNLGH
¶IDUNOÖODûPÖû X]DQWÖ· NDYUDPÖQÖQ GDKD \DNÖQGDQ YH GDKD LOHUL G]H\GH HOH DOÖQPDVÖ EX
NDYUDPÖQ IHOVHIHQLQ JHQHOL\OH LOJLOL RODUDN GD |UQHøLQ IHOVHIH LOH JHQHO RODUDN ELOLP
IHOVHIHVL GDKD |]HOGH ELOLPOHULQ IHOVHIHOHUL DUDVÖQGDNL \|QWHPELOJLVHO LOLûNLGH JQGHPH
JHWLULOPHVL WÖS IHOVHIHVLQLQ IHOVHIHQLQELOLP IHOVHIHVLQLQ WÖS LoLQGHNL IDUNOÖODûPÖû ELU
X]DQWÖVÖ RODUDN J|UOPHVL YE JLEL ùûWH PHWDHWLNWH YH JHQHO RODUDN PHWDIHOVHIHGH
WHPHO \|QWHPELOJLVHO VRUXQODU RODUDN GûQHELOHFHøLPL] EX WU QRNWDODUÖQ GDKD LOHUL
NDYUDPVDO
o|]POHPHOHULQLQ
\DSÖOPDVÖ
VXQXFXQX]XQ
IHOVHIHGHNL
YH
ELOLPGHNL
\|QWHPELOJLVHO\DNODûÖPÖDoÖVÖQGDQGL\HELOLULPNL\DûDPVDOJ|UQPHNWHGLU
%X
NRQJUHQLQ
GX\XUXVXQXQ
DoÖNODPD
E|OPQGH
RQXQ
´X\JXODPDOÖ
HWLøLQ
NXUDPVDO WHPHOOHULQH LOLûNLQ ELOGLULOHUH GH DoÖN RODFDøÖµ DQODWÖPÖ YDUGÖ %XUDGD
DNDGHPLN DoÖGDQ NHQGL DGÖPD ´NXUDPVDO WHPHOOHUµ WHULPLQL DOÖûÖODJHOPLû YH ELU PLNWDU
DEDUWÖOÖ ELU ´IHOVHILµ DQODWÖP RODUDN EXOGXøXPX V|\OH\HELOLULP EHQ EXUDGD VDQÖUÖP
EHNOHQHELOHFHøL JLEL ´PHWDHWLN \D GD IHOVHIL \D GD \|QWHPELOJLVHO \|QOHULµ JLEL GDKD
´DOoDN J|QOOµ DQODWÖPODUGDQ ELULQL \HøOHUGLP $QFDN VXQXûXPXQ VRQXQGD JHUoHNWHQ
YXUJXODPDN LVWHGLøLP QRNWD RQXQ NRQJUHQLQ NRQX DODQODUÖQGDQ ELULQH WP\OH
X\GXøXQX EHOLUWPHNWLU EHQ RQXQ GD EX WRSODQWÖQÖQ NDSVDPÖ LoLQH DOÖQPDVÖQD
\|QWHPELOJLVHODoÖGDQYHNROD\FDDQODûÖODFDøÖJLELoRNROXPOXEDNÖ\RUXP
.D\QDNoD
gUV<´7ÖSWD'HRQWRORMLGHQ(WLN·Hµ+HNLP)RUXPX<ÖO6D2FDN
gUV < ´)HOVHIHGH 1H 1HGHQ 1DVÖO"µ )HOVHIH 7DUWÖûPDODUÖ .LWDS %LOLPVHO)HOVHIHQLQ,ûÖøÖQGD$QNDUDgWHNL<D\ÖQHYLV
gUV < ´7HDFKLQJ 0HGLFDO (WKLFV LQ WKH 6XEMXQFWLYH 0RRGµ %XOOHWLQ RI0HGLFDO
(WKLFV6D
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
gUV < ´%LOLP (WNLQOLøLQGH 'HøHU 6RUXQODUÖµ 7h%$ %LOLPVHO 7RSODQWÖ 6HULOHUL ²'Q\D·GDYH7UNL\H·GH%LOLP(WLNYHhQLYHUVLWH$QNDUD7UNL\H%LOLPOHU$NDGHPLVL
V
gUV < ´7KH ,UUHVLVWLEOH 5LVH RI 6FLHQWLILF 3KLORVRSK\ 3KLORVRSKLVP DQG WKH
(WKLFVRI3KLORVRSKL]LQJµ6\QWKHVLV3KLORVRSKLFD&6D
gUV < ´%LRPHGLFDO (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\µ (WKLFV RI WKH
3URIHVVLRQV 0HGLFLQH %XVLQHVV 0HGLD /DZ ù .XoXUDGL HG %HUOLQ YE 6SULQJHU
9HUODJ V 7UNoHVL ´%L\RWÖS (WLøL YH )HOVHIHQLQ 6ÖQÖUODUÖµ (WLN YH
0HVOHN (WLNOHUL 7ÖS dHYUH ùû %DVÖQ +XNXN YH 6L\DVHW <D\ÖQD KD]ÖUOD\DQ +DUXQ
7HSH$QNDUD7UNL\H)HOVHIH.XUXPXV
gUV<´3VLNRORMLYH3VLNL\DWULQLQ,ûÖøÖQGD)HOVHIHFLOHUYH)HOVHIH2NXOODUÖµ3
²3VLNL\DWUL3VLNRORML3VLNRIDUPDNRORML'HUJLVL&(N6D(\OO
gUV < ´)HOVHIH .RQXVXQGD *HOHQHNVHO 7XWXP YH 7HPHO <DQÖOJÖODUµ %LOLP YH
hWRS\D6D(NLP
gUV<´%LOLP(WLN6HoNLQFLOLN´úDUODWDQOÖNµ´%LOLPYHhWRS\D6DúXEDW
VYH6D0DUWV
gUV<%NHQ1g´7ÖEEL(WLNWH6RUXQ.PHOHULµ7ÖEEL(WLN6HPSR]\XPX
%LOGLULOHUL$QNDUD%L\RHWLN'HUQHøL<D\ÖQODUÖV
5HLFKHQEDFK + 7KH 5LVH RI 6FLHQWLILF 3KLORVRSK\ %HUNHOH\ /RV $QJHOHV
8QLYHUVLW\RI&DOLIRUQLD3UHVV
6RNDO$%ULFPRQW-,PSRVWXUHV,QWHOOHFWXHOOHV3DULV(GLWLRQV2GLOH-DFRE
6WRYH'7KH3ODWR&XOWDQG2WKHU3KLORVRSKLFDO)ROOLHV2[IRUG%DVLF%ODFNZHOO
:LOOLDPV % (WKLFV DQG WKH /LPLWV RI 3KLORVRSK\ &DPEULGJH 0DVV +DUYDUG
8QLYHUVLW\3UHVV
'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH
(WLøLh]HULQH
<UG'Ro'UùEUDKLPg]GHPLU %X oDOÖûPDQÖQ DPDFÖ GQ\DQÖQ WDQÖGÖøÖ HQ HVNL IHOVHIH JHOHQHNOHULQGHQ ELUL RODQ
.RQIo\VoOøQ oHYUH VRUXQODUÖ EDøODPÖQGD EL]OHUH VXQDFDøÖVXQDELOHFHøL NDWNÖODUD
LûDUHW
HWPHNWLU
.RQIo\V
0g
HWNLVLQLQ
E\N
YH
NDOÖFÖ
ROPDVÖ
EDNÖPÖQGDQ VDGHFH dLQ GûQFH WDULKLQLQ GHøLO EHONL WP GûQFH WDULKLQLQ EDûWD
JHOHQGûQUOHULQGHQELULRODUDNNDEXOHGLOPHNWHGLU =LUDPRGHUQLWHQLQWPPH\GDQ
RNXPDODUÖQDYH:HEHU·LQ´E\\H\HUROPD\DQPRGHUQGQ\DGDµND\EROXSJLGHFHøLQL
VDQGÖøÖ JHOHQHNOHUGHQ ELUL RODQ .RQIo\VoON |]HOOLNOH oHYUH EXQDOÖPÖ V|] NRQXVX
ROGXøXQGD \HQLGHQ GLNNDWOHUL ]HULQH oHNPHNWH YH EX VRUXQODUÖQ VWHVLQGH JHOPHGH
EL]OHUH EDVLW YH SUDWLN |QHULOHUGH EXOXQPDNWDGÖU 'DKDVÖ ´WP YDUOÖNODUÖQ ELUOLøLQLµ
YXUJXOD\DUDN LQVDQGRøD DUDVÖQGD 'HVFDUWHV·WHQ EX \DQD YDU RODJHOHQ LNLFL GXDOLVW
D\ÖUÖPÖ RUWDGDQ NDOGÖUPDNWDGÖU %X QHGHQOH 1HR.RQIo\VoOøQ oHYUH EDøODPÖQGD
LOHUL VUGNOHUL PRGHUQLWHQLQ VHNOHUOHûPH DNÖOFÖOÖN ELOLP YH LOHUOHPH JLEL WHPHO
WH]OHULQH ELU HOHûWLUL\L GH EHUDEHULQGH JHWLUPHNWHGLU %LOLQGLøL JLEL ELU oRN oHYUHFL
GûQUoHYUHEXQDOÖPÖQÖQIHOVHILN|NHQOHULQLWDUWÖûÖUNHQ|]HOOLNOH.DUWH]\HQGXDOL]PL
1HZWRQFX PHNDQLN HYUHQ DQOD\ÖûÖQÖ PFDGHOH\L YXUJXOD\DQ YH ´HQ X\JXQ RODQÖQ
\DûDPDµ VWQOøQVDYXQDQ 'DUZLQFL HYULP NXUDPÖQÖ YH D\GÖQODQPDQÖQ VÖQÖUVÖ]YH
OLQHHUNDONÖQPDSURMHOHULQLFLGGLRODUDNHOHûWLUPHNWHGLUOHU %X EDøODPGD .RQIo\Vo oHYUH IHOVHIHVLQL VDYXQDQODUGDQ )HQJ <RXODQ·ÖQ HVNL ELU 0DUNVLVW ROGXøXQX YH ELU ]DPDQODU VDYXQGXøX 0DUNVLVW PFDGHOH
DQOD\ÖûÖQÖ WHUN HGHUHN EXQXQ \HULQH KD\DWOD X\XP YH \DUGÖPODûPD\Ö HVDV DODQ
.RQIo\Vo DQOD\ÖûÖ EHQLPVHPHVL GLNNDW oHNLFLGLU 'DKDVÖ <XODQ JLEL GûQHQ dLQOL
GûQUOHULQ VD\ÖVÖ KLo GH D] GHøLOGLU %XQODUÖQ ELU VRQXFX RODUDN |]HOOLNOH GH %DWÖGD
.RQIo\V GûQFHVLQH NDUûÖ E\N ELU LOJL J|]OHPOHQPHNWHGLU $VOÖQGD oHYUH
EXQDOÖPÖQÖQ DûÖOPDVÖQGD GLQOHULQ R\QD\DELOHFHøL UROH LON NH] /\QQ :KLWH QO 6FLHQFH
$QNDUDhQLYHUVLWHVLùODKL\DW)DNOWHVL
+76W|ULJùONoDø)HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO
<D\ÖQODUÖV
'DUZLQL]PYH6RV\DO'DUZLQL]PLQoHYUHVRUXQODUÖEDøODPÖQGDHOHûWLULVLLoLQEN]'DYLG
3HSSHU5RRWVRI0RGHUQ(QYLURQPHQWDOLVP/RQGRQ6\GQH\&URRP+HOPV
.RQIo\V YH 0DUNVL]POH LOJLOL RODUDN GDKD ID]OD ELOJL LoLQ EN] 0RRG\ -U 3HWHU 5
´$VLDQ9DOXHVµ-RXUQDORI,QWHUQDWLRQDO$IIDLUV6XPPHU9RO
7X :HLPLQJ ´7KH (FRORJLFDO 7XUQ LQ 1HZ &RQIXFLDQ +XPDQLVP ,PSOLFDWLRQV IRU &KLQD
DQGWKH:RUOGµ'DHGDOXV)DOO$\UÖFDEN]0RRG\-U3HWHU5´$VLDQYDOXHVµ-RXUQDO RI
,QWHUQDWLRQDO $IIDLUV 6XPPHU 9RO V 0DU\ (YHO\Q 7XFNHU DQG -RKQ %HUWKURQJ
HGV&RQIXFLDQLVPDQG(FRORJ\7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV &DPEULGJH+DUYDUG
8QLYHUVLW\ &HQWHU IRU WKH 6WXG\ RI :RUOG 5HOLJLRQV +DOO 'DYLG / 5RJHU 7 $PHV
7KLQNLQJ WKURXJK &RQIXFLXV 1<6WDWH8QLYHUVLW\ RI1HZ <RUN3UHVV,YDQKRH3KLOLS-
(WKLFVLQWKH&RQIXFLDQ7UDGLWLRQ7KH7KRXJKWRI0HQFLXVDQG:DQJ<DQJPLQJ$PHULFDQ$FDGHP\RI
5HOLJLRQ$FDGHP\6HULHVQR$WODQWD*D6FKRODUV3UHVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
GHUJLVLQGH ·GH \D\ÖQODQDQ ´7KH +LVWRULFDO 5RRWV RI (FRORJLFDO &ULVLVµ DGOÖ
PDNDOHVL\OHGLNNDWoHNPLûWL /\QQ|]HOOLNOHLNLQRNWD\ÖYXUJXODPDNWD\GÖDoHYUHEXQDOÖPÖQÖQRUWD\DoÖNPDVÖQGD
YH o|]P \ROODUÖQÖQ EXOXQPDVÖQGD GLQOHULQ R\QD\DFDøÖ URO E oDøGDû oHYUH VRUXQODUÖQÖ
DûPDGD YH oHYUH IHOVHIHVLIHOVHIHOHUL ROXûWXUPDGD IDUNOÖ GLQ YH JHOHQHNOHULQ EL]H
VDøOD\DFDøÖ\HQLEDNÖûDoÖODUÖYHNDYUD\ÖûODU
%DWÖGD .RQIo\VoON EDûWD ROPDN ]HUH GRøX GLQ YH JHOHQHNOHULQH VRQ
]DPDQODUGD J|VWHULOHQ LOJLQLQ WHPHOLQGH EX WU SUDWLN HQGLûHOHULQ \DWWÖøÖ V|\OHQHELOLU
8]XQ VUHGLU PRGHUQOHûPH YH NDONÖQPD PRGHOL RODUDN ´D\GÖQODQPD SURMHVLQLµ HVDV
DODQ dLQ GH EX EDøODPGD \XNDUÖGD DQÖODQ <XODQ |UQHøLQGH J|UOGø JLEL NHQGL
JHOHQHøLQL \HQLGHQ NHûIHWPHNWH YH \RUXPODPDNWDGÖU dLQ·LQ .RQIo\VoOø \HQLGHQ
NHûIHWPH YH \RUXPODPDVÖQGD ED]Ö SUDWLN QHGHQOHULQ HWNLOL ROGXøX J|UOPHNWHGLU
dQNdLQEDûWDDûÖUÖQIXVYHVDQD\LOHûPHQLQQHGHQROGXøXVRUXQODUROPDN]HUHELU
oRN VRUXQOD NDUûÖ NDUûÖ\DGÖU $VOÖQGD dLQ·GH PRGHUQOHûPH DQODPÖQGDNL %DWÖOÖODûPDQÖQ
HQ KDUDUHWOL YH N|NWHQFL WDUDIWDUODUÖ RODQ ´'|UW 0D\ÖV +DUHNHWLµQLQ VDYXQXFXODUÖ ELOH
JOREDOOHûPH YH oHYUH VRUXQODUÖ oHUoHYHVLQGH KHP NHQGL JHOHQHNOHULQH KHP GH %DWÖ\D
NDUûÖGDKDHOHûWLUHOELUWXWXPJHOLûWLUPLûOHULGLU %X QHGHQOH .RQIo\Vo oHYUH DQOD\ÖûÖQD JOREDO ELU N|\ KDOLQH JHOHQJHWLULOPHN
LVWHQHQ GQ\DGD \HQL ELU KLND\HDQODWÖ RODUDN EDNÖODELOLU 'DKD GRøUXVX HVNL ELU
KLND\HWUNQQ \HQLGHQ \RUXPODQPDVÖ RODUDN GHøHUOHQGLULOHELOLU %XQXQOD EHUDEHU
%DWÖ IHOVHIHVLQH KDNLP NDWHJRULOHUOH .RQIo\Vo JHOHQHøL DQODPDQÖQ ]RUOXøX GD
DoÖNWÖU %X VÖQÖUODPDODUÖQ YH ]RUOXNODUÖQ IDUNÖQGD RODUDN ´oHYUH HWLøLµ EDøODPÖQGD EX
JHOHQHøLHOHDOPD\DoDOÖûDFDøÖ] $\UÖFDEXoDOÖûPDGDGDKDoRN2UWDoDøGDQVRQUDJHOHQ
YH GHYULPLQH GHN VUHQ YH <HQL dDø dLQ )HOVHIHVL RODUDN NDEXO HGLOHQ 1HR
.RQIo\VoOøQ]HULQGHGXUXODFDNWÖU %LOLQGLøL JLEL .RQIo\Vo |øUHWLQLQ HQ |QHPOL \DQODUÖQGDQ ELULVL EDVLWOLøL
DQODûÖODELOLUOLøL YH X\JXODQDELOLU ROPDVÖGÖU %X |øUHWLQLQ WHPHOLQL LVH ´NHQGLQL WDQÖPDµ
LONHVL ROXûWXUPDNWDGÖU ´%LUH\LQ NRPSDUWÖPDQODUD D\UÖODPD\DFDøÖµ YH EHQOLøLQ VHOI
´D\QÖ ]DPDQGD WRSOXPVDO DKODNL VL\DVL YH HQWHOHNWHOµ ELU JHUoHNOLN ROGXøX ILNUL EX
/\QQ:KLWH´7KH+LVWRULFDO5RRWVRI2XU(FRORJLF&ULVLVµ6FLHQFH
%DWÖ'Q\DVÖQGDNLoHYUHYHGLQOHLOJLOLOLWHUDWUQ:KLWH·ÖQPDNDOHVLHWUDIÖQGDNLWDUWÖûPDODUOD
ûHNLOOHQGLøLJ|UOPHNWHGLU%XNRQXGDKDWÖUÖVD\ÖOÖUELUOLWHUDWUROXûPXûWXUùOJLOLOLWHUDWUQ
ùQWHUQHWDGUHVLKWWSGLYZHEKDUYDUGHGXFVYSOHHELEHQEDKWP
0D\ÖVWDULKLQGH9HUVDLOOHV.RQIHUDQVÖQGD-DSRQODUDNDUûÖNR\DPD\DFDNNDGDU]D\ÖI
RODQVDYDûORUGXKNPHWHNDUûÖEDûOD\DQ|øUHQFLKDUHNHWOHULQGHQVRQUDEXG|QHPEXDGOD
DQÖOÖUROPXûWXU0D\ÖVWDUDIWDUODUÖ.RQIo\VOø´N|UELUJHOHQHøHN|UN|UQHEDøODQPDµ
RODUDNJ|UPûYHûLGGHWOHHOHûWLUPLûOHUGL%N]0RRG\-U3HWHU5´$VLDQ9DOXHVµ%X
G|QHPOHLOJLOLGDKDD\UÖQWÖOÖWDUWÖûPDODULoLQEN]&KRX7VHWVXQJ7KH0D\)RXUWK0RYHPHQW
,QWHOOHFWXDO&KDQJHLQ0RGHUQ&KLQD&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
.RQIo\VoGûQFH\LGDKDGRøUXDQOD\DELOPHNLoLQNDWHJRULOHUGHQKDUHNHWHGHUHN\HQL
NDWHJRULOHUYHEDNÖûDoÖODUÖVXQDQELUoDOÖûPDLoLQEN]'DYLG+DOODQG5RJHU$PHV7KLQNLQJ
7KURXJK&RQIXFLXV$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVVYH'DYLG+DOODQG5RJHU
$PHV$QWLFLSDWLQJ&KLQD$OEDQ\6WDWH8QLYHUVLW\RI1HZ<RUN3UHVV
1HR.RQIV\oONGHNHQGLDUDVÖQGDG|QHPOHUHD\UÖOÖU6XQJKDQHGDQÖG|QHPL06
0LQJ'|QHPLdXQJ'|QHPL%N]+76W|ULJùONoDø
)HOVHIHVL+LQWdLQ<XQDQoHYgPHU&HPDO*QJ|UHQùVWDQEXO<RO<D\ÖQODUÖV
ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
GûQFH VLVWHPLQLQ WHPHOLQL ROXûWXUPDNWDGÖU :LQJWVLW &KDQµÖQ ûX LIDGHOHUL EX
IHOVHIHQLQHQWHPHOQLWHOLNOHULQLoRNJ]HO|]HWOHPHNWHGLU
(øHU WP dLQ IHOVHIHVLQL WHN ELU NHOLPH LIDGH HGHELOVH\GL EX NHOLPH
KPDQL]P RODELOLUGL $QFDN EX 0XWODN *F LQNDU HGHQ YH\D ELU NHQDUD
LWHQELUKPDQL]PGHøLOEHONLLQVDQÖQ*|N·OHRODQELUOLøLQLLWLUDIHGHQELU
KPDQL]PGLU
%X
DODPGDNL
GûQFHVLQHKDNLPROPXûWXU
KPDQL]P
GRøXûXQGDQ
EX
\DQD
dLQ
$QFDN EXUDGDNL KPDQL]PNHOLPHVL ]HULQGH ELUD] GXUXOPDOÖGÖU 6|] NRQXVX RODQ
KPDQL]PLQ %DWÖ GûQFH JHOHQHøLQGH J|UOHQ GRøD YH LQVDQ DUDVÖQGDNL D\UÖPÖ
YXUJXOD\DQ GÖûOD\ÖFÖ ELU KPDQL]P ROPD\ÖS GRøDLQVDQ ELUOLøLQL YXUJXOD\DQ LoHULFL ELU
DQOD\Öû ROGXøX J|UOPHNWHGLU =LUD EXUDGD NXOODQÖOGÖøÖ DQODPGD ´LQVDQÖQ YH *|øQ
ELUOLøLQL LOHUL VUHQ KPDQL]P QH VHNOHU QH GH LQVDQ PHUNH]OLGLU DQWKURSRFHQWULF %X
DQOD\Öû KHU QH NDGDU EL]LP \HU EHGHQ DLOH YH WRSOXP LoHULVLQH J|POGøP] LOHUL
VUVH GH NR]PLN G]HQOH X\XP LoHULVLQGH ROGXøXPX]X KLoELU ]DPDQ LQNDU HWPH]
'Q\HYL EHGHQL DLOHYL YH WRSOXPVDO YDUOÖøÖPÖ]Ö DûNÖQ ELU |QHPOH ELUOHûWLUPHN VDGHFH
\NVHN ELU .RQIo\Vo LGHDO GHøLO D\QÖ ]DPDQGD .RQIo\VoOøQ WHPHO ELU
LONHVLGLUµ
h]HULQGH GXUXOPDVÖ JHUHNHQ GLøHU ELU NDYUDP LVH |]JQON DXWKHQWLF NDYUDPÖGÖU
.RQIo\VoDQOD\ÖûDJ|UH
6DGHFH
YH
VDGHFH
WDPDPHQ
|]JQ
RODQODU
GRøDODUÖQÖ
WDP
RODUDN
JHOLûWLUHELOLUOHU (øHU GRøDODUÖQÖ WDP RODUDN JHOLûWLUHELOLUOHUVH EDûNDODUÖQÖQ
GD GRøDODUÖQÖ JHOLûWLUHELOLUOHU (øHU EDûNDODUÖQÖQ GRøDVÖQÖ WDP RODUDN
JHOLûWLUHELOLUOHUVH GLøHU YDUOÖNODUÖQ GD GRøDVÖQÖ JHOLûWLUHELOLUOHU (øHU EDûND
YDUOÖNODUÖQGRøDVÖQÖWDPRODUDNJHOLûWLUHELOLUOHUVHLûWHR]DPDQ*|øYH<HUL
GHøLûWLUPH YH JHOLûWLUPH VUHFLQGH \DUGÖPFÖ RODELOLUOHU (øHU *|øQ YH <HULQ
GHøLûPHYHJHOLûPHVUHFLQH\DUGÖPFÖRODELOLUOHUVHR]DPDQ*|NYH\HUOH
EHUDEHUELUoOROXûWXUDELOLUOHU
%X IHOVHIHQLQ ELU GLøHU |]HOOLøL GH ´LOLûNLWHPHOOLµ ELU IHOVHIH ROPDVÖGÖU
%XUDGD
|QHPOL RODQ ELUH\LQ WRSOXPVDO LOLûNLOHU DøÖQGD YH NOWUHO oHYUHGH VD\JÖ YH VRUXPOXOXN
GX\JXVX\OD KDUHNHW HWPHVLGLU 'DKD GRøUXVX LQVDQ KD\DWÖQÖQ DQODPOÖ RODELOPHVL YH\D
DQODPODQGÖUÖODELOPHVL DQFDN WRSOXPVDO ELU EDøODPGD PPNQ RODELOPHNWHGLU %X ûX
ûHNLOGHLIDGHHGLOPLûWLU
(VNLOHU HUGHPLQ ÖûÖøÖ\OD RUWDOÖøÖQ D\GÖQODQPDVÖ LoLQ |QFH GHYOHW LûOHULQL
\ROXQD NR\DUODUGÖ GHYOHW LûOHULQL \ROXQD NR\PDN LoLQ |QFH HY LûOHULQL
\ROXQD
NR\DUODUGÖ
NHQGLOHULQH
oHNL
HY
LûOHULQL
G]HQ
\ROXQD
YHULUOHUGL
NR\DELOPHN
NHQGL
LoLQ
NHQGLOHULQH
|QFH
oHNL
NHQGL
G]HQ
YHUHELOPHN LoLQ |QFH NHQGL LoOHULQGHNL G]HQL \ROXQD NR\DUODUGÖ NHQGL
LoOHULQGHNL G]HQL \ROXQD NR\DELOPHN LoLQ |QFH GûQFHOHULQL \ROXQD
.DU\Q/&RQIXFLDQ/DL´0RUDO7KLQNLQJµ3KLORVRSK\(DVW:HVW$SU9RO
7X:HLPLQJ´7KH(FRORJLFDO7XUQLQ1HZ&RQIXFLDQ+XPDQLVP,PSOLFDWLRQVIRU&KLQD
DQGWKH:RUOGµ'DHGDOXV)DOO
$JP
-RVHSK$$GOHUDJPLWDOLNHNOHQPLûWLU
,ELG
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
NR\DUODUGÖ
GûQFHOHULQL
HNVLNOLNOHULQLJLGHULUOHUGL
\ROXQD
NR\DELOPHN
LoLQ
LVH
|QFH
ELOJL
*|UOGø JLEL HSLVWHPRORML VRUXQX EX IHOVHIHQLQ oÖNÖû QRNWDVÖQÖ ROXûWXUPDNWDGÖU
%XUDGDNL ELOJL |]HOOLNOH NHQGLPL] KDNNÖQGD GRøUX YH JYHQLOLU ELOJL\H VDKLS ROPDNWÖU
=LUD NHQGLVL KDNNÖQGD GRøUX ELOJL\H XODûDQ ELUH\ GDKD VRQUD DGÖP DGÖP LOHUOH\HUHN
NHQGLVLQLQ YDUOÖN QHGHQL RODUDN DLOHVLQL DWDODUÖQÖ LoLQGH \HWLûWLøL WRSOXPVDO EDøODPÖ
DQOD\DFDNWÖU %XUDGDQ GD NHQGLVLQL YH WP EDøOÖ ROGXøX GLøHU JUXSODUÖ NXûDWDQ YH
YDUOÖNODUÖQÖQ QHGHQL RODUDN *|N <HU YH LNLVL DUDVÖQGDNL ELQOHUFH YDUOÖøÖ NHûIHGHFHNWLU
%DûND ELU LIDGH\OH LQVDQÖQ DLOH WRSOXP GHYOHW YH *|NOH RODQ LOLûNLVL KHS EX NHQGLQL
WDQÖPDGDQ
KDUHNHWOH
WHPHOOHQGLULOPHNWHGLU
%XQD
J|UH
LQVDQ
NHQGLQL
WDQÖ\ÖQFD
DLOHVLQLQ GRøDQÖQ YH *|øQ ELU SDUoDVÖ ROGXøXQX YH RQODUGDQ D\UÖ ROPDGÖøÖQÖ
NDYUD\DFDNWÖU%XDQOD\ÖûÖQELUVRQXFXLVHLQVDQÖQL\LOLøLQLQELUSDUoDVÖYH\HVLROGXøX
DLOH WRSOXP YH GRøD LOH X\XP LoLQGH ROPDVÖQD EDøOÖ ROGXøXGXU %XQGDQ KDUHNHWOH
´HYUHQLQ |QQGH KXûX YH VD\JÖµ GX\JXVX KD\DWÖPÖ]Ö DPDoOÖ YH DQODPOÖ \DSDQ PXWODN
JHUoHNOLøHNDUûÖFHYDSYHUPHQLQELUVRQXFXRODUDNRUWD\DoÖNPDNWDGÖU
%X JHOHQHøLQ E\N XVWDODUÖQGDQ ELUL RODQ 0HQFLXV 0g LQVDQÖQ *|øH
NDUûÖ NHQGLQL WDQÖPDVÖQÖ YH EXQGDQ oÖNDUPDVÖ JHUHNHQ VRQXoODUÖ oRN |]O RODUDN û|\OH
RUWD\DNR\DU
%LU LQVDQD NDOELQL WDP RODUDN NDYUDPDDQODPD LPNDQÖ YHULOLUVH NHQGL
GRøDVÖQÖWDPRODUDNDQOD\DFDNWÖU.HQGLGRøDVÖQÖELOHQELULQVDQ*|øGH
ELOHFHNWLU .DOELQL WXWPDNOD YH GRøDVÖQÖ \HWLûWLUPHNOH *|øH KL]PHW
HWPHNWHGLUùQVDQLVWHUJHQoELULYHLVWHUVHHUGHPOL\DûOÖELULRODUDN|OVQ
DPDFÖQÖQ NDUDUOÖOÖøÖQGD KLoELU GHøLûLNOLN \DSPD] 0NHPPHO ELU NDUDNWHU
YHPHWDQHWOHEDûÖQDJHOHFHNOHULVDøODPELUûHNLOGHEHNOHU
úLPGL ´HYµ VLPJHVLQLQ NRQXPX] DoÖVÖQGDQ |QHPLQH GLNNDW oHNPHN LVWL\RUXP
$QFDN |QFHOLNOH PRGHUQ ]DPDQODUGD HYHNRORML DUDVÖQGDNL HWLPRORMLN LOLûNL\L ·GD
(UQVW +DHFNHO·LQ NXUGXøXQD LûDUHW HWPHN \HULQGH RODFDNWÖU +DHFNHO·LQ EX NDYUDPÖ
ROXûWXUXUNHQ GH <XQDQFD ´HYµ DQODPÖQD JHOHQ ´RLNRVµ LOH ´ELOJLµ DQODPÖQD JHOHQ
´ORJLDµ NHOLPHOHULQGHQ \DUDUODQGÖøÖ ELOLQPHNWHGLU %|\OHFH (FRORJ\QLQ DQODPÖ ´HY
ELOLPLµ RODUDN RUWD\D oÖNPDNWDGÖU
%X NDYUDPODûWÖUPD LOH ]ÖPQHQ GH ROVD GQ\DQÖQ
HYLPL]ROGXøXYHEXQXQEL]LPLoLQLIDGHHWWLøLDQODPDQODWÖOPDNLVWHQPLûWLU
dLQ GûQFHVLQH EDNÖOGÖøÖQGD GQ\D\Ö HYLPL] RODUDN DOJÖODPDQÖQ WDULKLQLQ oRN HVNL
ROGXøX J|UOPHNWHGLU $QFDN ûX QRNWD GD XQXWXOPDPDOÖGÖU .ODVLN dLQ GûQFHVLQGH
|QHPOL RODQ ´HYµ YH ´DLOHµ LNHQ 1HR.RQIo\VoOøQ \HQL \RUXPFXODUÖ ´GQ\D\Öµ
HYLPL]RODUDNWDQÖPOD\DUDNHYLPJHVLQH\HQLELUER\XWND]DQGÖUPÖûODUGÖU=LUDHYLPL]LQ
GLUOLøL G]HQL YH L\LOLøL GQ\DPÖ]ÖQ L\LOLøLQH YH VDøOÖNOÖ ROPDVÖQD EDøOÖ ROGXøXQX ´HY
ELOLPLµ RODQ (NRORML %LOLP RUWD\D NR\PDNWDGÖU $QFDN 1HR.RQIo\V GûQFHVLQLQ
´HY LPJHVLµ EDøODPÖQGD LQVDQGRøD DUDVÖQGD NXUGXøX ´RUJDQLNµ LOLûNLQLQ N|NOHUL oRN
GDKD GHULQOHUH X]DQPDNWDGÖU .ÖVDFD WP YDUOÖNODU DUDVÖQGD RUWDN ELU DNUDEDOÖN
ROXûPDNWDGÖU *|UOGø JLEL LQVDQGRøD DUDVÖQGDNL RWDQWLN LOLûNL ´DLOHHY KDONÖµ
+76W|ULJDJHV
$GOHUDJP
'RQDOG:RUVWHU1DWXUH
V(FRQRP\7KH5RRWVRI(FRORJ\*DUGHQ&LW\1<$QFKRU%RRNV
YH'DYLG.LQVOH\´(FRORJ\DQG5HOLJLRQ(FRORJLFDO6SLULWXDOLW\µ&URVV&XOWXUDO
3HUVSHFWLYH(QJOHZRRG&OLIIV1-3UHQWLFH+DOOLoLQGH[Y
ùEUDKLPg]GHPLU³'RøD\Ö´(YLPL]µ2ODUDN$OJÖODPDN1HR.RQIo\VoOøQdHYUH(WLøLh]HULQH
LPJHVL ]HULQH NXUXOPDNWDGÖU $NUDED LOLûNLOHUL LVH .RQIo\V GLVNXUXQGD WP LQVDQ
LOLûNLOHULQLQ WHPHO PRGHOLQL ROXûWXUPDNWDGÖU %X DNUDED LOLûNLOHULQLQ LQVDQ GÖûÖQGDNL
GLøHU GRøD YDUOÖNODUÖQÖ LoHUHFHN ûHNLOGH JHQLûOHWLOPHVL LVH HQ L\L LIDGHVLQL 1HR
.RQIo\VoGûQU&KDQJ7VDL·QLQûXV|]OHULQGHEXOPDNWDGÖU
*|N EDEDP <HU LVH DQQHPGLU dRN NoN ELU YDUOÖN ROPDPD UDøPHQ
RQODUÖQ RUWDVÖQGD oRN FDQGDQ ELU \HU EXOPDNWD\ÖP %XQGDQ GROD\Ö HYUHQL
GROGXUDQ KHU ûH\L EHGHQLP YH HYUHQL \|QOHQGLUHQ KHU ûH\L GH GRøDP
RODUDN NDEXO HGHFHøLP 7P LQVDQODU ELUDGHUOHULP YH NÖ] NDUGHûOHULP
WPYDUOÖNODUGDDUNDGDûODUÖPGÖU
7DELLEXUDGDGRøDORODUDNû|\OHVRUXODELOLUùQVDQLOHGRøDOQHVQHOHUDUDVÖQGDNLLOLûNL
QDVÖO ELU LOLûNLGLU" $LOHQLQ IHUWOHUL DUDVÖQGD ELU NDQ EDøÖ V|] NRQXVX LNHQ ND\D YH
DøDoODUODQDVÖOELUEDøV|]NRQXVXRODFDNWÖU"%XQODUPHûUXVRUXODUGÖU%XQXQODEHUDEHU
1HR.RQIo\VoOøQWHPHONDYUDPODUÖQGDELULRODQFK·LKD\DWLHQHUMLDQODûÖOGÖøÖQGD
LQVDQGRøDDUDVÖQGDNLDNUDEDOÖNEDøÖGDKDGDQHWOHûHFHNWLU&KDQJ7VDL·QLQGHEHOLUWWLøL
JLEL FK·L NDYUDPÖ ´GRøD LOH DNUDEDOÖøÖQµ IHOVHIL WHPHOLQL ROXûWXUPDNWDGÖU ´ùQVDQOÖN
DLOHVLQLQ ELU \HVL RODUDN LQVDQ MHQ GLøHU KHU ûH\OH KHUKDQJL ELU IDUNOÖOÖN ROPDGDQ ELU
EHGHQ ROXûWXUXUµ
%XQD GD RUWDNOÖøÖQ RUJDQLN ER\XWX GHQLOHELOLU 7X :HLPLQJ·LQ
LIDGHVL\OH
(YUHQOH ELU EHGHQ ROXûWXUPDQÖQ KDUIL DQODPÖ ûXGXU YDUROXûXQ WP
ELoLPOHUL PRGDOLWLHV FK·L·GHQ PH\GDQD JHOGLøLQGHQ LQVDQ KD\DWÖ NR]PLN
VUHFL PH\GDQD JHWLUHQ NDQ YH VROXøXQ VUHNOL DNÖûÖQÖQ ELU SDUoDVÖGÖU
ùQVDQ E|\OHFH ND\DODU DøDoODU YH KD\YDQODUOD RUJDQLN RODUDN RUWDN ELU
EDøDVDKLSWLU
%XQXQOD\HWLQPH]:HLPLQJYHED]ÖVRPXW|UQHNOHUVXQDU
.X\X\D GûPHN ]HUH RODQ ELU oRFXN J|UGøP]GH KHPHQ WHODûD
NDSÖOÖU oRFXøD NDUûÖ PHUKDPHW YH ûHINDW KLVVHGHUL] %X |UQHN EL]OHUH
LQVDQOÖøÖPÖ]ÖQ UHQ oRFXNOD ELU EHGHQ ROXûWXUGXøXQX J|VWHULU %XQD
oRFXNOD D\QÖ FLQVH PHQVXS ROGXøXPX] ûHNOLQGH LWLUD] HGLOHELOLU $QFDN
\LQH
NHVLOPHN
]HUH
RODQ
NXûODUÖQ
YH
KD\YDQODUÖQ
DFÖNOÖ
VHVOHULQL
GX\GXøXPX]GDRQODUÖQDFÖVÖQÖJLGHUHPHPHQLQDFL]OLøLQLQYHUGLøLGX\JX\X
KLVVHGHUL]
%X
GD
LQVDQOÖøÖPÖ]ÖQ
NXûODU
YH
KD\YDQODUOD
ELU
EHGHQ
ROXûWXUGXøXQXJ|VWHULU%XQDGDNXûODUÖQYHKD\YDQODUÖQEL]OHUJLELGX\JX
VDKLEL YDUOÖNODU ROGXøX ûHNOLQGH LWLUD] HGLOHELOLU $QFDN DøDoODUÖQ NÖUÖOGÖøÖ
YH WDKULS HGLOGLøLQL J|UGøP] ]DPDQ \LQH ELU DFÖPD YH ]QW KLVVLQL
HQJHOOH\HPH\L] %X GD LQVDQOÖøÖPÖ]ÖQ ELWNLOHUOH ELU EHGHQ ROXûWXUGXøXQX
J|VWHULU%XQDGDELWNLOHULQEL]OHUJLELFDQOÖROGXøXV|\OHQHELOLU+DWWDoLQL
LELG%DWÖGûQFHVLQGHGRøDGDNLYDUOÖNODUDNXûODUE|FHNOHUYHKDWWDNXUWODUD´NDUGHûOHULP
EDFÖODUÖP·GL\HKLWDSHGHQYHoHYUHNRQXVXQGDLOJLQoYHIDUNOÖGûQFHOHULRODQNLûLOHULQEDûÖQGD
$VLVLOL$]L])UDQVLV)UDQFLVRI$VVLVLJHOPHNWHGLU%N](QYLURQPHWDO3ROLF\DQG
/DZ.HQQHWK&DXWKHQ´&KULVWLDQLW\DQG(FRORJ\7KH(PHUJHQFHRI
&KULVWLDQ%LRSROLWLFVµKWWSZZZIURQWLHUQHWQHWaNHQFWKHRGLF\KWP
-RVHSK$$GOHU´5HVSRQVHDQG5HVSRQVLELOLW\&KRX7XQLDQG&RQIXFLDQ5HVRXUFHVIRU
(QYLURQPHQWDO(WKLFµ0DU\(YHO\Q7XFNHUDQG-RKQ%HUWKURQJHGV&RQIXFLDQLVPDQG(FRORJ\
7KH,QWHUUHODWLRQRI+HDYHQ(DUWKDQG+XPDQV&DPEULGJH+DUYDUG8QLYHUVLW\&HQWHUIRUWKH
6WXG\RI:RUOG5HOLJLRQVLoLQGH
,ELG
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
YH WDûODUÖQ NÖUÖOGÖøÖQÖ YH SDUoDODQGÖøÖQÖ J|UGøP]GH ELOH ELU ]QW
GX\JXVXQXHQJHOOH\HPH\L]%XGDLQVDQOÖøÖPÖ]ÖQoLQLYHWDûODUODELUEHGHQ
ROXûWXUGXøXQXJ|VWHULU
*|UOGø JLEL .RQIo\V IHOVHIHVLQH LOJL VDGHFH ELU QRVWDOML YH URPDQWL]PGHQ
ND\QDNODQPDPDNWD DNVLQH ED]Ö SUDWLN \|QOHUL GH LoHUPHNWHGLU =LUD |]JQ DXWKHQWLF
EHQOLN NHQGLVLQL oHYUH LOH \DUDWÖFÖ ELU NDUûÖOÖNOÖ FHYDS YHUPH UHVSRQVLYHQHVV YH
JHOLûWLUPH\OH J|VWHULU g]JQ LQVDQ NHQGLVLQLQ GRøDO RODUDN VDKLS ROGXøX PRUDO
SRWDQVL\HOOHUL \DUDWÖFÖOÖøÖQ KD\DWÖQ YH JHOLûPHQLQ LONHOHULQL GH LoHUHQ GRøDOPRUDO
G]HQH X\PDGD RUWD\D NR\DU .LûL NHQGLVLQL *|N <HU YH LQVDQOÖøÖQ WDPDPODQPDVÖQD
NDWÖODUDN WDPDPODU %XQGDQ GROD\Ö GRøDO oHYUH\H NDUûÖ DKODNL ELU FHYDSVRUXPOXOXNOD
NDUûÖOÖN YHUHFHN ûHNLOGH NHQGLQL \HWLûWLUPHN 1HR.RQIo\Vo WDELUOH ´|]JQ LQVDQ
KD\DWÖQÖQ]RUXQOXELULIDGHVLGLUµ
6RQXo RODUDN 1HR.RQIo\Vo GûQFH VLVWHPLQGH LQVDQ YH GRøD DUDVÖQGD ELU
D\ÖUÖP YH GROD\ÖVÖ\OD LQVDQÖQ NHQGLQH YH GRøD\D \DEDFÖODûPDVÖ VRUXQX \RNWXU 'DKDVÖ
EH IHOVHIH JHOHQHøL LQVDQD |QFHOLNOH |]Q GDKD VRQUDGD ELU SDUoDVÖ ROGXøX GRøD\Ö
´GRøUXµ RODUDN WDQÖPD\Ö |QHUPHNWHGLU %XQXQ VRQXFX LVH LQVDQoHYUH LOLûNLVLQL
NDUûÖOÖNOÖ KDN YH VRUXPOXOXNODUGDQ oRN NDUûÖOÖNOÖ ´VD\JÖµ ]HULQH WHPHOOHQGLULOPHVLGLU
ùQVDQ \HVL ROGXøX DLOH\H NDUûÖ VHYJL YH VD\JÖ\OD \NPO ROGXøX JLEL \HVL ROGXøX
´*|N <HU YH ELQOHUFH YDUOÖøDµ NDUûÖ GD VHYJL YH VD\JÖ WHPHOOL ELU GDYUDQÖû
JHOLûWLUPHOLGLU $OoDNJ|QOOON YH NDQDDWNDUOÖNOD $ULVWRWHOHV·LQ GH ´*ROGHQ 0HDQµ
RODUDN WDQÖPODGÖøÖ ´2UWD <ROXµ WDNLS HGHUHN *|N <HU YH DUDVÖQGDNL KHU ûH\LQ
NRUXQPDVÖYHJHOLûWLULOPHVLQHNDWNÖGDEXOXQPDOÖGÖU
,ELG
,ELG
0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
*D]HWHFLOHUHHWLNLONHOHUPLNDQXQODUPÖ\ROJ|VWHUPHOLGLU"
<UG'Ro'U%HGUL\H,ûÖNg]ND\D *LULû
+DEHU YH HQIRUPDV\RQX WRSOD\DUDN VHoHUHN YH \D\DUDN ELUH\OHULQ J|UûOHULQL YH
\DûDPWDU]ODUÖQÖELoLPOHQGLUHELOHQNDPXR\XQXQROXûXPXYH\|QOHQGLULOPHVLVUHFLQGH
WRSOXPXQIDUNOÖNHVLPOHULQLQRUWDNNDWÖOÖPÖQÖVDøOD\DELOHQWRSOXPGDûHIIDIOÖNVD\JÖQOÖN
YH KRûJ|UQQ \D\JÖQODûPDVÖ LoLQ JHUHNOL NRûXOODUÖQ \DUDWÖOPDVÖQD \DUGÖPFÖ RODELOPH
|]HOOLNOHULQH
VDKLS
RODQ
PHG\DGD
J|UHY
\DSDQ
JD]HWHFLOHU
LoLQ
|QHPOL
RODQ
´\D\ÖQODQDFDN PÖ \D\ÖQODQPD\DFDN PÖ"µ VRUXVXQXQ \DQÖWÖ KDEHU YH HQIRUPDV\RQXQ
WRSODQPDVÖ LoHULøLQ ROXûWXUXOPDVÖ YH \D\ÖQODQPDVÖQGD PHVOHN HWLN LONHOHULQH YH
VWDQGDUWODUÖQD EDøOÖOÖNWD DUDQPDOÖGÖU +HU JQ HWLN oÖNPD]ODUOD NDUûÖODûDELOHQ JD]HWHFLOHU
GRøUX
YH
\DQOÖûÖQ
JHQHOGH
EHOLUVL]
ROGXøX
NDUDU
DQÖQGD
YHUGLNOHUL
NDUDUÖ
YH
GDYUDQÖûODUÖQÖVDYXQDELOHFHNOHULKDNOÖJHUHNoHOHUHGD\DQGÖUPDN]RUXQGDGÖU$\UÖFDHWLøH
X\JXQ NDUDUODU YHUPHN YH GDYUDQPDQÖQ JD]HWHFLOLN PHVOHN \DûDPÖQÖQ PHUNH]L
ROGXøXQX NDYUD\DUDN HWLN GHøHUOHUH GD\DQDUDN GRøUX\X V|\OHPHN DGDOHW EDøÖPVÖ]OÖN
|]JUONYHLQVDQKDNODUÖQDVD\JÖSUHQVLSOHULQLQ\HUDOGÖøÖELUJD]HWHFLOLNHWLNVLVWHPLQL
EHQLPVHPHOLGLUOHU
*D]HWHFLOHU LoLQ HWLN LONHOHU JD]HWHFLOLN VWDQGDUWODUÖQÖQ \NVHOPHVL DoÖVÖQGDQ GD
|QHPOL ELU UROH VDKLSWLU 0HVOHN HWLN LONHOHULQLQ JQON oDOÖûPDODUGD ELOLQoOL RODUDN
X\JXODQPD\D EDûODQPDVÖ LOH |]JU YH GUVW JD]HWHFLOLN NDYUDPODUÖ ILLOL ELU GHøHU
ND]DQÖU
dQN
HWLN
GDYUDQÖû
LONHOHULQLQ
DPDFÖ
|]JU
YH
GUVW
JD]HWHFLOLøLQ
\DUDWÖOPDVÖQÖ JYHQFH\H DOPDNWÖU 'LøHU WDUDIWDQ HWLN LONHOHULQ ELUH\VHO YH WRSOX
X\JXODQPDVÖ PHVOHøH RODQ WRSOXPVDO JYHQLQ DUWPDVÖ \DQÖQGD JD]HWHFLOLøLQ NDOLWHVLQGH
YHVWDQGDUWODUÖQGDGDDUWÖûÖVRQXoODU
(WLN LONHOHU VRV\DO VRUXPOXOXN KDEHU GHøHUL YH PHG\D NDQXQODUÖQGD \HU DODQ
NXUDOODU ELU JD]HWHFLQLQ PHVOHNL IDDOL\HWLQL YH NDUDUODUÖQÖ HWNLOHU ELoLPOHQGLULU $QFDN
PHG\DGD\DVDO]RUODPDODULOHPHVOHNHWLNLONHOHULQLQ]RUODPDVÖDUDVÖQGDNDODQYHWRSOXP
WDUDIÖQGDQ J|QOO RODUDN JD]HWHFLQLQ EHOOL HWLN GDYUDQÖûODUÖ \DSPDVÖQÖQ EHNOHQGLøL YH
JHQHO RODUDN VRUXPOXOXN DODQÖ REMHNWLIOLN JHUoHNOLN YH VDYXQXODELOLU KDUHNHWOHU RODUDN
WDQÖPODQDQJULDODQGDJD]HWHFL\HELUH\VHOWHUFLKLQLGDYUDQÖûODUÖQDDNWDUPDGDPHVOHNHWLN
LONHOHULPL\RNVDPHG\DNDQXQODUÖPÖ\ROJ|VWHUPHOLGLU"
(WLN*D]HWHFLOLN.DQXQODUYH'DYUDQÖûùONHOHUL
(WLN J|QOO LQVDQ GDYUDQÖûÖQD GHøHU ELoHQ YH EX GDYUDQÖûODUÖ WHPHO SUHQVLSOHUH
EDøOÖ RODUDN GHøHUOHQGLUHQ ELU GLVLSOLQGLU 0HUULOO /HH YH )ULHGODQGHU·H J|UH HWLN
IHOVHIHQLQ ELU GDOÖ ROXS QH\LQ \DSÖOPDVÖ JHUHNWLøLQL KDQJL GDYUDQÖûODUÖQ ´L\Lµ \DGD
´GDKD L\Lµ ROGXøXQX EXOPDNOD NLûLVHO GHøHUOHU YH NDUDNWHUOHU LOH LOJLOHQLU 0HG\D HWLøL
NXUDOOÖ ELU DODQGÖU YH JD]HWHFLOHUH GLøHU PHG\D oDOÖûDQODUÖQD HWLNVHO X\JXODPD
SUHQVLSOHUL JHOLûWLUPH YH WDNLS HWPH NRQXVXQGD \DUGÖP HGHU 0HG\DGD GRøUXQXQ QH
(JHhQLYHUVLWHVLùOHWLûLP)DNOWHVL
&J&KULVWLDQV.%5RW]ROO0)DFNOHU0HGLD(WKLFVUGHG1HZ<RUN/RQJPDQ
[YLL
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
ROGXøXQX EHOLUOHPHN LoLQ NDUDUODUÖQÖ NHQGL NHQGLQH X\JXODPD NXUDO NR\PD YH DVÖOGD
NHQGLNHQGLQHEHOLUOHQPLûYHJ|QOO\DSÖOGÖøÖQÖELOPHNJHUHNLU *D]HWHFLOLN NDQXQODUÖ JHQHO RODUDN PHVOHN LOH LOJLOL VWDWOHUL KDN YH VRUXPOXOXNODUÖ
JHQHO NDQXQODUGD \HU DODQ NXUDOODUÖ NDSVDU GUVWON YH DGDOHW DQOD\ÖûÖQÖ |Q SODQGD
WXWDU (WLN GHøHUOHUL NRUXPDNWDQ oRN RWRULWH\L VDøODPD\D YH GHQHWLPH \|QHOLN RODUDN
G]HQOHQLU PDGGL \DSWÖUÖPODUD \HU YHULU EHOOL NXUDOODUÖQ YH EHOOL ELU G]HQLQ
X\JXODQPDVÖQÖHPUHGHU*D]HWHFLOLNNDQXQODUÖQÖQDPDoODUÖJD]HWHFLOHULQVDKLSROGXNODUÖ
KDN YH D\UÖFDOÖNODUÖQÖ GHYOHWH NDUûÖ N|W\H NXOODQPDODUÖQÖ |QOHPHN KDONÖ JD]HWHFLOLN
KDNODUÖQÖQ YH D\UÖFDOÖNODUÖQÖQ N|W\H NXOODQÖOPDVÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHUL
KDONÖQ KDNVÖ] GDYUDQÖûODUÖ YH VXoODPDODUÖ NDUûÖVÖQGD NRUXPDN JD]HWHFLOHULQ KDN YH
|]JUONOHULQL D\UÖFDOÖNODUÖQÖ JYHQFH\H DOPDNWÖU ùKWLODIODU PDKNHPHOHUGH o|]OU %X
DûDPDGD KDONÖQ YH\D PHVOHøLQ WHPVLOFLOHUL EXOXQPD] YH JD]HWHFLOLN HWLN NXUDOODUÖ GHøLO
NDQXQODULKWLODIODUÖQo|]PQGHEHOLUOH\LFLGLU
.XUDO RODUDN ELU NDQXQXQ WRSOXPXQ JHOHQHN YH J|UHQHNOHULQH DKODNL GHøHUOHULQH
X\JXQ ROPDVÖ JHUHNWLøL NDEXO HGLOLU $QFDN NDQXQD X\JXQ GDYUDQÖû LOH HWLøH X\JXQ
GDYUDQÖû|UWûHELOHFHøLJLELNDQXQLGDYUDQÖûODUHWLøHX\JXQROPD\DQQRNWDODULoHUHELOLU
*D]HWHFL NDQXQD X\JXQ KDUHNHW HGHU DQFDN KDUHNHW HWLN GHøLOGLU YH\D HWLøH X\JXQ
GDYUDQÖûÖ \DVDO ROPD\DELOLU 3HN oRN ONHGH PHG\D NDQXQODUÖ JD]HWHFL\H JL]OL KDEHU
ND\QDNODUÖQÖ NRUXPDN KDNNÖ WDQÖPD] 0DKNHPHGH ND\QDøÖQÖQ NLPOLøLQL DoÖNODPD]VD
SDUD FH]DVÖ YH\D KDSLV FH]DVÖ LOH FH]DODQGÖUÖOÖU *D]HWHFLOLN HWLN LONHOHUL LVH KDEHU
ND\QDNODUÖQD DoÖNODPDPD V|] YHULOGL\VH DoÖNODQPDPDVÖQÖ YXUJXODU $\UÖFD HWLN
JD]HWHFLOLøLQ NDQXQODUOD JHUoHNOHûWLULOPHVL WRSOXP YH PHVOHN DoÖVÖQGDQ oHûLWOL ]DUDUODUÖ
VRQXoODU
*D]HWHFLOLN HWLøL \D\ÖQFÖODUÖQ YH oDOÖûDQODUÖQ WRSOXPGDNL UROOHULQL KDONÖQ EX
NRQXGDNL GûQFHOHULQL NDSVDU (WLN LONHOHU JD]HWHFLOHUH PHVOHNL HWNLQOLNOHULQGH
GDYUDQÖûODUÖQÖQ DKODND X\JXQ ROPDVÖ LoLQ \RO J|VWHUHQ SUHQVLSOHUOH LOJLOLGLU7P
WRSOXPODU \]\ÖOODUFD NRUXPD\D |]HQ J|VWHUGLNOHUL DKODNL YH HWLN GHøHUOHUL WDûÖ\DQ
SUHQVLSOHUH VDKLS ROPXûODUGÖU 0HVOHNOHU YH PHVOHN NXUXOXûODUÖ GD EX SUHQVLSOHUOH
|UWûHQ PHVOHN GDYUDQÖû LONHOHUL LOH \|QHWLOPLû YH PHVOHN PHQVXSODUÖQD HWNLQOLNOHUL
VÖUDVÖQGD SUHQVLSOHU \RO J|VWHUPLûWLU$QFDNJD]HWHFLOLN HWLøL PHVOHN LONHOHULQGHQ GDKD
JHQLûWLU *D]HWHFLOLN PHVOHøLQGH HWLN GDYUDQPD VRUXPOXOXøXQXQ |]PVHQPHVL YH
NXUXPVDOODûPDQÖQVDøODQPDVÖLoLQLONHOHULQWHVSLWHGLOPHVLQHLKWL\DoYDUGÖU'HPRNUDWLN
WRSOXPODUGD
JD]HWHFLOLN
NDWÖODFDNODUÖ
PHVOHN
HWLN
GDYUDQÖû
|UJWOHULQFH
NXUDOODUÖQÖQ
EHOLUOHQPHVL
YH
JD]HWHFLOHULQ
NHQGLOHULQL
J|QOO
J|QOO
RODUDN
RODUDN
VÖQÖUODQGÖUPDODUÖ WHUFLK HGLOLU *HQHO NDEXOH J|UH PHVOHN LONHOHUL JD]HWHFLOHU LOH WRSOXP
DUDVÖQGD J|QOO ELU VRV\DO DQODûPD ROPDOÖGÖU 7RSOXP JD]HWHFLOHULQ EX DQODûPD\D
X\JXQ GDYUDQÖS GDYUDQPDGÖNODUÖQÖ |OoPHN LoLQ LONHOHUL ELU GHøHUOHQGLUPH DUDFÖ RODUDN
NXOODQÖUNHQ JD]HWHFLOHUGH NHQGLOHULQLQ YH PHVOHNWDûODUÖQÖQ SHUIRUPDQVODUÖQD LOLûNLQ ELU
NDUDU YHUPHN LoLQ LONHOHUL HVDV DOÖUODU *D]HWHFLOHU PHVOHNL GDYUDQÖûODUÖQGDQ KHP
WRSOXPD KHP GH PHVOHNWDûODUÖQD NDUûÖ VRUXPOXGXU %X VRUXPOXOXN DQODûPDGDQ GRøDQ
YH VDKLS ROGXNODUÖ JFQ NDUûÖOÖøÖ RODQ ELU VRUXPOXOXNWXU *D]HWHFLOLN PHVOHøLQLQ
WRSOXP WDUDIÖQGDQ J|QOO ELU PHVOHN RODUDN NDEXO HGLOPHVL JYHQLOPHVL LoLQ
JD]HWHFLOHU
NLPOLNOHULQL
YH
KDQJL
URO
R\QDGÖNODUÖQÖ
WDQÖPODPDOÖ
YH
NDPX\D
DoÖNODPDOÖGÖUODU 0HVOHN LONHOHUL NHQGLOHULQL NDPX\D WDQÖWPDODUÖQD \DUGÖP HGHU $QFDN
-&0HUULOO-/HH(-)ULHGODQGHU0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU5RZ
V
%HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
J|QOO PHVOHN ELUOLNOHULQFH EHOLUOHQHQ YH oRøXQOXNOD PDQHYL \DSWÖUÖPD EDøODQDQ
PHVOHN LONHOHULQLQ \HOHU LoLQ EDøOD\ÖFÖOÖøÖ NDEXO HGLOLU $\UÖFD PHVOHN LONHOHULQH X\PDN
YH\D X\PDPDN NDUDUÖQÖ VRQXoWD JD]HWHFL NHQGL VHUEHVW LUDGHVL LOH EHOLUOHU 6RQ
G|QHPOHUGH J|]OHQHQ HøLOLP HWLøH X\JXQ JD]HWHFLOLøLQ PHG\D NXUXPODUÖ YH\D EDVÖQ
NRQVH\OHUL JLEL PHVOHN ROXûXPODUÖQGDQ oRN ELUH\ RODUDN HWNLQOLøL JHUoHNOHûWLUHQH EDøOÖ
ROGXøXGXU
*D]HWHFLOHULQ HWLN GHøHUOHUH X\JXQ RODUDN GDYUDQPDODUÖ NDQXQODUOD VDøODQDELOLU PL
QHOHULQ \DSÖOPDPDVÖ YH\D QHOHULQ \DSÖOPDVÖ JHUHNWLøLQL J|VWHUHQ L\L YH GRøUX\X
WDQÖPOD\DQ YH FH]DODQGÖUDQ NDQXQODUOD PHG\DGD HWLN GDYUDQÖû LONHOHUL NXUXPVDOODûDELOLU
PL
\RNVD
GDYUDQÖû
LONHOHUL
JD]HWHFL
PHVOHN
ELUOLNOHUL
WDUDIÖQGDQ
EHOLUOHQPHOL
GHQHWOHQPHOL PLGLU VRUXODUÖQÖQ \DQÖWÖQÖ HWLN IHOVHIHGH YH EX PHVOHøLQ N|NO GRøDVÖQGD
EXODELOLUL]
*D]HWHFLOLN HWLøL UDV\RQHO ELU VHoLPGLU *D]HWHFLOHU EX VHoLPL L\L YH N|W QHGLU
DKODNVDO RODUDN VDYXQDELOLU KDUHNHW QHGLU YH QH GHøLOGLU DUDVÖQGD \DSDU $\QÖ ]DPDQGD
DKODNVDO RODUDN KDNOÖOÖøÖ VDYXQXODELOLQLU RODQODU DUDVÖQGDNL GHUHFHOHQGLUPH\L GH EHOLUOHU
*D]HWHFLOLN HWLøLQGH VRV\DO VRUXPOXOXN JHUoHøL DUDûWÖUPDN LQVDQ KDNODUÖQD VD\JÖ
J|VWHUPHN PHVOHN GD\DQÖûPDVÖ YH |UJWOHQPHN NOWUHOHWQLNGLQL oHûLWOLOLøH VD\JÖOÖ
ROPDN SUHQVLSOHULQH EDøOÖ RODUDN EDVÖQ |]JUOøQ JHOLûWLUPHN YH VDYXQPDN PHVOHNL
GD\DQÖûPDEDøÖPVÖ]OÖNREMHNWLIOLNGUVWYHDGLOGDYUDQPDNYDUGÖøÖNDUDUYHGDYUDQÖû
LoLQ VDYXQDELOLU JHUHNoHOHUH VDKLS ROPDN J|UHYOHULQL YXUJXOD\DQ YH EHOLUWLOHQ GHøHUOHU
]HULQHNXUXODQPHVOHNLONHOHULVDYXQXOXU
(WLNJD]HWHFLOLNX\JXODPDVÖQÖQ\D\JÖQODûWÖUÖOPDVÖYHEDVÖQ|]JUOøQQVRUXPOXOXN
LOH NXOODQÖOPDVÖQÖ NDQXQODU LOH WHPLQDW DOWÖQD DOPDN PHG\DQÖQ LûOH\LûLQL NDQXQODU YH
\DSWÖUÖPODUODG]HQOHPHNVRUXPOXYH\DGDKDVRUXPOXELUEDVÖQÖELoLPOHQGLUPHNDPDFÖ
LOH JD]HWHFLOHULQ WDNLEH ]RUXQOX RODFDNODUÖ NDQXQODUÖ \UUOøH NR\PDN KDNNÖQÖQ
\|QHWLPOHUH WDQÖQPDVÖ |QFHOLNOH EDVÖQ |]JUOø EDøÖPVÖ]OÖN REMHNWLIOLN VRV\DO
VRUXPOXOXNJLEL\XNDUÖGDEHOLUWLOHQHWLNGHøHUOHUHD\NÖUÖRODFDNWÖU
g]HOOLNOH
JHOLûPHNWH
RODQ
ONHOHUGH
JD]HWHFLOLN
HWLøLQLQ
NDQXQODU
YDVÖWDVÖ\OD
X\JXODQPDVÖ YH VRQXoWD PHG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖQÖQ JHUoHNOHûPHVL LoLQ
PHVOHN GDYUDQÖû LONHOHUL NDQXQODUGD EHOLUOHQLU YH\D NDQXQODUOD NXUXOXûX LûOH\LûL
\DSWÖUÖPODUÖ G]HQOHQPLû PHVOHN |UJWOHUL DUDFÖOÖøÖ\OD X\JXODPD EHQLPVHQLU %X
X\JXODPDQÖQJHUHNoHVLLVHEDVÖQ|]JUOøQWHPLQDWDOWÖQDDOPDNYHVRUXPOXELUEDVÖQ
\DUDWPDNWÖU %D]Ö ONHOHUGH \HWNLOLOHU PHVOHNWH HWLN ROPD\DQ GDYUDQÖûODUD GHYDP
HGLOPHVLGXUXPXQGDJD]HWHFLOHULNRQWURODOWÖQGDWXWDFDNNDQXQODUoÖNDUDFDNODUÖQÖEH\DQ
HGHUOHU *HQHOGH EX WU DoÖNODPDODUÖQ \DSÖOGÖøÖ ONHOHUGH JD]HWHFLOHU YH PHVOHN
|UJWOHUL PHG\D NXUXPODUÖ HWLN JD]HWHFLOLN X\JXODPDVÖQGD EDûDUÖVÖ]GÖU %D]Ö ONHOHUGH
LVH JD]HWHFLOHU YH JD]HWHFLOLN PHVOHøLQLQ \|QHWLPOHUH NDUûÖ DKODNL VRUXPOXOXN YH
J|UHYOHULQLQ ROGXøX LOHUL VUOU $QFDN JD]HWHFLOHULQ GRøUXGDQ WRSOXPD YH WRSOXPXQ
LoLQGH \HU DODQ JUXSODUGDQ ELUL RODUDN \|QHWLPOHUH NDUûÖ VRUXPOXOXøX ROGXøX XQXWXOXU
%X JHUHNoH PHG\D\Ö NRQWURO HWPHN YH VDKLS ROPDN LVWHøLQLQ J|VWHUJHVLGLU 'LøHU
WDUDIWDQ
\|QHWLPOHULQ
WRSOXPVDO
GHøHUOHULQ
NRUX\XFXVX
RODUDN
HWLN
JD]HWHFLOLN
J|UHYLQLQ \HULQH JHWLULOPHVLQL VDøODPD KDNNÖ YH J|UHYLQH WHN EDûÖQD VDKLS ROPDVÖ
GûQFHVLQH GD\DOÖ X\JXODPDODU JD]HWHFLOHUL VRUXPOX GDYUDQÖûD \|QHOWHFHN YH WHûYLN
HGHELOHFHNGLøHUJUXSODUÖKDONÖYHPHG\DQÖQNHQGLVLQLGÖûODU :6FKUDPP´4XDOLW\LQ0DVV&RPPXQLFDWLRQµ,Q0HGLD(WKLFV&DVHVDQG0RUDO
5HDVRQLQJHG&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*D]HWHFLOLN(WLøLQLQ.DQXQODûWÖUÖOPDPDVÖQÖQ1HGHQOHUL
.DQXQODUYDVÖWDVÖ\ODJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖVRQXFXED]ÖN|NOSUREOHPOHU
GRøDU
(WLN JD]HWHFLOLN VRUXPOXOXøX NDQXQOD WDQÖPODQÖUVD WDQÖPOD\DQ JD]HWHFL YH\D
J|QOO PHVOHN NXUXOXûODUÖ GHøLO NDQXQ NR\XFX RODFDNWÖU +DN YH |]JUONOHUL
G]HQOHPHN YH N|W\H NXOODQÖOPDODUÖQÖ |QOHPHN YH EX DPDoODUOD \DSWÖUÖP
X\JXODPDN \HWNLVL oHUoHYHVLQGH JD]HWHFLOLN DODQÖQGD NDQXQD D\NÖUÖ GDYUDQÖûODUÖ
NÖVDFD VXo YH FH]D\Ö EHOLUOHPHN KDNNÖQÖQ NDQXQ NR\XFX\D DLW ROPDVÖ JHUHNWLøL
VDYXQXODELOLU $QFDN HYUHQVHO GHøHUOHU oHUoHYHVLQGH REMHNWLI RODUDN EX \HWNLQLQ
NXOODQÖOPDPDVÖ GXUXPXQGD WDQÖP \DSDQODUÖQ HWLN YH VRUXPOXOXN DQOD\ÖûODUÖQD
J|UHELoLPOHQHFHNYH\HWHUOLOLNûDUWODUÖJHWLULOHELOHFHNWLU
.DQXQODULOHJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖ]RUODPDNEXDODQGDVWDQGDUWODUÖQ
JHOLûPHVLQL ROXPVX] HWNLOHU 7P NDQXQODUGD DPDo VXoOX\X FH]DODQGÖUPDN YH
E|\OHFH
RQXQ
D\QÖ
GDYUDQÖûÖ
WHNUDUODPDPDVÖQÖ
VDøODPDN
YH
VXoOX\X
FH]DODQGÖUDUDN GLøHUOHULQL D\QÖ VXoX LûOHPHNWHQ X]DN WXWPDNWÖU 0HG\D HWLN
NDQXQODUÖQÖ LKODO HGHQ VXoOXQXQ EX GDYUDQÖûÖ ELU GDKD \DSPD\DFDøÖ JDUDQWL
HGLOHPH]
%XQXQ\DQÖQGDFH]DODQGÖUÖODQJD]HWHFL\LJ|UHQDUNDGDûODUÖQÖQD\QÖVXoXLûOHPH\H
NDONÖûPD\DFDNODUÖQÖQ GD JDUDQWLVL \RNWXU *D]HWHFLOLN HWLøLQH GDYUDQÖûODUÖ LOH
ROXPOX NDWNÖ \DSPDN LoLQ oDOÖûDQODU HWLN NXUDOODUD EDNPDN YH X\JXODPDN \HULQH
EDûODUÖQÖQ GHUGH JLUPHPHVL LoLQ NDQXQODUÖ LKODO HWPHPH\H oDOÖûDFDNODUGÖU $\UÖFD
FH]DODQGÖUÖOPD VRQXFX LûOHQHQ VXo PHVOHøH NDUûÖ GHøLO GHYOHWH NDUûÖ LûOHQHQ ELU
VXoGXUXPXQDG|QûHFHNWLU
.DQXQOD
JD]HWHFLOLN
HøLWLøLQLQ
X\JXODQPDVÖ
JD]HWHFLOHULQ
PHVOHøH
EDøOÖOÖN
GX\JXVXQD ]DUDU YHUHUHN EDøOÖOÖøÖQ \|QHWLPH oHYULOPHVLQH \RO DoDU 2QODU HWLøH
X\JXQ ROPD\DQ ELU GDYUDQÖû \DSWÖNODUÖQGD HWLN NDQXQODUÖ LKODO HWWLNOHUL GûQFHVL
LOH GHYOHWH YH\D KNPHWH NDUûÖ NHQGLOHULQLQ VXo LûOHGLøLQL GûQHFHNOHUGLU
$VOÖQGD HWLNVHO ROPD\DQ GDYUDQÖûOD JHUoHN ]DUDUÖ PHVOHNOHULQH YHULUOHU 0HVOHNWH
oDOÖûDQODUÖ ELUOHûWLUHFHN NRQXODU KDNODU VRUXPOXOXNODU YH J|UHYL JHOLûWLUPHN
DKODNL J|UHYL ROPDOÖGÖU %X PHVOHN GD\DQÖûPDVÖ YH ELUOLNWHOLN GX\JXVXQXQ
ND\EHGLOPHVL VRQXFXQGD ROXûDFDN ELUH\VHO GDYUDQÖûODU KHP WRSOXPD KHP GH
ELUOLNWHOLNYHGD\DQÖûPDHWLNGHøHULQH]DUDUYHUHFHNWLU
(WLN JD]HWHFLOLN X\JXODPDVÖQD \DNODûÖP |]HOOLNOH JD]HWHFLOHULQ IHOVHIL J|UûOHULQH
NDQDDWOHULQHJ|UHGHøLûLU*D]HWHFLOHUDUDVÖQGDDQWLQRPLDQLVW·OHUJ|UHYVÖUDVÖQGD
KLVVHWWLNOHUL JLEL GDYUDQPDODUÖ JHUHNWLøLQH LQDQDQODU 0DFKLDYHOOLVW·OHU DPDFD
XODûPDN LoLQ KHU WUO DUDFÖQ NXOODQÖODELOHFHøLQH LQDQDQODU WHOHRORJLVW·OHU
GDYUDQÖûÖQ
GûQHQOHU
HWLN
ROGXøXQX
GHRQWRORJLVW·OHU
EHOLUOH\HQ
IDNW|UQ
GDYUDQÖûÖQ
VDGHFH
VRQXFXQX
VRQXo
ROGXøXQX
GûQPH\HUHN
VDGHFH
J|UHYLQ \DSÖOPDVÖ JHUHNWLøLQH LQDQDQODU KHGRQLVWOHU L\L GDYUDQÖûÖQ HQ ID]OD
VD\Ö\D KL]PHW ROGXøXQX LGGLD HGHQOHU HJRLVW·OHU L\L JD]HWHFLOLN GDYUDQÖûÖQÖQ
ELUH\VHORODUDNNHQGLOHULQLPXWOXHGHQGDYUDQÖûROGXøXQXGûQHQOHUYDUGÖU
.DQXQOD JD]HWHFLOLN HWLøLQLQ X\JXODQPDVÖ VRQXFXQGD JD]HWHFLOHU WHN ELU HWLN
\DNODûÖPD ]RUODQÖU 2 GD \DVDO RODUDN PPNQ RODQ WHN \RO GHRQWRORJLFDO
\DNODûÖPGÖU .DQXQOD EHOLUOHQHQ VRUXPOXOXøX \HULQH JHWLUPHN ELU J|UHYGLU
NDQXQD LWDDW HWPHN ]RUXQOXGXU YH EX ER\XQ HøPHN VRQXFXQGD LQVDQODUD QH
ROGXøX J|] DUGÖ HGLOHUHN LWDDW HGLOPHOLGLU *D]HWHFLOLN PHVOHøLQLQ ELUH\VHO YH
%HGUL\H,ûÖNg]ND\D³0HG\DGD(WLNùONHOHULQ.XUXPVDOODûPDVÖ
WRSOX RODUDN WRSOXPD JLGHULOPHVL PPNQ ROPD\DQ ]DUDU YHUPH \HWHQHøL
GûQOGøQGHPHVOHøHE|\OH\DVDOVWDQGDUWOD\ROJ|VWHUPHVLQLQWHKOLNHVLGDKD
L\LDQODûÖODFDNWÖU*D]HWHFLOLNHWLøLNDQXQJLELQHWYHNHVLQGHøLOGLU'RøUXNDUDU
YH H\OHPH XODûPDN LoLQ \DSÖOPDVÖ RODVÖ KDUHNHWLQ EHOOL SHUPXWDV\RQODUÖQÖQWDNLEL
JHUHNLUgUQHøLQ0HUULOOYH%DUQH\·HJ|UH *D]HWHFLVDYXQDELOHFHøLKDNOÖNDUDUD
VRQXoODUÖ GLNNDWH DODUDN WHOHRORJ YH J|UHYH LOLûNLQ EHOOL SUHQVLSOHUL X\JXOD\DUDN
GHRQWRORJ\ XODûDELOLU 2QODUD J|UH JD]HWHFL |QFHOLNOH ELU GHRQWRORJLVW DPD D\QÖ
]DPDQGD ELU GûQU NDUDNWHULQH VDKLS ]DPDQ ]DPDQ GDKD \NVHN ELU DKODNL
GHøHUH XODûPDN LoLQ VDGDNDWWHQ D\UÖODELOHQ ELU WHOHRORJLVW·GLU %|\OH IHOVHIL YH
SUDWLN\RUXPYHo|]POHUHJD]HWHFLOLNNDQXQODUÖQGDUDVWODQDPD]2QODUÖQWHNELU
DQODPÖYDUGÖUYH\RUXP\DSÖODPD]
*D]HWHFLOLNWH HWLN JHUHNOLOLNOHU NRQXVXQGD NDQXQ \DSDUDN DVOÖQGD PHVOHN
|UJWOHULQLQ HVDV IRQNVL\RQODUÖQGDQ RODQ PHVOHN NXUDOODUÖ YH VWDQGDUWODUÖQÖ
EHOLUOHPHN YH GHQHWOHPHN UROQ GHYOHW VWOHQLU (øHU PHVOHN |UJWOHUL EX
DODQGD
\HWHUVL]
LVH
GHYOHWH
GûHQ
J|UHY
PHVOHN
|UJWOHQPHOHULQLQ
JoOHQGLULOPHVL YH VRUXPOXOXNODUÖQD VDKLS oÖNDUDN GHQHWLPL JHUoHNOHûWLUPHOHUL
NRQXVXQGDWHûYLNHWPHNROPDOÖGÖU
*D]HWHFLOLN HWLøLQLQ NDQXQ LOH X\JXODQPDVÖ KHP EDVÖQ |]JUOøQH KHP GH
JD]HWHFLOHULQ |] VD\JÖVÖQD ]DUDU YHULU %LU JD]HWHFLQLQ HWLøH X\JXQ GDYUDQÖûÖ
VDGHFH NDQXQD LWDDW HVDVÖ ]HULQH WHPHOOHQGLULOLUVH RQXQ GDYUDQÖûÖ JHQLû RUDQGD
FH]DODQGÖUÖOPD
NRUNXVXQD
GD\DOÖ
RODFDøÖQGDQ
JHUoHNWH
NHQGLQL
VRUXPOX
KLVVHWPH\HFHNWLU$VOÖQGDNHQGLQHGX\GXøXVD\JÖKHUKDQJLELUGDYUDQÖûÖ|]JUFH
\DSDELOHFHøLQH LQDQPDVÖQÖ VDøODU YH EX |]JUOøQ \RO DoDFDøÖ VÖNÖQWÖODU
NDUûÖVÖQGD \D GD NHQGLVLQLQ ]OHFHøL DQODUGD GDKL |] VD\JÖVÖ QHGHQL LOH R
GDYUDQÖûÖQVRUXPOXOXøXQXWDûÖPD\DGHYDPHGHU
(WLNJD]HWHFLOLNNDQXQLOH]RUODQGÖøÖQGDNHQGLQLLIDGHHWPHYHEXQDEDøOÖRODUDN
|]VD\JÖ YH |]JUOøQ YDU ROPDVÖ LoLQ JHUHNOL ûDUWODU VÖQÖUODQGÖUÖOPÖû ROXU
0HUULOO·HJ|UH .HQGLQHVD\JÖGX\DQELUJD]HWHFLRQDNHQGLQLLIDGHHWPHûDQVÖQÖ
YHUHQ |]JUONWHQ JXUXU GX\DU YH EXQXQ WHKOLNHOHULQL |QHPVHPH] GDYUDQÖûÖQÖQ
DUNDVÖQGD GXUXU KHGHIH RGDNODQÖU YH |]JUOø \DûDPDVÖQÖQ VRQXoODUÖQD
KD]ÖUGÖU
7P HWLNOHUGH ROGXøX JLEL JD]HWHFLOLN HWLøL GH GHøHUOHU YH SUHQVLSOHUH EDøOÖGÖU
3UHQVLSOHU QH\LQ \DQOÖû QH\LQ GRøUX ROGXøXQX WDQÖPOD\DQ \RO J|VWHUHQ
oL]JLOHUGLU 'HøHUOHU LVH KHP DKODNL KHP GH DKODNL ROPD\DQÖ L\L YH N|WQQ QH
ROGXøXQXWDQÖPODU
.DQXQODUGD SUHQVLSOHULQ PDQWÖNVDO DoÖNODPDVÖQD \HU YHULOPH] 'RøUX RODUDN
YHULOHQ YH\D \DQOÖû RODUDN EHOLUWLOHQ VRUJXODQDPD] ùWDDW ]RUXQOXOXøX YDUGÖU
*D]HWHFLOLN HWLøLQGH LVH JD]HWHFL LoLQ VHoPH ûDQVÖ YDUGÖU %X VHoLP ED]HQ GRøUX
YH \DQOÖû DUDVÖQGD YH\D \DQOÖû RODQ LOH GDKD D] \DQOÖû GDYUDQÖû DUDVÖQGD YH\D
GRøUX LOH GDKD GRøUX DUDVÖQGD RODELOLU $QFDN E|\OH IÖUVDWODUÖ YH RODVÖOÖNODUÖ
NDQXQODUNDUûÖOD\DPD]
-&0HUULOO5'%DUQH\(WKLFVDQGWKH3UHVV5HDGLQJVLQ0DVV0HGLD0RUDOLW\1HZ<RUN
+DVWLQJ+RXVHV
-&0HUULOO7KH'LDOHFWLFRI7RXUQDOLVP7RZDUGVD5HVSRQVLEOH8VHRI3UHVV)UHHGRP%DWRQ
5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVVV
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.DQXQODUEHOOLGHøHUOHULNRUXPDNLoLQ\DSÖOPÖûROVDGDVRQXoWDLWDDW]RUXQOXGXU
*D]HWHFL
EDøODQPDVÖ
JHUHNHQ
GHøHUOHUL
DUDûWÖUPDGDQ
VRUJXODPDGDQ
YH
GûQPHGHQ NDQXQODUÖQ JHUHøLQL \HULQH JHWLUPHN ]RUXQGDGÖU %X VUHoWH RQD
SDVLIELUUROYHULOPLûWLU'HøHUOHUDQFDNLVWH\HUHNELOLQoOLRODUDNDU]XHGHUVHNYH
RQODUD XODûPDN LoLQ oDOÖûÖUVDN ID\GDOÖGÖU 'LøHU ELU GH\LûOH NDQXQODU YDVÖWDVÖ\OD
GHøHUOHU]RUODX\JXODQGÖøÖQGDGHøHULQL\LWLUHELOLU
6RQRODUDNNDQXQJD]HWHFLOLNHWLøLQLQX\JXODQPDVÖQÖJDUDQWLHGHQELUDUDoRODUDN
JD]HWHFLOHULQ IDDOL\HW DODQODUÖQÖ oRN ID]ODVÖQÖUODQGÖUÖU .DQXQ KHU RODVÖOÖøÖ YH HWLN
GXUXPODUÖQ SHUPWDV\RQODUÖQÖ NDSVDPD] *D]HWHFLQLQ HWLN NDUDUÖ LOH EDVÖQ
|]JUOø
ELUELUOHUL\OH
EDøODQWÖOÖGÖU
(WLN
JD]HWHFLOLN
X\JXODPDVÖ
EDVÖQ
|]JUOøQ JHOLûWLULU *D]HWHFLOHU WRSOXPVDO LKWL\DoODUD KL]PHW LoLQ NDPXVDO
J|UHYOHULQL \HULQH JHWLULUNHQ |]JU ROPDOÖGÖUODU %DVÖQ |]JUOø JD]HWHFLOHULQ
LVWHGLøLQL\DSPDNLoLQELUL]LQGHQoRNWRSOXPDKL]PHWLoLQ|]JUONWU
6RQXo
0HG\DGD HWLN LONHOHULQ NXUXPVDOODûPDVÖ LoLQ JD]HWHFLOHU HWLN GDYUDQPD\D NDQXQODUOD
]RUODQPDPDOÖGÖU'HPRNUDWLN\|QHWLPOHUGHJD]HWHFLOLNNDQXQODUÖJD]HWHFLOHULQYHGLøHU
oDOÖûDQODUÖQ KDN YH |]JUONOHULQL JYHQFH\H DOPDN YH EX KDN YH |]JUONOHULQ N|W\H
NXOODQÖOPDODUÖQÖ|QOHPHNDPDFÖ\ODJHUHNOLGLU
*D]HWHFLOHULQ NDQXQODUOD HWLN GDYUDQÖûD ]RUODQPDVÖ RQODUD QDVÖO KDUHNHW HWPHOHUL
NRQXVXQGD GLUHNWLIOHU YHULOPHVLQLQ NDEXO JD]HWHFLOLN HWLøL LOH EDøGDûPD] YH EDVÖQ
|]JUOøQQNRUXQPDVÖDoÖVÖQGDQELUULVNWLU
(WLN
GDYUDQÖû
LONHOHULQLQ
JD]HWHFLOHU
J|QOO
PHVOHN
NXUXOXûODUÖ
WDUDIÖQGDQ
EHOLUOHQPHVL YH X\JXODQPDVÖ Lo LûOH\LûOH HWLøLQ NXYYHWOHQGLULOPHVL GÖûDUÖGDQ \DSÖODQ
PGDKDOHGHQ GDKD ID]OD PHVOHøLQ \DUDUÖQDGÖU $QFDN \HOLøLQ LVWHøH EDøOÖ ROGXøX EX
NXUXOXûODU VDGHFH NHQGL \HOHUL ]HULQGH HWNLOL RODELOHFHNWLU %LU PHVOHN ELUOLøLQH \H
ROVXQ YH\D ROPDVÖQ JD]HWHFL GDYUDQÖû LONHVLQH X\JXQ GDYUDQPDN YH\D GDYUDQPDPDN
NDUDUÖQÖ NHQGL LUDGHVL LOH EHOLUOH\HFHNWLU (WLN EX DûDPDGD |QHPOLGLU NDUDU ELUH\VHO
RODFDNWÖU
(WLNNDUDUYHUPHN]RUGXU*QP]NRûXOODUÖQGDGRøUXYH\DQOÖûÖQL\LYHN|WQQ
NXUDOODUÖ JHQHOGH JHoHUVL] NDOPDNWDGÖU $QFDN \DNÖQ oHYUH WRSOXP HøLWLP JLEL
HWNHQOHULQ
ELoLPOHQGLUGLøL
HWLN
EDNÖû
DoÖVÖQD
VDKLS
RODQ
ELU
JD]HWHFL
ELOLQFLQH
JYHQPHOLGLU*|QOOPHVOHNELUOLNOHULWDUDIÖQGDQHWLNGHøHUOHU]HULQHNXUXOPXûRODQ
PHVOHN GDYUDQÖû NXUDOODUÖQÖQ GD NDWNÖVÖ LOH DQFDN |]JU LUDGHVL LOH VHoLPLQL \DSPDOÖGÖU
'DYUDQÖûÖQÖQ NDUDNWHULQLQ YH\D DPDFÖQÖQ DKODNL HøLOLPOHULQLQ IDUNÖQGD RODUDN GRøUX\X
YHL\L\L\DSPDJ|UHYLQLNDUDUÖQDYHGDYUDQÖûODUÖQD\DQVÖWPDOÖGÖU
.D\QDNoD
&KULVWLDQV&*5RW]ROO.%)DFNOHU00HGLD(WKLFVUG(G1HZ<RUN
/RQJPDQ
0HUULOO - & %DUQH\ 5 ' HGV (WKLFV DQG WKH 3UHVV 5HDGLQJV LQ 0DVV 0HGLD
0RUDOLW\1HZ<RUN+DVWLQJ+RXVH
0HUULOO - & 7KH 'LDOHFWLF RI -RXUQDOLVP 7RZDUGV D 5HVSRQVLEOH 8VH RI 3UHVV )UHHGRP
%DWRQ5RXJH/RXLVLQD6WDWH8QLYHUVLW\3UHVV
0HUULOO-&/HH-)ULHGODQGHU(-0RGHUQ0DVV0HGLD1HZ<RUN+DUSHU
5RZ
6FKUDPP : ´4XDOLW\ LQ 0DVV &RPPXQLFDWLRQµ ,Q 0HGLD (WKLFV &DVHV DQG
0RUDO5HDVRQLQJ&KULVWLDQV5RW]ROO)DFNOHU1HZ<RUN/RQJPDQ
7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
'U+DIL]Hg]WUN 6RQ\ÖOGDD\GÖQODWÖOPÖûRQDP|øUHWLVLQLQJQGHOLNWÖSX\JXODPDVÖQGD\DVDOYHHWLN
ELU JHUHNOLOLN ROPDVÖ\OD ELUOLNWH KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KDVWDQÖQ |]HUNOLøL
KHNLPLQ VRUXPOXOXNODUÖ KDVWDQÖQ YH KHNLPLQ GHøHUOHUL KDVWDQÖQ D\GÖQODWÖOPDVÖQÖQ
\|QWHPOHUL JLEL NRQXODU |]HOOLNOH NOLQLN WÖS HWNLQOLøLQLQ WHPHO WDUWÖûPD QRNWDODUÖ
GXUXPXQD JHOPLûWLU +DVWDQÖQ NDUDU YHUPHN NRQXVXQGD J|QOO YH \HWHUOL ROPDVÖ
NDGDU ELOJLQLQ DoÖNODQPDVÖ YH DQODûÖOÖU ROPDVÖQÖ GD JHUHNWLUHQ D\GÖQODWÖOPÖû RQDP
|øUHWLVL KHNLPLQ JHOHQHNVHO SDWHUQDOLVWLN UROQ ELU |OoGH RUWDGDQ NDOGÖUPDNWD YH
KDVWDQÖQNHQGLVL\OHLOJLOLWÖEELNDUDUODUGDNLVRUXPOXOXøXQXDUWÖUPDNWDGÖU6|]HGLOHQEX
GHøLûLP WHPHOGH \DUDUFÖ ELU GLVLSOLQ RODUDN WDQÖPODQDQ WÖEEÖQ LûOHYLQLQ YH DPDFÖQÖQ
\HQLGHQ
WDQÖPODQPDVÖQÖ
NDYUDPODUÖQÖQ
\HQLGHQ
WÖS
HWNLQOLøLQGH
WDUWÖûÖOPDVÖQÖ
|]HUNOLN
]RUXQOX
NÖOGÖøÖ
URO
VRUXPOXOXN
LoLQ
KHNLPKDVWD
YH
GHøHU
LOLûNLVLQLQ
HYULPLQGHGH|QHPOLELUKDOND\ÖROXûWXUPDNWDGÖU
%X ELOGLULGH JQP]GHNL KHNLPKDVWD LOLûNLVLQLQ QLWHOLøL KHNLPOH KDVWD DUDVÖQGDNL
LOLûNL\L HWNLOH\HQ HWNHQOHU JHoPLûWHQ JQP]H EX LOLûNLGH J|]H oDUSDQ EHOOL EDûOÖ
PRGHOOHU D\GÖQODWÖOPÖû RQDP KDVWDQÖQ |]HUNOLøL YH KHNLPLQ URO EDøODPÖQGD HOH
DOÖQDFDNWÖU
+HNLPKDVWD LOLûNLVL WHPHOGH ELU LQVDQLQVDQ LOLûNLVL ROGXøX LoLQ WRSOXPVDO NOWUHO
KXNXNVDO DKODNVDO YH UXKELOLPVHO \|QOHUL RODQ ELU LOLûNLGLU %X oRN \|QOON RQXQ
ELUWDNÖP HWNHQOHUOH NROD\FD HWNLOHûHELOGLøLQL J|VWHUPHNWHGLU +HNLPOH KDVWD DUDVÖQGDNL
LOLûNLQLQ KHU WUQGH V|] NRQXVX HGLOHELOHFHN RODQ YH EHOLUOL ELU WRSOXPGD EHOLUOL ELU
]DPDQ GLOLPLQGH JHoHUOL NÖOÖQDQ KHNLPKDVWD LOLûNLVLQL EHOLUOH\HQ EX HWNHQOHUL û|\OHFH
VÖUDODPDNRODQDNOÖGÖU
ùOLûNLQLQJHUoHNOHûWLøLX]PDQOÖNGDOÖ
%HOLUOLELU]DPDQGDRWRSOXPGDEHQLPVHQHQKDVWDOÖNNDYUDPÖ
ùOLûNLQLQJHUoHNOHûWLøLNRûXOODUGDWÖEEÖQRODQDNODUÖ
+HNLPLQYHKDVWDQÖQHøLWLPG]H\L\OHEDøODQWÖOÖRODQELOJLLQDQoYHWXWXPODUÖ
+HNLPYHKDVWDQÖQEXLOLûNLGHQEHNOHQWLOHULYHUXKVDO\DSÖODUÖ
+HNLPYHKDVWDQÖQLOHWLûLPEHFHULOHUL
KHNLPOHKDVWDDUDVÖQGDNLSDUDVDOLOLûNL
ùOLûNLQLQJHUoHNOHûWLøLIL]LNVHORUWDP
6|]NRQXVXWRSOXPGDKHNLPEDûÖQDGûHQKDVWDVD\ÖVÖ
7RSOXPXQKHNLPKDVWDLOLûNLVLQHEDNÖûÖ
(WLN DoÖVÖQGDQ KHNLPOH KDVWD DUDVÖQGDNL LOLûNL \XNDUÖGD VD\ÖODQ HWNHQOHUOH ELUOLNWH YH
RQODUD
NRûXW
RODUDN
RUWD\D
oÖNDQ
KHNLP
YH
KDVWDQÖQ
URO
YH
NLPOLNOHUL\OH
EHOLUOHQPHNWHGLU %X NLPOLN YH UROOHU WÖEEÖQ WDULKVHO HYULPL LoLQGH IDUNOÖ LOLûNL
PRGHOOHULQLQ RUWD\D oÖNPDVÖQD \RO DoPÖûWÖU dHûLWOL oDø YH WRSOXPODUGDNL KHNLP
KDVWD LOLûNLOHULQL GLQDPLN SVLNL\DWULQLQ NLûLOHU DUDVÖ LOLûNLOHU \DNODûÖPÖ EDøODPÖQGD
LQFHOH\HQ 6]DV] .QRII YH +ROOHQGHU o WHPHO LOLûNL PRGHOL WDQÖPODPÖûODUGÖU %\N
$NGHQL]hQLYHUVLWHVL7ÖS)DNOWHVL7ÖEEL(WLN'HRQWRORML$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
|OoGH WRSOXPVDOVL\DVDO G|QûPOHULQ GLQOHULQ YH ELOLPLQ HWNLVLQGH ELoLPOHQHQ EX
PRGHOOHUûXQODUGÖU
(WNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ LOLûNL .RPDGD \D GD JHQHO DQHVWH]L DOWÖQGD
ROGXøX JLELELOLQoOL ROPD\DQ YH EX QHGHQOH WP\OH HGLOJLQ GXUXPGDNL KDVWD\OD
KHNLPDUDVÖQGDNLLOLûNL
<ROJ|VWHUPHLûELUOLøLWHPHOLQHGD\DQDQLOLûNL$NXWEXODûÖFÖKDVWDOÖNODUGDROGXøX
JLEL VDøOÖøÖQD NDYXûPDN LoLQ LûELUOLøLQH KD]ÖU RODQ NRQX\OD LOJLOL RODUDN KHNLPLQ
|QHULOHUL GRøUXOWXVXQGD GDYUDQDQ ELU |OoGH HWNLQ DQFDN V|]QQ JHoHUOLOLøL
DoÖVÖQGDQ KHNLPGHQ IDUNOÖ NRQXPGDNL KDVWD LOH RQXQ NDUûÖVÖQGD ELOJL YH
EHFHULVLQLNXOODQDQKHNLPDUDVÖQGDNLLOLûNL
.DUûÖOÖNOÖ NDWÖOÖP WHPHOLQH GD\DQDQ LOLûNL .URQLN KDVWDOÖNODUÖQ WHGDYLVLQGH YH
UXKVDO o|]POHPHGH ROGXøX JLEL KDVWDQÖQ NHQGLVLQH \DUDUOÖ ROPDVÖQGD KHNLPLQ
\DUGÖPFÖNRQXPGDROGXøXLOLûNL
7DULKVHODoÖGDQHOHDOÖQGÖøÖQGDEHOOLELUoDøGDEHOOLELU\DGDELUGHQoRNWRSOXPGD
\DûD\DQ LQVDQÖQ GûQFH \DSÖVÖ YH WÖS ELOLPLQLQ HULûWLøL G]H\OH R oDøGD JHoHUOL RODQ
KHNLPKDVWDLOLûNLVLDUDVÖQGDEDøODQWÖNXUPDNRODQDNOÖGÖU<XNDUÖGDV|]HGLOHQo\D]DU
WÖEEÖQ HYULPLQL NHQGL PRGHOOHUL DoÖVÖQGDQ GHøHUOHQGLUPHNWH YH EX EDøODPGD (VNL
0ÖVÖU·Ö(VNL<XQDQ8\JDUOÖøÖQÖQD\GÖQODQPDoDøÖQÖ2UWDoDø$YUXSD·VÖQÖYH(QJL]LV\RQ
G|QHPLQL HWNLQOLNHGLOJLQOLN WHPHOLQH GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ JHoHUOL ROGXøX
G|QHPOHU RODUDN QLWHOHQGLUPHNWHGLU %X G|QHPGH PLVWLN |øHOHU WDûÖ\DQ ´KDVWDOÖNµ
NDYUDPÖ\OD LOLûNLOL RODUDN KHNLPOHU GH L\LOHûWLULFL JoOHUL KDUHNHWH JHoLUHQ ´\DUÖWDQUÖµ \D
GD ´VWQ LQVDQµ NRQXPXQGDGÖUODU %X LOLûNL WUQGHQ \RO J|VWHUPHLûELUOLøL WHPHOLQH
GD\DQDQ LOLûNL\H JHoLûLQ ELOLQHQ |QFV LVH )UDQVÖ] 'HYULPL·QGH oDøFÖO DoÖN UXK
KHNLPOLøLQLQ NXUXFXVX RODQ 3KLOLSSH 3LQHO·GLU 2UWD $YUXSD·GD YH \]\ÖOODUGD
JHUoHNOHûWLULOHQELOLPVHOWHNQLNDWÖOÖPODU|]HOOLNOHWÖSDODQÖQGDNLJHOLûPHOHUYH´KDVWDOÖNµ
NDYUDPÖQÖQ GRøDO QHGHQOHUH GD\DQGÖUÖOPDVÖ \|QQGHNL GûQVHO GHøLûLPOHU KDVWDQÖQ
KHNLP NDUûÖVÖQGDNL HGLOJHQ NRQXPXQX YH EDøÖPOÖOÖøÖQÖ DUWÖUPÖûWÖU %X IDUNOÖODûPD\D
NRûXW RODUDN KHNLPOHU GH LQVDQ VW QLWHOLNOHUGHQ DUÖQGÖUÖOPÖû YH JQP]GHNL
NRQXPODUÖQD \HUOHûWLULOPLûWLU \]\ÖO VRQODUÖQGD SVLNL\DWULQLQ ELU X]PDQOÖN DODQÖ
RODUDN JHOLûLPL\OH ELUOLNWH NDUûÖOÖNOÖ NDWÖOÖPD GD\DQDQ KHNLPKDVWD LOLûNLVLQLQ WHPHOOHUL
DWÖOPÖûWÖU %X NRQXGDNL HQ E\N DGÖP %UHXHU YH )UHXG·XQ KDVWD\Ö GLQOHPH\L ELU WDQÖ
YH L\LOHûWLUPH \|QWHPL RODUDN JHOLûWLUPHOHULGLU '|QHPLQµ KDVWDOÖNµ NDYUDPÖ DoÖVÖQGDQ
HQ |QHPOL LNL \DNODûÖPÖQGDQ ELUL VDøOÖNOD KDVWDOÖøÖ DN YH NDUD JLEL ELUELULQGHQ D\ÖUDQ
.UDHSHOLQ·FL J|Uû |WHNLVL LVH KDVWDOÖøÖ EHGHQVHOUXKVDOWRSOXPVDO ELU ROJX RODUDN
WDQÖPOD\DQ %UHXHU YH )UHXG·XQ \DNODûÖPODUÖGÖU %X VUHoWH LQVDQFD YH HûLWOLøH GDKD
\DNÖQELUKHNLPKDVWDLOLûNLVLQLQJHOLûLPLQH\|QHOLPV|]NRQXVXROPXûWXU
dDøODUER\XQFDWÖSHWNLQOLøLQGHHJHPHQOLøLQLVUGUHQPHUNH]LQGH´VRUXPOXOXNODUÖ
WDQÖPODQPÖû RWRULWHU KHNLPµ ILJUQQ \HU DOGÖøÖ JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH
KHNLPLONHRODUDNKDVWDVÖQD]DUDUYHUPHPHNRQXKDVWDOÖNODUGDQNRUXPDNJHUHNVLQGLøL
VDøOÖN KL]PHWLQL YHUPHN YH DFÖODUÖQÖ GLQGLUPHNOH \NPOGU gGHY HWLøL oHUoHYHVLQGH
GHøHUOHQGLULOHELOHFHN EX GXUXP KHNLPL RWRULWHU ELU NRQXPD \HUOHûWLUPHNWHGLU dQN KHNLP X]XQ VD\ÖODELOHFHN ELU HøLWLPLQ VRQXQGD HGLQGLøL |]HO ELOJLEHFHUL\H YH
WRSOXPXQ RQD YHUGLøL \HWNL\H GD\DQDUDN QH\LQ KDVWDOÖN ROGXøXQD NDUDU YHUPH YH
KDVWDOÖøÖ WHGDYL HWPH HUNLQH VDKLS RODQ NLûLGLU +DVWDQÖQ L\LOHûWLULOPHVL JLEL VRPXW
VRQXoODUÖ YH LûH \DUDUOÖOÖøÖ RODQ EX VÖQÖUVÖ] Jo YH \HWNH VRUJXODQDPD]WDUWÖûÖODPD]
QLWHOLNWHGLUùOLûNLQLQ|WHNLXFXQGDNLKDVWDLVHWHPHOGHKDVWDOÖNQHGHQL\OHNHQGLVLQL]D\ÖI
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
YH JoV] RODUDN DOJÖOD\DQ KHNLP \DUGÖPÖQD JHUHNVLQLP GX\DQ KDVWDOÖøÖQÖQ DNXW
NURQLN \D GD |OPFO ROPDVÖQD EDøOÖ RODUDN NLPOLøL GHøLûHQ KHNLPLQ NHQGLVL LoLQ HQ
L\LVLQL \DSDFDøÖQD LQDQDQ YH EX JYHQOH KHNLPH EDøODQDQ NLûLGLU %X LOLûNLGH KDVWDGDQ
EHNOHQHQ NHQGLVL\OH LOJLOL ELOJLOHUL GRøUX RODUDN YHUPHVL YH KHNLPLQ X\JXQ J|UGø
ELoLPGHGDYUDQPDVÖGÖU
=DPDQ LoLQGH ELOLPVHO ELOJLQLQ YH WÖS ELOJLVLQLQ KÖ]OD JHOLûPHVL HøLWLP G]H\LQLQ
\NVHOPHVL ELOJLQLQ WRSOXPGD GDKD ID]OD SD\ODûÖOPDVÖ WÖSWD WHNQRORML NXOODQÖPÖQÖQ
\RøXQODûPDVÖ WDQÖWHGDYL NRQXVXQGD KDVWD NDWÖOÖPÖQÖQ |QHPLQLQ DUWPDVÖ KDVWD KDNODUÖ
NDYUDPÖQÖQ JHOLûPHVL JLEL HWNHQOHU KHNLPKDVWD LOLûNLVLQGH KHNLPLQ VDKLS ROGXøX
\HWNHQLQ VRUJXODQPD\D EDûODPDVÖQD \RO DoPÖûWÖU g]HOOLNOH ,, 'Q\D 6DYDûÖ·QGD 1D]L
KHNLPOHULQ WXWVDNODU ]HULQGH X\JXODGÖNODUÖ LQVDQOÖN GÖûÖ WÖEEL GHQHPHOHU KHNLPOHULQ
VDKLS
ROGXNODUÖ
EX
JF
N|W\H
NXOODQDELOGLNOHULQLQ
ELU
J|VWHUJHVL
ROPXû
YH
HWNLQOLNOHULQLQ GHQHWOHQPHVL JHUHNWLøL NRQXVXQGD J|Uû ELUOLøLQH YDUÖOPÖûWÖU +HNLPLQ
WDUWÖûÖOPD] VWQOøQQ E\N |OoGH VDKLS ROGXøX ELOJLGHQ ND\QDNODQGÖøÖ J|Uû
\D\JÖQ RODUDN NDEXO J|UPû YH ELOJL\L SD\ODûPDQÖQ HUNLQ SD\ODûÖOPDVÖQD \RO DoDFDøÖ
VRQXFXQD XODûÖOPÖûWÖU %X VUHo KHNLPH KDVWD\Ö KDVWDOÖøÖ YH WHGDYLVL NRQXVXQGD
ELOJLOHQGLUPHVL\NPOOøJHWLULOPHVLLOHVRQXoODQPÖûWÖU
6|]
NRQXVX
GHøLûLPLQ
VRQXFXQGD
RUWD\D
oÖNDQ
JQP]GHNL
KHNLPKDVWD
LOLûNLVLQGH KHNLP NLPOLøL ´VRUXPOXOXNODUÖ WDQÖPODQPÖû RWRULWHU KHNLPµGHQ oRN WHGDYL
NRQXVXQGD VRUXPOXOXøX KDVWD\OD HûLW RODUDN SD\ODûDQ ´|øUHWLFLµ NRQXPXQGDNL KHNLP
RODUDN QLWHOHQGLULOPHNWHGLU %LU EDûND GH\LûOH JHOHQHNVHO KHNLPKDVWD LOLûNLVLQGH VDOW
KHNLPLQ VRUXPOXOXNODUÖQÖQ EHOLUOHQPLû ROPDVÖQD NDUûÖOÖN JQP]GHNL KHNLPKDVWD
LOLûNLVLQGH KHP KHNLPLQ VRUXPOXOXNODUÖQÖQ KHP GH KDVWDQÖQ KDNODUÖQÖQ EHOLUOHQPLû
ROGXøXQX V|\OHPHN RODQDNOÖGÖU 6RUXPOXOXNODUÖQ YH KDNODUÖQ X\JXODPD\D JHoLULOPHVLQH
\|QHOLNRODQEXLûOHPH´D\GÖQODWÖOPÖûRQDPµGHQLOPHNWHGLU
$\GÖQODWÖOPÖûRQDP\HWHUOLOLøLRODQELUNLûLQLQNHQGLVLQHX\JXODQDFDNWÖEEL\|QWHPOH
LOJLOL NDUDUÖQÖ EX \|QWHPOH YH RQD VHoHQHN ROXûWXUDQ |WHNL \|QWHPOHUOH LOJLOL D\GÖQODWÖFÖ
ELOJL DOGÖNWDQ VRQUD KLoELU EDVNÖ DOWÖQGD NDOPDGDQ XVD YXUDUDN YHUPHVL RODUDN
WDQÖPODQPDNWDGÖU $\GÖQODWÖOPÖû RQDP DOPDQÖQ ·OL \ÖOODUGDQ VRQUD JQGHOLN WÖS
X\JXODPDVÖQGD \DVDO YH HWLN ELU JHUHNOLOLN NRQXPXQD JHOPHVL LOH ELUOLNWH WÖSWD
D\GÖQODWÖOPÖû RQDP |øUHWLVLQGHQ V|] HGLOPH\H EDûODQPÖûWÖU 7HPHOGH KHNLPLQ KDVWDVÖ
LoLQ HQ L\LVLQL \DSDFDøÖ LQDQFÖQD GD\DQDQ JYHQLOLUOLN LONHVL\OH KDVWDQÖQ NHQGLVL\OH LOJLOL
NDUDU
YHUPH
KDNNÖQD
GD\DQDQ
NHQGL
\D]JÖVÖQÖ
VDSWDPD
LONHVLQLQ
HYULPLQGHQ
ND\QDNODQDQ EX |øUHWL KHNLPKDVWD LOLûNLVLQLQ HYULPLQGH GH |QHPOL ELU KDOND\Ö
ROXûWXUPDNWDGÖU dQN KDVWDQÖQ NDUDU YHUPH NRQXVXQGD \HWHUOL YH J|QOO ROPDVÖ
NDGDU ELOJLQLQ DoÖNODQPDVÖQÖ YH DQODûÖOÖU ROPDVÖQÖ GD ]RUXQOX NÖOPDNWD KHNLPL
KDVWDVÖ\ODDUDVÖQGDHûLWVL]OLN\DUDWDQELOJL\LRQDYHUPH\H ]RUODPDNWDYHE|\OHFHKHNLP
KDVWDLOLûNLVLQLELUNRQXPGDQELUV|]OHûPH\HG|QûWUPHNWHGLU%XGXUXPKDVWDQÖQ
KHNLPH JYHQLQLQ GD\DQDøÖQÖ GD GHøLûWLUPHNWH RQXQ NHQGLVL LoLQ HQ L\LVLQL \DSDFDøÖQD
RODQ LQDQFÖQ \HULQL HQ L\LVLQL VHoPHVL LoLQ JHUHNVLQGLøL ELOJL\L VDøOD\DFDøÖQD RODQ LQDQo
DOPDNWDGÖU
$\GÖQODWÖOPÖûRQDPD\GÖQODWPDYHRQDPROPDN]HUHLNLWHPHO|øH\LLoHUPHNWHGLU
%XQODUGDQ LONL KHNLPLQ KDVWD\Ö KDVWDOÖøÖ WDQÖ YH WHGDYL \|QWHPOHUL |QHULOHQ JLULûLPLQ
\DUDUODUÖ ULVNOHUL \DQ HWNLOHUL YDUVD VHoHQHN WHGDYLOHUL RQODUÖQ \DUDU YH ULVNOHUL
NRQXVXQGD DQOD\DELOHFHøL ELU GLOGH ELOJLOHQGLUPHVL ]RUXQOXOXøXGXU ùNLQFLVL LVH
\HWHUOLOLøL RODQ ELU KDVWDQÖQ NRQX\OD LOJLOL NDUDUÖ KLoELU EDVNÖ DOWÖQGD NDOPDNVÖ]ÖQ YHUPLû
ROPDVÖQÖ\DQLKDVWDQÖQ|]HUNOLøLQLGLOHJHWLUPHNWHGLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
g]HUNOLN NLûLQLQ NHQGL KDNNÖQGD NDUDU YHUPH |]JU LVWHQFLQL YH GûQPH
\HWHQHøLQL NXOODQDUDN YHUGLøL EX NDUDUÖ H\OHPH G|QûWUPH |]HOOLøLGLU %X WDQÖPGDQ
|]HUNOLøLQ GûQFH LVWHQo YH H\OHP ROPDN ]HUH o ER\XWXQXQ YDU ROGXøX VRQXFX
oÖNDUÖODELOLU 'ûQFHQLQ |]HUN ROPDVÖ NDUDU YHUPH LQDQo ROXûWXUPD HVWHWLN VHoLPOHU
\DSPD YH HWLN GHøHUOHQGLUPHOHUGH EXOXQPD JLEL XVVDO HWNLQOLNOHUL NDSVDPDNWDGÖU
ùVWHQFLQ
|]HUN
ROPDVÖ
NLûLQLQ
NHQGL
\DUJÖODUÖQD
GD\DQDUDN
H\OHPGH
EXOXQXS
EXOXQPDPD\D NDUDU YHUPHNWH |]JU ROPDVÖGÖU (\OHP |]HUNOLøL LVH ELUH\LQ GûQFH YH
LVWHQo |]HUNOLøLQH GD\DQDUDN H\OHPGH EXOXQPDVÖGÖU g]HUNOLøLQ EX WDQÖPÖQD X\JXQ
VHoLPOHUGH EXOXQPDN QHUHGH\VH LGHDO J|UQPHNWHGLU dQN JHUoHNWH SHN oRN HWNHQ
ELUH\OHULQ |]HUN VHoLPOHU \DSPDVÖQÖ GHøLûLN G]H\OHUGH HQJHOOHPHNWHGLU g]HUN VHoLPL
DoÖNoD D]DOWDQ \D GD RUWDGDQ NDOGÖUDQ ED]Ö GXUXPODU WÖS HWLøL DoÖVÖQGDQ |QHP
WDûÖPDNWDGÖU %XQODU DUDVÖQGD HQ EDûWD JHOHQOHU ELUH\LQ LVWHNOHULQL YH H\OHPOHULQL
GHQHWOHPH
\HWHQHøLQGH
XVODPODPD
NDSDVLWHVLQGH
YH
LVWHNOHULQGH
NDUDUOÖ
ROPD
NRQXVXQGD YDU RODQ NXVXUODU LOH VHoLPLQL GD\DQGÖUDFDøÖ ELOJLOHUGHNL HNVLNOLNOHUGLU *HQHOOLNOH D\GÖQODWÖOPÖû RQDP YHUPH\H \D GD YHUPHPH\H RODQDN WDQÖ\DQ RUWDODPD
HULûNLQLQ|]HUNOLøLLOHKDVWDODUÖQD]DOPÖû|]HUNOLøLDUDVÖQGDELUNDUûÖWOÖNJ|VWHULOPHNWHGLU
g]HUNOLøLQ NHQGL EDûÖQD ELU HUGHP \D GD \HWHQHN ROPDNWDQ oRN \HWHQHNOHULQ RUWD\D
oÖNPDVÖ LoLQ JHUHNOL ELU NRûXO ROGXøX YH IDUNOÖ NLûLOHUGH GHøLûHQ G]H\OHUGH YDU ROGXøX
J|Uû JQP]GH \D\JÖQ RODUDN NDEXO J|UPHNWHGLU %LU EDûND GH\LûOH |]HUNOLN
DoÖVÖQGDQ WP LQVDQODUÖQ \HWLOHUL VÖQÖUOÖGÖU YH EX QHGHQOH KDVWDQÖQ GXUXPX GD ELU
GHUHFHOHQGLUPH
J|VWHULOPHVLQLQ
LOH
DoÖNODQPDOÖGÖU
|QFHOLNOH
DKODNL
%X
ELU
EDøODPGD
]RUXQOXOXN
NLûLQLQ
ROGXøX
|]HUNOLøLQH
LONHVL
VD\JÖ
GRøUXOWXVXQGD
D\GÖQODWÖOPÖûRQDPÖQWÖSX\JXODPDVÖQGDNLUROQVÖQÖUVÖ]ELU|]HUNOLNDQOD\ÖûÖQGDQoRN
JHUoHN LQVDQ |]HUNOLøLQLQ GHøLûNHQ YH VÖQÖUOÖ ROPD |]HOOLNOHULQL RODQDNOÖ NÖODQ ELU HWLN
\DNODûÖPODEHOLUOHPHNJHUHNPHNWHGLU
$\GÖQODWÖOPÖû RQDP |øUHWLVL |]HOOLNOH NOLQLN X\JXODPDGD KHNLPKDVWD LOLûNLVLQLQ
DPDFÖ KHNLPLQ URO YH KDVWDQÖQ |]HUNOLøL NRQXODUÖQGD IDUNOÖ DQOD\ÖûODUÖQ RUWD\D
oÖNPDVÖQD \RO DoPÖûWÖU <]\ÖOODUGÖU HJHPHQOLøLQL VUGUHQ SDWHUQDOLVWLN KHNLP NLPOLøL
\HULQH |QHULOHQ ´|øUHWLFLSD\ODûÖPFÖµ KHNLP NLPOLøL LOH KHNLPLQ KDVWD\OD QH\L QH
G]H\GH QDVÖO SD\ODûDFDøÖ \D GD KDVWD\D QH\L |øUHWHFHøL |QHPOL WDUWÖûPD NRQXODUÖQGDQ
ELULGLU<DSÖODQWDUWÖûPDODUKHPKHNLPVRUXPOXOXøXQXQ\HULQHJHWLULOPHVLKHPGHKDVWD
KDNODUÖQÖQ X\JXODPD\D JHoLULOPHVL DoÖVÖQGDQ HQ VDøOÖNOÖ KHNLPKDVWD LOLûNLVL PRGHOLQLQ
oHUoHYHVLQLQoL]LOPHVLQH\|QHOLNWLU
+HNLPLQ WHNQLV\HQ \D GD KL]PHW VXQXFXVX NLPOLøL\OH URO DOGÖøÖ ´ELOJLOHQGLULFLµ
PRGHOGH KHNLPKDVWD LOLûNLVLQLQ DPDFÖ KHNLPLQ KDVWD\D NRQX\OD LOJLOL EWQ ELOJLOHUL
YHUPHVL KDVWDQÖQ LVWHGLøL WÖEEL JLULûLPL VHoPHVL YH KHNLPLQ EX JLULûLPL X\JXODPDVÖGÖU
%X VRQXFD XODûPDN LoLQ KHNLP KDVWD\D KDVWDOÖøÖQÖQ GXUXPX RODVÖ WDQÖ YH WHGDYL
JLULûLPOHULEXJLULûLPOHUHLOLûNLQULVNYH\DUDUODUÖQQLWHOLøLYHRODVÖOÖøÖJLELNRQXODUGDYDU
RODQ EWQ EHOLUVL]OLNOHUL DQODWPDN ]RUXQGDGÖU +DVWDOÖNODUÖQD LOLûNLQ ELOJL\L HGLQHQ
KDVWDODU LVH NHQGL GHøHUOHULQH HQ X\JXQ \|QWHPL VHoHELOPHNWHGLUOHU +DVWDQÖQ
GHøHUOHULQLQ L\L WDQÖPODQGÖøÖQÖ YDUVD\DQ ELOJLOHQGLULFL PRGHOGH KHNLP KDVWDQÖQ NHQGL
GXUXPXQX GHQHWOHPHVL LoLQ JHUHNOL RODQ WHNQLN ELOJL\L VXQDQ NLûLGLU +DVWD |]HUNOLøL
NDYUDPÖWÖEELNDUDUODUÖQKDVWDQÖQGHQHWLPLQGHYHULOPHVLGLU$QFDNEXPRGHOGHKHNLP
KDVWDQÖQ GHøHUOHULQLQ QH ROGXøXQD YH KDVWDOÖøÖQ EX GHøHUOHU ]HULQGH QDVÖO ELU HWNLGH
EXOXQGXøXQD LOLûNLQ DQOD\Öû JHUHNWLUHQ LOJL GROX ELU \DNODûÖPGDQ \RNVXQGXU 2\VD
KDVWDODUÖQ KHNLPOHULQLQ NHQGLOHUL\OH LOJLOHQPHOHULQL LVWHGLNOHUL ELOLQHQ ELU JHUoHNOLNWLU
gWH \DQGDQ EX PRGHOLQ LQVDQODUÖQ ELOLQHQ YH GHøLûPH\HQ GHøHUOHUH VDKLS ROGXNODUÖ
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
YDUVD\ÖPÖ GD JHUoHøH X\PDPDNWDGÖU oQN LQVDQODU LVWHNOHUL KDNNÖQGD GûQPH YH
VHoLPOHULQL
GHøLûWLUPH
|]HOOLøLQH
VDKLSWLU
7HNQLV\HQOLN
G]H\LQGHNL
ELU
KHNLP
NLPOLøLQLQHWNLQOLøLQLQVDQVÖ]ODûPDVÖQD\RODoPDULVNLWDûÖGÖøÖV|\OHQHELOLU
+HNLPKDVWD LOLûNLVLQLQ DPDFÖQÖQ KDVWDQÖQ GHøHUOHULQLQ YH JHUoHNWH QH LVWHGLøLQLQ
DoÖNOÖøDNDYXûWXUXOPDVÖKDVWD\DEXGHøHUOHUHX\JXQWÖEELJLULûLPOHULVHoPHNWH\DUGÖPFÖ
ROXQPDVÖ ELoLPLQGH EHOLUOHQGLøL PRGHO ´\RUXPOD\ÖFÖµ PRGHO RODUDN WDQÖPODQPDNWDGÖU
%XUDGD KHNLP KDVWD\Ö NRQX\OD LOJLOL ELOJLOHQGLUPHQLQ \DQÖ VÖUD KDVWDQÖQ GHøHUOHULQLQ
DoÖøD oÖNDUÖOPDVÖQGD YH \RUXPODQPDVÖQGD RQD \DUGÖPFÖ ROPDNOD \NPOGU %X
PRGHOH J|UH KDVWDQÖQ GHøHUOHUL KHU ]DPDQ D\QÖ YH KDVWD WDUDIÖQGDQ ELOLQL\RU
ROPD\DELOLU <RUXPOD\ÖFÖ PRGHOGH KHNLP KDVWD\OD ELUOLNWH RQXQ DPDoODUÖQÖ LVWHNOHULQL
NDUDNWHULQL \HQLGHQ \DSÖODQGÖUPDN GHøHUOHULQL QHWOHûWLUPHVLQH \DUGÖP HWPHN YH KDQJL
JLULûLPOHULQ
EX
GHøHUOHUH
X\JXQ
ROGXøXQX
EHOLUOHPHVLQH
RUWDP
KD]ÖUODPDN
GXUXPXQGDGÖU %X EDøODPGD KDVWD |]HUNOLøL NDYUDPÖ KDVWDQÖQ NHQGLVLQL DQODPDVÖGÖU
$QFDN EX PRGHOLQ GH ED]Ö WDUWÖûÖOÖU \|QOHUL EXOXQPDNWDGÖU +HU ûH\GHQ |QFH WHNQLN
X]PDQOÖN JHUHNVLQLPL \RUXPOD\ÖFÖ PRGHO LoLQ JHUHNOL EHFHULOHUL JHOLûWLUPH\H oDOÖûDQ
KHNLPOHUL ROXPVX] \|QGH HWNLOHPHNWHGLU<RUXP \HWHQHNOHUL YH ]DPDQODUÖ VÖQÖUOÖ RODQ
KHNLPOHUKDVWDQÖQGHøHUOHULQLGLOHJHWLUPHDGÖDOWÖQGDNHQGLGHøHUOHULQLNDEXOHWWLUPH\H
oDOÖûDELOLUOHU %|\OHFH X\JXODPDGD EX PRGHOLQ GH NROD\OÖNOD SDWHUQDOLVWLN KHNLPKDVWD
LOLûNLVLQHG|QûPHULVNLWDûÖGÖøÖV|\OHQHELOLU
´7DUWÖûPDFÖµPRGHOGHLVHKHNLPKDVWDLOLûNLVLQLQDPDFÖKDVWDQÖQV|]NRQXVXNOLQLN
GXUXPD X\JXQ RODQ VDøOÖøD LOLûNLQ GHøHUOHULQ HQ L\LVLQL EHOLUOHPHVLQH YH VHoPHVLQH
\DUGÖPFÖ ROPDNWÖU %XUDGD KHNLPLQ URO KHP KDVWD\D KDVWDOÖøÖ NRQXVXQGDNL ELOJLOHUL
VDøODPDN KHP GH VDøOÖøD LOLûNLQ ED]Ö GHøHUOHULQ QHGHQ GDKD ID]OD |QHP WDûÖGÖøÖ YH
LVWHQPHVL
JHUHNWLøL
NRQXVXQGD
|QHULOHUGH
EXOXQPDN
oHUoHYHVLQGH
GHøHUOHQGLULOPHNWHGLU %XQXQ JHUoHNOHûWLULOPHVL LoLQ KHNLP YH KDVWD KDVWDQÖQ VDøOÖøD
LOLûNLQ QH WU GHøHUOHUL L]OHPHVL JHUHNWLøL NRQXVXQGD NDUûÖOÖNOÖ WDUWÖûPD\D NDWÖOÖUODU
7DUWÖûPDFÖ PRGHOGH KHNLP ELU |øUHWLFL RODUDN KDQJL GDYUDQÖû ELoLPLQLQ GDKD L\L
RODFDøÖQD
LOLûNLQ
GHVWHNOHPHNWHGLU
|QHULOHUL\OH
%X
PRGHOH
KDVWDQÖQ
NDUûÖ
|]HUNOLøLQL
J|UûOHU
DKODNL
KHNLPLQ
|]JHOLûLP
KDVWDQÖQ
\|QQGH
GHøHUOHULQL
\DUJÖODPDVÖQÖQYHVDøOÖøÖQDLOLûNLQEHOLUOLGHøHUOHULGHVWHNOHPHVLQLQGRøUXROXSROPDGÖøÖ
QRNWDVÖQGDRGDNODQPDNWDGÖU+HUûH\GHQ|QFHKHNLPOHUVDøOÖøDLOLûNLQGHøHUOHULQ|WHNL
GHøHUOHUH J|UH |QFHOLNOL ROXS ROPDGÖøÖQÖ ELOPH D\UÖFDOÖøÖQD VDKLS GHøLOGLUOHU ùNLQFL
RODUDN KHNLPOH KDVWD DUDVÖQGDNL DKODNL WDUWÖûPDQÖQ QLWHOLøL KHNLPLQ |QHUGLøL JLULûLPOHU
YHX\JXODQDQWHGDYLOHUKHNLPLQGHøHUOHULQHGD\DQDFDNWÖU6RQRODUDNKDVWDODUÖQKHNLPH
EDûYXUPDVÖQÖQ QHGHQLQLQ DKODNL GHøHUOHULQL WDUWÖûPDN \D GD J|]GHQ JHoLUPHN GHøLO
WÖEELEDNÖPDOPDNROGXøX|QHVUOHELOLU
6RQ \ÖOGD \D\JÖQ RODUDN KHNLPOHULQ KDVWDODUÖQ YH WRSOXPODUÖQ JQGHPLQGH \HU
DODQ EX NRQX ONHPL]GH GH GRNVDQOÖ \ÖOODUGDQ VRQUD GDKD D\UÖQWÖOÖ RODUDN HOH DOÖQPD\D
EDûODQPÖûWÖU$\GÖQODWÖOPÖûRQDPX\JXODPDVÖLOHLOJLOL\DSÖODQD]VD\ÖGDNLDUDûWÖUPDKHP
KHNLPOHULQ YH KDVWDODUÖQ NRQX\D EDNÖû DoÖODUÖ KHP GH X\JXODPDQÖQ \DûDPD JHoLULOPHVL
YH YDU RODQ VRUXQODU KDNNÖQGD ED]Ö LSXoODUÖ YHUPHNWHGLU %XUDGD o DUDûWÖUPD |UQHøL
V|]NRQXVXHGLOHFHNWLU
hQLYHUVLWH GHYOHW KDVWDQHVL 66. KDVWDQHVL YH |]HO KDVWDQHGH FHUUDKODU YH FHUUDKL
RSHUDV\RQD DOÖQDFDN KDVWDODU ]HULQGH \DSÖODQ YH \ÖOÖQGD \D\ÖQODQDQ ELU
DUDûWÖUPDGD FHUUDKODUÖQ oRøXQXQ KDVWDODUÖQÖ D\GÖQODWWÖøÖQÖ KDVWDODUÖQ oRøXQXQ
LVHNHQGLOHULQHKHUKDQJLELUDoÖNODPDGDEXOXQXOPDGÖøÖQÖFHUUDKODUÖQDQFDNELU
NÖVPÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJL\L YHUGLøLQL KDVWDODUÖQ E\N NÖVPÖQÖQ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
LVH NHQGLVLQH X\JXODQDFDN FHUUDKL JLULûLPOH LOJLOL KHUKDQJL ELU ELOJL\H VDKLS
ROPDGÖøÖQÖ EHOLUWPHOHUL FHUUDKODUÖQ D\GÖQODWPD J|UHYLQL \HULQH JHWLUPHGH YH D\GÖQODWPD
LoLQ JHUHNOL RODQ ELOJL G]H\LQL YH DQODûÖODELOLUOLøLQL VDøODPDGD EDûDUÖOÖ ROPDGÖNODUÖQÖ
J|VWHUPHNWHGLU $\QÖ DUDûWÖUPDGD KDVWDODUÖQ WDPDPÖQD \DNÖQÖ KDVWDOÖNODUÖ YH
WHGDYLOHUL NRQXVXQGD ELOJL HGLQPHN LVWHUNHQ FHUUDKODUÖQ E\N oRøXQOXøXQXQ KDVWDODUÖQ NHQGLOHUL LOH LOJLOL ELOJL LVWHPHGLNOHULQH LQDQPDVÖ \LQH FHUUDKODUÖQ oRøXQXQ
KDVWDODUÖQ DNOD X\JXQ EHNOHQWLOHULQH \DQÖW YHULOGLøLQH LQDQPDVÖ R\VD KDVWDODUÖQ
D\QÖ RUDQGD EHNOHQWLOHULQH \DQÖW YHULOPHGLøLQH LQDQPDVÖ FHUUDKODUÖQ KDVWDODU
KDNNÖQGDNL NDQÖODUÖQÖQ oRN \HULQGH ROPDGÖøÖ ELoLPLQGH \RUXPODQPDNWDGÖU &HUUDKODUÖQ
\DUÖ\D \DNÖQÖQÖQ DoÖNODQPDVÖ JHUHNHQ ELOJLQLQ KDVWDQÖQ WHGDYL\L UHGGHWPHVLQH \RO DoWÖøÖ
LQDQFÖQÖ WDûÖPDVÖ YH WDPDPÖQD \DNÖQÖQÖQ KDVWD LoLQ HQ L\L NDUDUÖQ KHNLP
WDUDIÖQGDQ YHULOHELOHFHøLQL EHOLUWPHVL SDWHUQDOLVW WXWXPXQ J|VWHUJHVLGLU +DVWDODUÖQ
·LQLQ D\GÖQODWÖOPÖû RQDPOD LOJLOL \DVDO KDNODUGDQ KDEHUGDU ROPDPDVÖ FHUUDKODUÖQ
GD DQFDN ·QQ RQDP DOPD \NPOOøQH VDKLS ROGXøXQD LQDQPDVÖ WRSOXPXQ
YH VDøOÖN oDOÖûDQODUÖQÖQ NRQX\OD LOJLOL HøLWLPH RODQ JHUHNVLQLPOHULQL RUWD\D NR\PDNWDGÖU
*OKDQH $VNHUL 7ÖS $NDGHPLVL·QGH ·GH \DSÖODQ ELU EDûND oDOÖûPDGD GD
KHNLPOHULQ·LKDVWDODUÖQWDQÖLOHLOJLOL·LVHWHGDYLLOHLOJLOLELOJLOHQGLULOPHOHUL
JHUHNWLøLQH LQDQGÖøÖQÖ EHOLUWLUNHQ · WDQÖ NRQXVXQGD ·L WHGDYL NRQXVXQGD
EXELOJLOHQGLUPH\L\DSWÖNODUÖQÖGLOHJHWLUPLûOHUGLU+HNLPOHULQ·KDVWD\D\DSÖODFDN
JLULûLP |QFHVL D\GÖQODWÖOPÖûRQDP DOÖQPDVÖ JHUHNWLøLQH LQDQPDNWD LNHQ DQFDN ·VL
KDVWDGDQ EX RQDPÖ DOGÖøÖQÖ EHOLUWPLûWLU +DVWDODUÖQ ·L WHGDYLOHUL NRQXVXQGD
ELOJLOHQGLULOPHNLVWHUNHQDQFDN·XELOJLOHQGLULOGLøLQLGLOHJHWLUPLûWLU
.DVÖP 2FDN WDULKLQGH 'RNX] (\OO hQLYHUVLWHVL +DVWDQHVLQGH \DSÖODQ
ELU DUDûWÖUPDGD LVH KDVWDODUÖQ E\N oRøXQOXNOD KDVWDOÖNODUÖ YH WHGDYLVL KDNNÖQGD WP
JHUoHNOHUL ELOPHN LVWHPHOHULQH YH EXQXQ WHGDYL\L UHGGHWPHOHULQH QHGHQ
ROPD\DFDøÖQÖ GûQPHOHULQH NDUûÖQ X\JXODQDFDN WHGDYL\H RQODUÖQ \HULQH
KHNLPLQ NDUDU YHUPHVLQL GRøUX EXOGXNODUÖ ·ÖQÖQ X\JXODQDQ WDQÖ YH WHGDYL
\|QWHPOHULQLQ \DQ HWNLOHUL YH ]DUDUODUÖ NRQXVXQGD D\GÖQODWÖOPDGÖNODUÖ ·LQLQ
RQDPODLOJLOL\DVDOKDNODUÖQÖELOPHGLNOHULJ|VWHULOPLûWLU
<XNDUÖGD YHULOHQ DUDûWÖUPD |UQHNOHUL ONHPL]GH WÖSWD D\GÖQODWÖOPÖû RQDP |]HUNOLN
KHNLPKDVWDLOLûNLOHULQLQJQP]GHJHOGLøLQRNWDDoÖVÖQGDQWRSOXPXQWPNHVLPOHULQL
NDSVD\DQ ELU HøLWLP YH DQOD\Öû GHøLûLNOLøLQH JHUHNVLQLP ROGXøXQX J|VWHUPHNWHGLU
+HNLPOHU
YH
KDVWD
KDNODUÖ
NXUXOXûODUÖ
EDûWD
ROPDN
]HUH
WRSOXPVDO
NDWÖOÖPÖQ
G|QûWUF JFQH JYHQHQ KHUNHVLQ EX WU ELU GHøLûLPLQ |QFV RODELOHFHøLQLQ
WDULKVHO|UQHNOHUL|QP]GHGXUPDNWDGÖU
.D\QDNoD
$WDo $ )LOL]ND\D 1 ´+HNLP KDVWD LOLûNLVL YH KDVWD KDNODUÖ LOH LOJLOL ELU DUDûWÖUPDµ ,,,
7ÖEEL (WLN 6HPSR]\XPX %LOGLULOHUL (G 6ú3HOLQ %$UGD *g]oHOLND\ $ g]JU )
dúHQOHU
$\GÖQ(´+HNLP+DVWDùOLûNLVLQLQ(WLN<|Qµ7.OLQ7ÖEEL(WLN
&LYDQHU 0 7HU]L & ´+DVWDQÖQ .HQGL .DGHULQL 7D\LQ +DNNÖµ ,, 8OXVDO 7ÖEEL (WLN
.RQJUHVL%LOGLUL.LWDEÖ%$UGD5$NGXU($\GÖQ
+DIL]Hg]WUN³7ÖSWD$\GÖQODWÖOPÖû2QDPgøUHWLVL%DøODPÖQGD+HNLPLQ5RO
(PDQXHO(-(PDQXHO//´+HNLP²+DVWDùOLûNLVLQLQ'|UW0RGHOLµ-$0$
(UVR\1´.OLQLN(WLøLQgQHPOL%LU6RUXQX$\GÖQODWÖOPÖû2QDPµ7.OLQ7ÖEEL(WLN
(UVR\ 1 ´$\GÖQODWÖOPÖû 2QDP gøUHWLVLQLQ*HOLûLPLµ7 .OLQ 7ÖEEL (WLN +DUULV - +D\DWÖQ 'HøHUL 7ÖS (WLøLQH *LULû dHY 6 6HUWDELERøOX $\UÖQWÖ <D\ÖQODUÖ %DVÖP
2øX] 1< 3VLNL\DWULGH 2QDP YH $\GÖQODWÖOPÖû 2QDP (WLN +XNXN YH %LOLP
$oÖVÖQGDQ $h 6DøOÖN %LOLPOHUL (QVWLWV <D\ÖQODQPDPÖû 'RNWRUD 7H]L $QNDUD
2øX]1<´.OLQLN8\JXODPDGD+HNLP+DVWDùOLûNLVLµ7.OLQ7ÖEEL(WLN
gUV<´*HoPLûWHYH*QP]GH+HNLP+DVWDùOLûNLVLµ7ÖS'Q\DVÖ
0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU
0DVDO2NXPD'HQHPHVL
3URI'U+DNDQ3R\UD] 9DUOÖøD \|QHOLN LGUDNLQGH KHQ] VR\XWODPDODU \DSDPD\DQ YH ELOLûVHO G]H\OHUL
DoÖVÖQGDQ VRPXW LûOHPOHU G|QHPLQGHNL HULûNLQ ROPD\DQ ELUH\OHUH DKODNVDO GHøHUOHUL
ND]DQGÖUPDQÖQ HQ HWNLOL \|QWHPOHULQGHQ ELULGLU PDVDOODU dQN PDVDOODUGD VRPXW
YDUOÖN ELoLPLQH VRNXODQODU VHPEROL]H HGLOPLû GHøHUOHUGLU .HORøODQ 'HYDQDVÖ YH
.DIGDøÖJLEL
0DVDO \ROX\OD ELU GDYUDQÖû ELoLPLQL ND]DQGÖUPDN R GDYUDQÖûÖ JHUHNoHOHUL\OH
|øUHWPHNWHQ GDKD NROD\ YH SUDWLNWLU %X QHGHQOH PDVDOODUGD GDYUDQÖûD HPVDO WHûNLO
HGHELOHFHN DKODNVDO PRGHOOHU YH EDøÖQWÖODU PDVDOÖQ SHGDJRMLVL LoHULVLQGH YHULOHELOLU YH
E|\OHFH PDVDOODU DKODN PHWQL RODUDN RNXQDELOLU %X PHWLQOHU ROXûWXUXOPD VUHFLQGHNL
ELOLQFLNOWUHOELUELOLQoRODUDNIRUPDWODPDNWDGÖUYHKHUNOWUQPDVDODDNVHGHQIRUPX
YHEXIRUPGDWDûÖQDQLoHULøLIDUNOÖGÖU
%L]LP EXUDGDNL PDNVDGÖPÖ] ELU PDVDO ILJU RODUDN .HORøODQ·Ö \LQH ELU PDVDO
ILJURODQ.ONHGLVLLOHPXND\HVHHGHUHNLOHWLûLPHWLøLYHGHYOHWIHOVHIHVLDoÖVÖQGDQELU
RNXPDGHQHPHVL\DSPDNWÖU
´0DVDOµ NDYUDPÖQGDNL DKODNL YXUJX\X EX NDYUDPÖQ HWLPRORMLVLQGHQ oÖNDUWPDN
PPNQGU 0DVDO NHOLPHVLQLQ RULMLQDOL RODQ PHVHO PLVDO NHOLPHVL LOH D\QÖ N|NWHQGLU
YHKHULNLVLGHPVOVODVvVLQGHQWUHWLOPLûWLU0LVDONHOLPHVL´|UQHNµ´PDVDOµ´U\Dµ
´Gûµ YH ´EHQ]HUOLNµ JLEL DQODPODU WDûÖPDNWDGÖU )LLOGHQ LVLP \DSPDN LoLQ NXOODQÖODQ
YH]LQ DQODPÖQD JHOHQ HPVLOH PLVDOLQ oRøXOXGXU YH ´KHU ELUL LONH RODUDN NHQGL \HULQH
NXOODQÖODELOHFHN VD\ÖVÖ] |UQHøLQ WUHWLOPHVLQL VDøODPDNµ GHPHN RODQ GLOELOLPGHNL
´SDUDGLJPDµ DQODPÖQD JHOLU 0HVHO LVH EHOOL ELU KDNLNDWL DQODWPDN LoLQ |UQHN
NXOODQPDNWÖU 0LVDO PHVHOH J|UH GDKD JHQHO ELU |UQHNWLU YH ´|UQHNµ ´QXPXQHµ
´PRGHOµ DQODPÖQGDNL HPVDO EX NHOLPHQLQ oRøXOXGXU 0DVDOÖQ NRQXPX] EDøODPÖQGDNL
DQODPODUÖ
D
WHUEL\HYHDKODNDID\GDOÖKLND\H
E
GRNXQDNOÖ YH PDQDOÖ \DQL ELU EDûND ûH\H LûDUHW HWPHN ]HUH ]DKLUL PDQDVÖ\OD
V|\OHQPH\HQV|]GU
*HUoHNOLøL WDVYLUGH QDVÖO |UQHNOHQGLUPHOHU NXOODQÖ\RUVDN PDVDOGD GD |\OHFHGLU
dRFXN PDVDOIRUPXQGD NHQGLQH QDNOHGLOHQ EX JHUoHNOLøLNHQGLVLQLPDVDO NDKUDPDQÖ LOH
|]GHûOHûWLUPHN VXUHWL\OH \DûD\DFDN YH EX GHøHUOHU RQXQ DQODP GQ\DVÖQÖ LQûD
HGHFHNWLU úX IDUNOD NL PDVDOGD |UQHNOHQGLULOHQ PLVDO JHUoHNOLøLQ GHWHUPLQH HGLOPLû
\DSÖVÖQD X\PDN ]RUXQGD GHøLOGLU 0DVDOGDNL DQODWÖP ELoLPL YH DQOD\Öû IL]LN DOHPGHNL
LOLûNLOHUL GLOH WDûÖ\DQ DQODWÖP ELoLPL YH EXQGDQ GRøDQ DQOD\ÖûWDQ IDUNOÖGÖU %XQXQ LoLQ
PDVDO IDUNOÖ ELU ´DQODPDµ VDKDVÖQD DLWWLU YH EX DQODPDQÖQ NHQGLQH |]J ELU DQODWÖPÖ
\DQLGLOLYDUGÖU
6DNDU\DhQLYHUVLWHVL)HQ(GHEL\DW)DNOWHVL)HOVHIH%|OP
.XKQ76%LOLPVHO'HYULPOHULQ<DSÖVÖoHY1LOIHU.X\Dû$ODQ\D\ùVWDQEXOV
<D]ÖU(++DN'LQL.XU·DQ'LOL,
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
*HUoHNGQ\DGDQPDVDOGQ\DVÖQDJHoLûWHNHUOHPHLOHROXU
7HNHUOHPH ]HULQGH JLGHQ G]HQ JHUoHNOLøH SDUDOHO DPD EX JHUoHNOLNWHQ EDûND ELU
JHUoHNOLNROXûWXUDQGLOG]HQLGLU7HNHUOHPHEL]LROJXODUÖQWDULKLELOJLOHULQ\HNQHVDNYH
GHWHUPLQH HGLOPLû GQ\DVÖQGDQ PDVDOÖQ EHNOHQPHGLN YH ûDûÖUWÖFÖ DOHPLQH J|WUHQ GLO
DUDFÖQÖQWHNHUOHøLROJXVDOYHWDULKVHOJHUoHNOLøLQYDUOÖNWH]LQLDVNÖ\DDODQGH\LûELoLPLGLU
0DVDOPDVDOPDOLNL
.X\UXøXYDURQLNL
2QLNLQLQ\DUÖVÖ
d|POHNoLQLQNDUÖVÖ
JLEL ELU PDVDO WHNHUOHPHVLQGH DQODWÖODQ KLND\HQLQ o|POHNoLQLQ NDUÖVÖ LOH LOJLOL ROGXøX
DoÖNWÖU 0DVDO NÖVPÖ o|POHNoLQLQ NDUÖVÖ IHQRPHQLQH WDNÖOPÖû RQLNL NXOSWXU YH EXQD
LODYH HGLOPLû JHUoHNVW |øHOHU GH R IHQRPHQLQ PDVDO IRUPXQGDNL WDVYLULGLU $]
JLWPHNX]JLWPHN.DIGDøÖGHY.HORøODQEHOOLELUVLPJHVHOOLøHVDKLSYDUOÖNODUGÖU´%LU
YDUPÖû ELU \RNPXûµ LIDGHVL\OH YDUOÖNOD \RNOXN SDUDQWH]H DOÖQGÖNWDQ VRQUD ]DPDQ
NDWHJRULVLQLQGÖûÖQDoÖNDUÖ]0DVDOÖQPÖûOÖLIDGHVL´JHoPLûµHDLWELU]DPDQNLSLQHGHøLO
]DPDQ YH PHNkQ NRRUGLQDWODUÖ GÖûÖQGDNL VDKD\D J|QGHULPGH EXOXQXU ´(YYHO ]DPDQ
LoLQGHµ LVH HYYHOLQ \DQL JHoPLûLQ ´ûLPGLµ LoLQGH ROGXøXQD LûDUHW HGHU $NVL KDOGH EX
LIDGHQLQ PHNkQ ER\XWXQGDNL \DQVÖPDVÖ RODQ ´.DOEXU VDPDQ LoLQGHµ LIDGHVL DQODPVÖ]
ROXUGX%|\OHFHDUWÖNPDVDODQODWÖFÖVÖDQQHVLQLQEHûLøLQLWÖQJÖUPÖQJÖUVDOOD\DELOLUYHELU
DUSDER\X\ROGDD]JLGLSX]JLGHUDOWÖD\ELUJ]JLGHU
3LUHOHULQ EHUEHU ROGXøX IDUNOÖ ELU KDNLNDW GQ\DVÖGÖU EX 2OJXVDO YH WDULKVHO YDUOÖN
WH]L DVNÖ\D DOÖQPÖû YH ]DPDQ YH PHNkQ NRRUGLQDWODUÖQÖQ JHoHUOLOLøL NDOGÖUÖOPÖûWÖU
*HUoHNOLNWHQJHULGHNDODQ\DOQÖ]FDRPDVDOLOHYHULOHQ´|]µGU0DVDOLOHELUOLNWHRQXQ
IRUPXQGD DQODWÖODQ |]H XODûÖUÖ] %X |] PHWDIL]LN ELU PDKL\HW DU] HWPH] VDGHFH
NXûDNWDQNXûDøDQDNOHGLOHQNOWUHO|]LoHULU
0DVDO \ROX\OD JHUoHNOLN SDUDQWH]H DOÖQÖU YH SDUDQWH]H DOÖQDQ GQ\DQÖQ |] oÖNDUÖOÖU
PLVDOH G|QûWUOHUHN PDVDO LoLQGH WDVYLU HGLOLU 3DUDQWH]H DOÖQGÖNWDQ VRQUD \HQLGHQ
WDVYLU HGLOHQ ´|]µ D\QÖ ]DPDQGD PDVDOGDQ DUWD NDODQ ´KLVVHµGLU %X KLVVH PRUDO
QDVLKDW ROPDNWDQ oRN NLûLQLQ PDVDO NDKUDPDQÖ \ROX\OD NHQGL LoLQGH FDQODQGÖUGÖøÖ
HUGHPOHUGLU FHVDUHW DGDOHW YH |OoOON JLEL %X HUGHPOHULQ WHFUEHVL NOWUGHQ
NOWUHIDUNOÖOÖNJ|VWHUGLøLLoLQGHøHUOHULQGHøLûPH]OLøLQHUDøPHQ\DUJÖODUGDNLGHøLûLP
NLPOLNYHNLûLOLNELoLPOHQGLUPHVL\DSDQPDVDOODUGDGDNHQGLQLJ|VWHULU
'HøLûLN NOWUOHULQ NHQGLOHULQH KDV GHøHUOHUL GROD\ÖVÖ\OD IDUNOÖ PDVDOODUÖ YDUGÖU %X
VHEHSOHWRSOXPODUÖQûXXUDOWÖQÖPDVDOODUÖQLIûDHWWLøLQLV|\OH\HELOLUL]
gUQHøLQ %DWÖ PDVDOODUÖQGD DûNODU SUHQVOHUOH SUHQVHVOHU DUDVÖQGDGÖU 6ÖQÖIVDO
HûLWVL]OLN JHQHOOLNOH ER]XOPD] 3UHQVLQ KL]PHWoL NÖ]D DûÖN ROGXøX .ONHGLVL PDVDOÖQGD
ELOH 0DVDOÖQ NDKUDPDQÖ .ONHGLVL DVLO ELU DLOHGHQGLU $QQHVLQL \LWLUGLNWHQ VRQUD
EDEDVÖ EDûND ELU NDGÖQOD HYOHQPLû YH EDEDVÖQÖQ |OPQGHQ VRQUD LVH HYLQ \|QHWLPL
YH\ DQQHQLQ HOLQH JHoPLûWLU hYH\ DQQH KDQHQLQ JHUoHN HIHQGLVLQL N|OH\H oHYLUHQ DOW
VÖQÖIWDQ]DOLPELUPRWLIWLU.ONHGLVLRQXQPHUKDPHWLQHNDOPÖûPD]OXPELUDVLO$VDOHW
YXUJXVX VDWÖU DUDODUÖQGD VDNOÖGÖU hYH\ DQQH YH VRQUDGDQ J|UPH NÖ] NDUGHûOHU EXUMXYD
WDYUÖ\OD EHOLUJLQOHûLU .DQ EDøÖ HVDVÖQD J|UH HYLQ OH\GLVL RODQ .ONHGLVL KL]PHWoL
PXDPHOHVL J|UU %XUDGD ´ROPDVÖ JHUHNHQ WDEORµ LKODO HGLOPLûWLU $KODNVDO \DSÖQÖQ
\HQLGHQ WHVLVL LoLQ EX WDEORGDNL ILJUOHULQ \HUOL \HULQH RWXUWXOPDVÖ JHUHNPHNWHGLU
%XQXQ LoLQ SUHQVLQ ONHVLQGH HYOHQPH \DûÖ JHOHQ JHQo NÖ]ODUD ELU EDOR YHUPHVL VRQ
GHUHFH X\JXQ ELU RUWDP ROXûWXUXU .ONHGLVL·QLQ SUHQVLQ YHUGLøL EDOR\D JLGHELOPHVL
\DQL SUHQVLQ RQD DûÖN RODELOPHVL LoLQ EX HûLWVL] WDEOR\X DQFDN E\ LOH WHUVLQH
+DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
oHYLUHELOHFHN L\L NDOSOL ELU E\F JHUHNOLGLU %X E\F WDUDIÖQGDQ EDONDEDøÖ
.ONHGLVL·QLQ VDUD\ DUDEDVÖQD IDUHOHU EX DUDED\D NRûXODQ DWODUD WDYûDQ VUF\H
KL]PHWoL NÖ] \DQL .ONHGLVL SUHQVHVH G|QûPHOLGLU NL EX oHYULOLûOH VÖQÖIVDO G]H\
HûLWOHQHELOVLQ YH\ DQQH HOLQGH ]XOP J|UHQ DVLO DPD ]DYDOOÖ JHQo NÖ] JHFH \DUÖVÖQD
NDGDUELOHROVDSUHQVHVRODELOVLQ
%XPDVDOGDGLOHJHWLULOHQDVOÖQGDûXLNLKNPGU
(øHUELUDVLONDGHULQVHYNL\OHKL]PHWoLSR]LV\RQXQDGûPûVHRQXDVOL\HULQH
LDGHHWPHNLoLQKHUWUOPXKDOJHUoHNOHûHELOLU
2OXPVX]
WDUDIÖQGDQ
EDNWÖøÖPÖ]GD
LVH
ELU
KL]PHWNkUÖQ
DVLOOHU
DUDVÖQD
NDWÖODELOPHVL DQFDN EDONDEDøÖQÖQ DUDED IDUHOHULQ DW ROPDVÖ JLEL KD\DO VW
PRWLIOHULQ GHYUH\H JLUPHVL JHUHNLU %XQD J|UH 1H ]DPDQ EDONDEDøÖ VDUD\
DUDEDVÖROXUVDDQFDNR]DPDQKL]PHWoLNÖ]SUHQVHVROXU
0XND\HVH
LoLQ
ELU
QHE]H
GH
ROVD
GHøLQGLøLP
EX
PDVDOD
NDUûÖOÖN
EL]LP
PDVDOODUÖPÖ]ÖQ |QHPOL NDKUDPDQODUÖQGDQ RODQ .HORøODQ PDVDOÖQD EDNDFDN ROXUVDN DûNÖQ
EXFRøUDI\DGDNLKLVVHGLOLûLQLQEDWÖFRøUDI\DVÖQÖQWDULKVHOJHUoHNOLøLLOH|UWûPHGLøLGDKD
QHW DQODûÖOÖU .HORøODQ NHQGL VRV\DO PHYNLLQH HNRQRPLN GXUXPXQD DNDGHPLN
XQYDQÖQD EURNUDWLN WLWULQH EDNPDGDQ $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL\OH VXOWDQÖQ
NÖ]ÖQD WDOLS RODELOLU $VOÖQGD WDOLS ROGXøX ûH\ \|QHWLPGLU 0DNVDW GHYOHWOH DNUDED
RODELOPHNWLU %X PDQDGD .HORøODQ PDVDOODUÖ LQVDQÖPÖ]ÖQ \|QHWLPH WDOLS ROPDVÖ
ûHNOLQGH GHøHUOHQGLULOHELOLU )DNDW EX WDOHELQ JHUoHNOHûPHVL NROD\ GHøLOGLU <D .DI 'DøÖ
DûÖODFDN\DGD$OL&HQJL]R\XQX|øUHQLOHFHNWLU
%X PDVDOODUGD VÖQÖI IDUNÖQÖ GÖûOD\DQ ELU DQODWÖP ELoLPL EXOPDNWD\Ö] 'DYXO GHQJL
GHQJLQH YXUXU YH KLoELU DQDEDED NÖ]ÖQÖQ GDYXOFX\D YDUPDVÖQÖ LVWHPHGLøLQGHQ RQX
NHQGL KDOLQH EÖUDNPD] $PD KLo ROPD]VD PDVDO GQ\DPÖ]GD SDGLûDKÖQ NÖ]ÖQD HOLQ
oXOVX] NHO RøOXQX GDPDW RODUDN PQDVLS J|UHELOLUL] 1H ROXUVD ROVXQ ´.LELUOHQPH
SDGLûDKÖP VHQGHQ E\N $OODK YDUµ GL\HELOLU YH SDGLûDKÖQ NLEULQL .HORøODQ·D NÖ]
YHUGLUPHN VXUHWL\OH V|QGUWPH\L GH ELOLUL] 0DVDO EX LVH JHUoHN GH EXGXU %X JHUoHøL
PDVDOÖQ GLOLQGH ROXûWXUDQ NLûL ELU ]LKQL\HW ROXûWXUPDNWDGÖU oQN 7DULKWH E|\OH
.HORøODQODU oRNWXU 6RNROOX 0HKPHW 3DûD 'DPDW ùEUDKLP 3DûD YH GDKD QLFHOHUL
%XQODU DUDVÖQGD .DQXQL·QLQ GDPDGÖ YH 0LKULPDK 6XOWDQ·ÖQ HûL 5VWHP 3DûD WLSLN ELU
|UQHNWLU %X VHEHSOH .HORøODQ DQDVÖQÖ SDGLûDKD J|QGHUPHNWH ELU EHLV J|UP\RU YH DQDVÖ GD
KX]XUD YDUDUDN $OODK·ÖQ HPUL 3H\JDPEHU·LQ NDYOL LOH SDGLûDKÖQ NÖ]ÖQÖ NHO RøOXQD
LVWH\HELOL\RUGX .HOOLN ELOLQHQ DQODPÖQGDQ oRN ´\DOÖQµOÖøÖ ´oÖSODNµOÖøÖ PDQHYL VDIOÖøÖ
GQ\D LVWLøQDVÖQÖ LIDGH HGHU YH EX VHEHSOH EDûÖ NDEDNOÖN \DOÖQ D\DNOÖNOD ELUOLNWH GLOH
JHWLULOLU
.DQQv6XOWDQ6OH\PDQ·ÖQYH]LULk]DPODUÖQGDQRODQ5VWHP3DûD.DQQv·QLQNÖ]Ö0LKULPDK
6XOWDQ·ODHYOHQGLULOPHNLVWHQLU'RøX$QDGROX·GDVHIHUKDOLQGHRODQ3DûD·\DGDPDGÖûHKUL\kUv
XQYDQÖQÖOD\ÖNJ|UPH\HQOHURQXQF]]DPOÖROGXøXV|\OHQWLVLQL\D\DUODU+HNLPEDûÖQGDQ
F]]DPOÖODUDELWXøUDPDGÖøÖQÖGX\DQ6XOWDQ6OH\PDQ|]HOELUDGDPÖQÖ3DûD·QÖQRUGXJDKÖQD
J|QGHULSNLUOLoDPDûÖUODUÖQÖDUDûWÖUWÖUdDPDûÖUÖQGDELWEXOXQDQ3DûD·QÖQF]]DPOÖROPDGÖøÖ
E|\OHFHDQODûÖOÖUYHGøQKD]ÖUOÖNODUÖEDûODU'HYULQûDLULGH
´2ODFDNELUNLPVHQLQWDOL\kU
$QÖQNHKOHVLELWLGDKLLûH\DUDUµ
GL\HROD\ÖQDQODPYH|QHPLQLEHOLUWLU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
.HORøODQ·ÖQ VDIOÖøÖ JQP]GHNL NDVWÖQGDQ IDUNOÖ RODUDN NDWÖûPDPÖûOÖøÖ LIDGH HGHU
<DQLDVOLHUGHPOHUGHELUER]XOPD\RNWXU
'HøHU\DUJÖVÖPDVDOÖQVRQXQGDYHULOLU.HORøODQ]HNLJ|]SHNYHSDGLûDKDGDPDW
ROPD\Ö J|]H DODFDN NDGDU GD NHQGLQGHQ HPLQGLU ùûWH WDP GD EX VHEHSOH .DIGDøÖ·QD
XODûDFDNHUROPD\DQDP]HWWLU.DIGDøÖDûÖOPDOÖYHRUD\DXODûWÖøÖQÖQELUJ|VWHUJHVLRODUDN
NÖUPÖ]ÖJOJRQFDVÖVÖQDYÖDûPÖûROPDQÖQEHUDWÖRODUDN6XOWDQ·DVXQXOPDOÖGÖU=LUD=DWÖ
úkKkQH·\HOD\ÖNGDPDWROPDQÖQ\ROX.DIGDøÖ·QÖQ\ROX\ODoDNÖûÖU
.DIGDøÖDûÖOPDVÖJoHQJHOOHULVHPEROL]HHGHUYHEXJoONOHULDûPDQÖQDQDKWDUÖGD
PDVDOÖQ LoHULVLQGHGLU0DVDONDKUDPDQÖ HQJHOOHUGHQ LONLQL LON LPWLKDQÖQÖ DWÖQ |QQGHNL
HWL LWH LWLQ |QQGHNL RWX DWD YHUHUHN JHoHU %|\OHFH ]XOP VRQD HUGLULS DGDOHWL \DQL
GHQJH\L VDøODU $GDOHWLQ WHUD]LVL GHQJHGH GXUXU $GDOHWLQ ]ÖGGÖ ]XOP =XOP \DQL
GHQJHVL]OLN 2 GD KHU ûH\L \HUOL \HULQH NR\DUDN DûÖOÖU .HORøODQ ]XOPQ HJHPHQOLøLQH
DGDOHWL VDøOD\DUDN VRQ YHULU YH .DIGDøÖ \ROFXOXøX ELUGHQELUH J]HO 6XOWDQD YXUXOXS
RQXQOD EDûJ|] ROPD VHYGDVÖQGDQ oÖNÖS \|QHWLOHQLQ PHûUX ELU ]HPLQ LoHULVLQGH
\|QHWLPHRUWDNROPDVÖQÖQKLND\HVLQHG|QûU
7DULK ER\XQFD YH]LUOHULQ NDGÖODUÖQ N|W \|QHWLFLOHULQ ]XOP DOWÖQGD LQLP LQLP
LQOH\HQKDONNLWOHOHULQLQLVWHGLøLYHGLOHGLøLELULFLNQLPHWWLUDGDOHW8OHPDYHKNHPDQÖQ
GHYOHW DGDPODUÖQD KNPGDUD YH YH]LUOHUH KHU IÖUVDWWD DGDOHWL WDYVL\H HWPHOHULQGHNL
KLNPHW EXGXU 2QODU NDOHPH DOGÖNODUÖ 6L\DVHWQDPHOHUGH DGDOHW HNVHQOL ELU \|QHWLP
DKODNÖQÖ PGDIDD HWPLûOHU YH DGDOHW ROPD]VD GHYOHWLQ GH VDOWDQDWÖQ GD GD\DQDNWDQ
\RNVXQNDODFDøÖQÖDQODWPD\DoDOÖûPÖûODUGÖU
'HYOHW $UDSoD GHYHOH ILLOLQGHQ WUHWLOPLû ELU NHOLPH %X NHOLPH D\ÖQ GHYUL
KDUHNHWLQL LIDGH HGHU .DPHUv WDNYLPGH RQ G|UGQF JQ GROXQD\GÖU 'HYOHWLQ GH
DûNÖQ GD RUWDN VHPEROGU D\ .DGLP 6PHU PLWRORMLVLQGH ´$\µ PKUOHULQ YHULOGLøL
\HUGLU <DQLPKUNLPGH\VH6OH\PDQRGXU2QXQLoLQPKUJ|]ORODQODUVDNÖQÖOÖU
NÖVNDQÖOÖU
2VPDQ*D]LúH\KLQLQHYLQGHU\DJ|UPHNWHGLUúH\K(GHEkOL·QLQNR\QXQGDQoÖNDQ
D\ 2VPDQ *D]L·QLQ NR\QXQD JLUHU YH J|øVQGHQ XOX ELU oÖQDU IÖûNÖUDUDN o NÖWD\D
\D\ÖOÖU 5\D ûH\K WDUDIÖQGDQ \RUXPODQÖU $\ \D GD KLODO GHYOHWH LûDUHWWLU ùûWH EX
\]GHQGHYOHWLQLKWLûDPÖ'HYOHWO·QXQD\ÖQRQG|UGJLELSDUODNYHJ]HOGROXQD\JLEL
PHQHYLûOL NÖ]ÖQGD WHFHOOL HWPLûWLU .HORøODQÖQ GHQL] J|QOQGH VXOWDQÖQ \DNDPR]ODU
\DSPDVÖLûWHEX\]GHQGLUYHLûWHEX´DûNµE|\OHVLQHGHULQYH\|QHWLPVHOGLU
+HUNHVLQ .DIGDøÖ IDUNOÖGÖU .HORøODQ LoLQ SDGLûDKÖQ NÖ]Ö $\ 6XOWDQ DQDVÖ LoLQ VDUD\
3DGLûDK LoLQ LVH DGDOHW %XQXQ LoLQ ROVD JHUHNWLU NL SDGLûDK NÖ]Ö\OD L]GLYDFÖQ EHGHOL \DQL
EDûOÖNSDUDVÖRODUDN.HORøODQGDQ.DIGDøÖ\ROFXOXøXQXLVWHU
.HORøODQ D] JLGHUX] JLGHU'LQOHQPHN LoLQELUVXEDûÖQGD PROD YHULU %LU SLUvIDQv
oÖNDU NDUûÖVÖQD 6HODP YHULUVHODP DOÖU LOHWLûLUOHU LOHWLûLPH JHoHUOHU %LUELULQH NDSÖODUÖQÖ
NDSDPD] ELODNLV DoDUODU 6HODPODûPD \DEDQFÖ LNL LQVDQÖQ ELUELULQH NDSÖ DoWÖøÖ ELU
LOHWLûLP ûLIUHVLGLU oQN .HORøODQ HNPHøLQLD]ÖøÖQÖ EX SvUL IDQv LOH E|OûU ùOHWLûLPOH
DoÖODQ SD\ODûÖP JoONOHUL DûPDQÖQ LON DGÖPÖGÖU 3D\ODûÖP HNVLOWPH] DUWWÖUÖU $UWDQ
EHOGLU EHUHNHWWLU 0DGGHQLQ SD\ODûÖPÖ GD PDQDQÖQ SD\ODûÖPÖ GD ELOJLQLQ SD\ODûÖPÖ GD
E|\OHGLU SD\ODûDQÖ ]HQJLQOHûWLULU $NVDNDOOÖ LKWL\DU GDKL NHQGLVL\OH HNPHøLQL E|OûHQ
D]ÖøÖQÖ SD\ODûDQ EX GHOLNDQOÖ\Ö VÖUODUÖQD RUWDN HGHU 3D\ODûÖODQ ELOJL SD\ODûÖODQ HPHøH
DUPDøDQGÖUùûWH.DIGDøÖ·QDJLGHQ\ROLûWHJoONOHULDûPDQÖQGRøUXWDULIL
0.\HO´ùEQ6LQD·GD$/$./)$$/·LQ.|NOHULµùEQ6LQD·\D$UPDøDQ77.$QNDUD
5.UDPHU7DULK6PHUGH%DûODUoHY0ùOPL\HdÖø77.$QNDUD
+DNDQ3R\UD]³0DVDOGDQ'HYOHWHùOHWLûLP(WLøLYH'HYOHW)HOVHIHVL$oÖVÖQGDQ%LU0DVDO2NXPD'HQHPHVL
´.DUûÖGDNL GDøÖQ DUGÖQD JLW |QQH ELU JO EDKoHVL oÖNDU *O DøDoODUÖQÖQ NRFDPDQ
GLNHQOHUL YDUGÖU %X JOOHUL HOOHULQLQ NDQ UHYDQ LoHULVLQGH NDOPDVÖQD DOGÖUPDGDQ 1H
J]HOJOOHUGL\HUHNNRNODµ
%XUDGD û|\OH ELU QDVLKDW YDUGÖU *|]P]Q |QQGHNL J]HOL J|UPHPL]H RQXQ
GLNHQLPDQLROPDVÖQ*]HORODQÖ\DNDODPDOÖûLND\HWEDEÖQGDGXUPDPDOÖ\Ö]
´2UDGDQ oÖNÖS \U 6X\X NDQ JLEL NÖUPÖ]Ö DNDQ ELU GHUH LOH NDUûÖODûDFDNVÖQ \DQÖQD
JLGLS$PDQQHWHPL]VXGHELUD]Loµ
%LUEDûNDQDVLKDW+HUYDUOÖNGHøHUOLGLUYHKHUûH\LQL\L\|QYDUGÖU%XQXNHûIHW
´<ROXQDGHYDPHW%LUN|ûHEDûÖQGDDWÖQ|QQGHHWLWLQ|QQGHRWJ|UHFHNVLQ(WL
LWH RWX DWD YHU 2UDGDQ X]DNODû NDUûÖQD LNL NDSÖ oÖNDFDN ELUL DoÖN GLøHUL NDSDOÖ NDSDOÖ
NDSÖ\ÖDoDoÖNNDSÖ\ÖNDSDµ
%LUEDûNDQDVLKDW=XOPVRQDHUGLUDGDOHWLWHVLVHW
.HORøODQ 3DGLûDKÖQ LVWHGLøL HPDQHWL DOÖS JHUL G|QHUNHQ .DIGDøÖ·QÖQ EHNoLVL RODQ
GHYX\DQÖUYHNDSÖODUDHPUHGHU
´7XWXQûXRøODQÖNDoPDVÖQµ
$oÖNNDSÖGLOHJHOLSVHVYHULU
´<ÖOODUGÖUDø]ÖQDDVPDNLOLWDVÖOPÖûNDSDOÖGXUDQELUNDSÖ\ÖPEHQ.LPVHEDQDKDOLQ
QHGLUGL\HVRUPDGÖ%XRøODQLVHEHQLDoÖSIHUDKODWWÖ%HQRQXWXWDPDPµ
%XUDGDQû|\OHELUGHUVoÖNDUDELOLU.DSDOÖNDSÖODUÖGÖûÖPÖ]DGRøUXDoDOÖP.HQGLPL]L
NHQGLNXOHPL]HPDKNPHWPH\HOLP(WUDIÖPÖ]DGXYDUODU|UPH\HOLPùOHWLûHOLP
'HYDWLOHLWHVHVOHQLU
´7XWXQûXRøODQÖµ
$WLOHLWFHYDSYHULUOHU
´%L] RQX WXWDPD\Ö] <ÖOODUGÖU ELULPL]H ]RUOD HW GLøHULPL]H ]RUOD RW \HGLUWHUHN
]XOPHGL\RUGXQ2RøODQ\L\HFHNOHULQ\HULQLGHøLûWLUHUHNEX]XOPNÖUGÖµ
<LQHELUEDûNDGHUV(û\DQÖQWDELDWÖQDD\NÖUÖKDUHNHW]XOPGU
.DQOÖ GHUH ´2 EHQLP J|QOP KRû WXWWXµ GL\H GLNHQOL JOOHU ´2 NDGLU NÖ\PHW
ELOGLµGL\H.HORøODQD\ROYHULUOHU
.HORøODQ .DIGDøÖ·QÖ DûDU YH JHOLU LûLQ HQ ]RU NÖVPÖQD 6DUD\GD YH]LUOHULQ
G|QGUGø $OL &HQJL] R\XQODUÖQÖ ER]PD\D .HORøODQ GHYOHWOH .HORøODQ VL\DVHWOH
E|\OHFH WDQÖûÖU .HORøODQ·ÖQ ûLPGL\H NDGDU RODQ PDFHUDVÖ ELU $QDGROX WRVXQXQXQ
VL\DVHW \ROXQGD HUGHPOL \ROFXOXøXQX KLND\H HWPHNWH\GL 2 ELU JDULS .HORøODQ LNHQ
NXUWOD NXûOD \DUHQOLN \DSÖS J|O NHQDUÖQGD J|OJHOLN DøDFÖQ GLELQH VÖUWÖQÖ YHULS NH\LI
oDWDUNHQ \DQL PHVXWNHQ KUUL\HWL GHYOHWLQ WDVDOOXWXQGDQ X]DN KU ELU .HORøODQ LNHQ
SDGLûDKÖQ$\NÖ]·ÖQÖDOÖSGHYOHWOROPXûWXU2DUWÖN.HORøODQGHøLO9H]LU.HORøODQ·GÖU
7RSOXPXQûXXUDOWÖVDGHELUoREDQÖELOHSD\ODûÖPVDEÖUPHWDQHWFHVDUHWDGDOHWJLEL
KDVOHWOHUOH GRQDWDUDN \|QHWLPH ELU PHVDM YHUPHVLQH YHUPHNWHGLU DPPD .HORøODQÖ
.DIGDøÖ·QGDQ GDKD Jo GDKD DFÖPDVÖ] GDKD oHWUHILO ELU \ROFXOXN EHNOHPHNWHGLU
ùNWLGDUÖE|OûPHNLVWHPH\HQJoRGDNODUÖ.HORøODQ·ÖQ$\6XOWDQLOHHYOHQHELOPHVL\DQL
GHYOHWORODELOPHVLLoLQRQD$OL&HQJL]2\XQXQX|øUHQPHVLQLûDUWNRûDUODU
$VOÖQGD .HORøODQ NOWUGH LNL FHSKHVL RODQ ELU LUDGHQLQ JHUoHNOHûWLULFLVLGLU 6RV\DO
LUDGHLOH\RODoÖNDQ.HORøODQVL\DVLLUDGHLOHEWQOHûPHNWHGLU.DIGDøÖ·QDXODûPD\ÖGD
$OL&HQJL]R\XQXQXGD.HORøODQ·GDQRVL\DVLLUDGHLVWHPHNWHGLU
8VWDODU XVWDVÖ $OL &HQJL] UDNLSOHULQ RUWDGDQ NDOGÖUPDN LoLQ \] WDQH KLOH ELOPHNWH
IDNDW |øUHQFLOHULQH EX KLOHOHUGHQ DQFDN GRNVDQ GRNX]XQX |øUHWPHNWHGLU (øLWLPLQL
LNPDO HWWLøL KHU WDOHEHVL LOH |OPQH ELU PVDEDND\D JLULûLU $OL &HQJL] úLPGL\H NDGDU
KLo ELU WDOHEHVL RQX \HQHPHPLûWLU =LUD R |øUHWPHGLøL YH VRQD VDNODGÖøÖ KQHUL LOH
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
EWQ
WDOHEHOHULQL
YH
GROD\ÖVÖ\OD
PXKWHPHO
UDNLSOHULQL
RUWDGDQ
NDOGÖUPDNWDGÖU
.HORøODQ KHU QDVÖOVD KRFDVÖQÖQ VRQ QXPDUDVÖQÖ |øUHQLU YH KRFDVÖQÖ NHQGL R\XQXQGD
PDWHGHU
%X KLND\H\L UHWHQ ûXXU .HORøODQ·D .DIGDøÖ JLEL DûÖOPDVÖ Jo ]RUOXNODU \HULQH
EHONL WHKOLNHOL DPD NÖVD \ROGDQ NXUWODUVRIUDVÖQGD YDU ROPDN LoLQ $OL &HQJL] R\XQODUÖQÖ
|øUHWHUHNGHYOHWOHL]GLYDo\DSWÖUPÖûWÖUùûWHWDPEXQRNWDGD.HORøODQNHQGLQLH]HQJo
NDUûÖVÖQGDH]LOPHPHNLoLQH]PH\L|øUHQPLûWLUgøUHQPLûWLU|øUHQPHVLQHGHEDûNDELU
.HORøODQ·ÖQ NHQGLQL PDøOXS HWPHVLQH DOW HWPHVLQH IÖUVDW YHUPHPHN LoLQ XVWDVÖQÖQ
ELoLPLQL DOPÖûWÖU $UWÖN R $OL &HQJL]OHûPLû ELU .HORøODQGÖU 2 \NVHN PDNDPODUÖQ
.HORøODQÖGÖU.HORøODQLoLQLVHGHYOHWEDEDEXQGDQE|\OHGHYOHWND\ÖQEDEDROPXûWXU
'HYOHW EX JHOHQHNWH EDEDGÖU PûILN YH NRUX\XFX %DED DLOHQLQ GLUHøL GHPHN
$LOHQLQ JUE] LOLûNLOHULQ VDøOÖNOÖ ROPDVÖ DLOH HIUDGÖQÖQ ]HUOHULQH GûHQ YD]LIHOHULQL
PXQWD]DP YH GRøUX RODUDN \DSPDVÖ LOH PPNQGU 2\VD GHYOHWLQ HQVHVWH \|QHOGLøL
WRSOXPODUGDEWQLOLûNLOHUoDUSÖNODûÖU
$OLFHQJL]OHûPLû .HORøODQ LoLQ GHYOHW ND\ÖQ EDEDGÖU %X ND\ÖQ EDED ]DPDQOD PDXQ
EDED\D G|QûU 0DXQ EDED PDXQ oHNPHFH PDXQ PDVD YH PDVDGDQ DGDPODU YH
EURNUDVLYHGHYOHWLQLûOH\LûLGHPHNWLU
'HYOHW ¶PDVD· LVH YH PDVDQÖQ oHNPHFHOHULQGHQ HYUDNODU IÖûNÖUÖ\RUVD %X GHYOHW
EURNUDVL GHPHNWLU ùûWH EX ´GHYOHWµ \DQL EX WÖUQDN LoHULVLQGH GLû GLûH WÖUQDN WÖUQDøD
NÖUDQ NÖUDQD PFDGHOH DUHQDVÖ R ´PDVDµ YH RQXQ PWHPPLP F] RODQ ´NROWXNµ
NHORøODQODUÖQ\ROODUÖQÖNHVHQELUPDVDOGÖU
ùûWHPDVDOODUGDNLGHYOHW
ùûWHGHYOHWLQPDVDOODUÖ
$FDEDELOLQVH\GL´7UN0DVDO.XUXPXµGDNXUJXODQÖUPÖ\GÖ"
ùûWHEL]LPPDVDOÖPÖ]GHYOHWLQEXROPDGÖøÖQÖLGGLDHGHU
7ÖEEL6RV\DO+L]PHW(WLøL
úNUDQ6HYLPOL 6RV\DO+L]PHW.DYUDPÖ
´6RV\DO KL]PHWµ WHULPL JHQHO RODUDN ELUH\LQ VRV\DO \DûDPÖQÖ VDøOÖNOÖ YH GRøUX ELU
ELoLPGH ROXûWXUPDVÖ YH JHOLûWLUPHVL LoLQ DOGÖøÖ GHVWHNOHU SDNHWLQL LIDGH HGHU %X SDNHW
WRSOXPGDQ WRSOXPD GHøLûHQ VRV\DO \DûDP YH VRV\DO VDøOÖN NRûXOODUÖ\OD \DNÖQGDQ LOJLOL
RODUDN E\U \D GD NoOU 6RV\DO KL]PHWLQ EX |]HOOLøLQL NODVLN WDQÖPÖQGD GD
J|UHELOLUL] ´6RV\DO KL]PHW \RNVXOOXNODUÖQGDQ ND\QDNODQVÖQ YH\D ND\QDNODQPDVÖQ
WRSOXPGDNL PHYFXW RUWDODPD \DûD\Öû YH DOJÖOD\Öû VHYL\HVLQH HOOHULQGH ROPD\DQ
VHEHSOHUOH VUHOL YH\D VUHVL] RODUDN XODûDPD\ÖS VRV\DO YH\D HNRQRPLN \|QGHQ
GHVWHNOHQPHJHUHNVLQLPLGX\DQNLûLOHUHNDUûÖOÖNOÖYH\DNDUûÖOÖNVÖ]ûHNLOGHVXQXODQPDGGL
YH\D PDQHYL \DUGÖPODUGÖU PDO PDO]HPH \DUGÖPÖ UHKEHUOLN \|QOHQGLUPH SVLNRORMLN
GHVWHNJLELµ
7DQÖPGD J|UOGø JLEL VRV\DO KL]PHW EQ\HVLQGH ELUoRN DOW DODQÖ EDUÖQGÖUDQ
GLVLSOLQGLU%XWDQÖPÖQHQEHOLUJLQ|]HOOLøLVRV\DOKL]PHWWHQ\DUDUODQDQODUÖ´\RNVXORODQ
YH ROPD\DQµ ELoLPLQGH EHOLUOHPHVLGLU )DUNOÖ ELU V|\OH\LûOH VRV\DO KL]PHWOHULQ KHGHI
NLWOHVL VDGHFH \RNVXOODU GHøLO \RNVXO ROPDGÖøÖ KDOGH oHûLWOL \RNVXQOXNODU LoLQGH
EXOXQDQODUGÖU 6RV\DO KL]PHW DODQÖQGD JHoLQPH RODQDøÖ EXODPD\DQ \RNVXO NLûLOHUH
\|QHOLN RODQODUÖQ \DQÖ VÖUD HNRQRPLN \|QGHQ \HWHUOL G]H\GH RODQ IDNDW NLûLVHO
QHGHQOHUOH GHøLûLN WUGH X]PDQOÖN KL]PHWOHULQH JHUHNVLQLP GX\DQ NLûLOHUH \|QHOLN
KL]PHWOHUGH\HUDOPDNWDGÖU7UNL\H·GHVXQXODQKL]PHWOHUGDKDoRNPDGGL\RNVXOOXNOD
LOJLOLLNHQ\HWHUVL]VD\ÖGDGDROVD6RV\DO+L]PHWOHUùO0GUOø·QHEDûYXUXGDEXOXQDQ
ELUH\OHUH
\DSÖODQ
D\QLQDNGL
\DUGÖPODU
JLEL
$QJOR$PHULNDQ
ONHOHULQGH
KHP
\RNVXOOXøD KHP GH \RNVXQOXøD |QHP YHULOPHNWHGLU <RNVXOOXøX YH \RNVXQOXøX
JLGHUPH\H \|QHOLN KL]PHW DODQODUÖQÖQ JHOLûWLøLQL J|UPHNWH\L] hONHPL]GH DNDGHPLN
G]H\GH
\DSÖODQ
WDUWÖûPDODUGD
\RNVXOOXøXQ
\DQÖ
VÖUD
\RNVXQOXøXQ
|QHPL
GH
EHOLUWLOPHNOH ELUOLNWH SUDWLNWH EXQODUOD LOJLOL VRUXQODUÖ o|]POH\HFHN \HWHUOLOLNWH VLVWHPOL
oDOÖûPDODUDUDVWODPDPDNWD\Ö]
6RV\DO KL]PHW DODQODUÖQÖQ LVLPOHULQL NR\GXøXPX]GD ûX DQD EDûOÖNODUÖ KHPHQ WHVSLW
HGHELOL\RUX] HYVL]OLN LûVL]OLN EHFHUL HNVLNOLøL ILQDQVPDQ VRUXQODUÖ IL]LNVHOSVLNRORMLN
HNRQRPLNVHNVHOLVWLVPDUODULVWHQPH\HQJHEHOLNOHUYHoRFXNODUDQWLVRV\DOGDYUDQÖûODU
YH EXQODUÖQ |QOHQPHVL VXoOXOXN PDUMLQDO JUXSODU 6RV\DO oDOÖûPDFÖODU WP EX
DODQODUGD ELUH\LQ JUXEXQ YH WRSOXPXQ HøLWLP VHYL\HVLQL \NVHOWHFHN LOHWLûLPL YH
JYHQLQL DUWÖUDFDN KRûJ|UOOø YH DQOD\ÖûOÖOÖøÖ JHOLûWLUHFHN VHYJL YH VD\JÖ JLEL WHPHO
GHøHUOHULNRUXPD\DYHJHOLûWLUPH\H\|QHOLNSURMHOHUGHURODOÖUODU
´6RV\DO KL]PHW X]PDQÖµ \D GD ´VRV\DO oDOÖûPDFÖµ RODUDN DGODQGÖUÖODQ SURIHV\RQHO
VRV\DO VDøOÖøÖQ VRUXPOXOXøXQX WDûÖ\DQ \XNDUÖGD V|] HGLOHQ DODQODUGD JUXS OLGHUL
WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODUDN DUDûWÖUPD \DSPD\Ö SODQ YH SURJUDP
KD]ÖUODPD\ÖVWOHQPLûRODQYHEXoHUoHYHGHPHVOHNHøLWLPLDOPÖûEXOXQDQNLûLGLU
6RV\DO+L]PHW(øLWLPLQLQYHgUJWOHQPHVLQLQ7UNL\H·GHNL7DULKoHVL
6RV\DOdDOÖûPDFÖ+DON6DøOÖøÖ%LOLP8]PDQÖdXNXURYDhQLYHUVLWHVL7ÖS)DNOWHVL'HRQWRORML
YH7ÖS7DULKL$QDELOLP'DOÖ
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
6RV\DO KL]PHW \D GD ùQJLOL]FH·GHQ ELUHELU oHYLUL LOH VRV\DO oDOÖûPD PHVOHøL ONHPL]H
EDûODQJÖFÖQÖQLONDGÖPÖ\ÖOÖQGD6DøOÖN%DNDQOÖøÖQDEDøOÖRODUDNG|UW\ÖOOÖNELU6RV\DO
+L]PHWOHU $NDGHPLVL NXUXOPDVÖ NDUDUÖQÖQ DOÖQPDVÖGÖU %X RNXO LON PH]XQODUÖQÖ \ÖOÖQGDYHUPLûPH]XQODUNDPXVDOYH|]HONXUXOXûODUGDoDOÖûPD\DEDûODPÖûODUGÖU6RV\DO
oDOÖûPD HøLWLPL JHOLûPLû ONHOHUGH ROGXøX JLEL ELUoRN RNXOGD GHøLO PDDOHVHI WHN ELU
PHUNH]GH \DOQÖ]FD +DFHWWHSH hQLYHUVLWHVL 6RV\DO +L]PHWOHU <NVHN 2NXOX·QGD
YHULOPHNWHGLU
6RV\DO +L]PHWLQ gUJWOHQPHVL \ÖOÖQGD 6DøOÖN YH 6RV\DO <DUGÖP %DNDQOÖøÖQD
EDøOÖRODUDN6RV\DO+L]PHWOHU*HQHO0GUOøNXUXOPXûWXU%XJHQHOPGUON
\ÖOÖQGD 6RV\DO +L]PHWOHU *HQHO 0GUOø .DQXQX LOH %DûEDNDQOÖN EQ\HVLQH
NDWÖOPÖûWÖU
7ÖEEL6RV\DO+L]PHW
7ÖEEL 6RV\DO +L]PHW WÖEEL NXUXPODUGD oDOÖûDQ VRV\DO oDOÖûPDFÖ WDUDIÖQGDQ VXQXODQ
KL]PHWWLU7ÖEELVRV\DOoDOÖûPDFÖQÖQVXQGXøXKL]PHWWHPHOLQLYHLoHULøLQL'Q\D6DøOÖN
gUJW·QQ VDøOÖN WDQÖPODPDVÖQGDQ DOPDNWDGÖU '6g VDøOÖøÖ ELUH\LQ EL\RORMLN
SVLNRORMLN YH VRV\DO \|QGHQ WDP L\LOLN KDOL RODUDN WDQÖPODU %LU EDûND GH\LûOH VDøOÖN o
ER\XWOXGXU %X ER\XWODU EL\RORMLN VDøOÖN SVLNRORMLN VDøOÖN YH VRV\DO VDøOÖNWÖU 6DøOÖN
GHQLOGLøLQGH JHQHOOLNOH YH |QFHOLNOH EL\RORMLN PHGLNDO VDøOÖN DQODûÖOPDNWDGÖU 6DøOÖøÖQ
EL\RORMLN ER\XWXQGDQ VRUXPOX RODQ NLûLOHU KHNLPOHUGLU 3VLNRORMLN VDøOÖN NDYUDPÖ
\]\ÖOÖQ LNLQFL G|QHPLQGHQ LWLEDUHQ OLWHUDWUGH YH NDPXR\XQGD NDEXO J|UPH\H
EDûODPÖûWÖU 3VLNRORMLN VDøOÖN ER\XWXQXQ VRUXPOXODUÖ SVLNL\DWUODU YH SVLNRORJODUGÖU
%XQD NDUûÖQ VRUXPOX PHVOHN HOHPDQODUÖ VRV\DO oDOÖûPDFÖODU RODQ 626<$/ 6$÷/,.
NDYUDPÖ OLWHUDWUGH WDQÖPODQPDPÖûWÖU 6RV\DO VDøOÖN WHULPL LNL IDUNOÖ oDøUÖûÖPD \RO
DoDELOLU %X ELOGLUL oHUoHYHVLQGH ´VRV\DO VDøOÖNµ WRSOXPVDO PHNDQL]PDODUÖQ VDøOÖNOÖ
LûOH\LûLDQODPÖQGDGHøLO'Q\D6DøOÖNgUJW·QQVDøOÖNWDQÖPÖQGD\HUDODQWRSOXPVDO
DoÖGDQ L\LOLN KDOLQL EHOLUWPHN LoLQ NXOODQÖOPÖûWÖU 3VLNRORMLN YH EL\RORMLN VDøOÖøD \|QHOLN
JLULûLPOHULQ
DQFDN
VRV\DO
VDøOÖN
oDOÖûPDODUÖ\OD
WDP
L\LOLN
KDOLQH
XODûÖODELOHFHøL
JHUoHNOHûHELOHFHøLVDøOÖNSURIHV\RQHOOHULWDUDIÖQGDQNDEXOHGLOPHNWHGLU
6RV\DO
VDøOÖøÖQ
QHW
ELU
WDQÖPODQPDVÖQÖQ
\DSÖOPDPÖû
ROPDVÖQD
NDUûÖQ
WÖEEL
NXUXPODUGD \DNODûÖP EL]H VRV\DO VDøOÖøÖQ |QHPVHQGLøLQL YH VDøOÖøÖQ GLøHU ER\XWODUÖ\OD
HûGHøHU ELU NDEXO J|UGøQ J|VWHUPHNWHGLU g]HOOLNOH $QJOR$PHULNDQ VLVWHPLQGHNL
|QFHOLNOLRODUDNROXûWXUXODQWHGDYLHNLELQGHDNODJHOHQLONoSURIHV\RQHOGHQELULVRV\DO
oDOÖûPDFÖGÖU 7HGDYL HNLELQLQ EWQQ ROXûWXUDQ |QHPOL \HOHULQGHQ ELULGLU 7HGDYL
HNLELQGH GRNWRU KHPûLUH\OH HûGHøHU ELU NRQXPD VDKLSWLU 6RV\DO oDOÖûPDFÖQÖQ VRV\DO
VDøOÖøÖQ
VRUXPOXVX
RODQ
WHN
PHVOHN
ROGXøXQX
EHOLUWPLûWLN
'LøHU
VDøOÖN
SURIHV\RQHOOHUL\OH DUDVÖQGD |QHPOL \DNODûÖP IDUNÖ EXOXQPDNWDGÖU +HNLP YH SVLNRORJ
KDVWD PHUNH]OL oDOÖûPDODU SODQODUNHQ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖ LoHUHQ
oDOÖûPDODU SODQODPDNWDGÖUODU gUQHN RODUDN WÖEEL VRV\DO KL]PHWLQ EHûLøL ONHOHUH \DQL
$QJOR$PHULNDQ ONHOHULQGHNL WÖEEL VRV\DO KL]PHW X\JXODPDODUÖQD EDNWÖøÖPÖ]GD KDVWD
YH KDVWD \DNÖQODUÖQÖQ ELU EWQ RODUDN HOH DOÖQÖS oHûLW KL]PHW GHøLO KL]PHWOHU SDNHWLQLQ
KD]ÖUODQGÖøÖQÖ J|UPHNWH\L] dQN KDVWD YH KDVWDQÖQ DLOHVL KDVWDOÖøÖQ JHWLUGLøL DNXW
NURQLNYHWHUPLQDOG|QHPKDVWDODUÖQÖQ\DûDGÖøÖEL\RORMLNDøUÖYHLûOHYND\EÖQÖQ\DQÖVÖUD
KDVWDOÖNWDQ ND\QDNODQDQ NRUNX HQGLûH VWUHV oDUHVL]OLN WNHQPLûOLN o|]PV]ON
ELOLQPH]OLN JLEL oRN oHûLWOL GX\JXODUOD GD EDû HWPHN GXUXPXQGDGÖU 6RV\DO oDOÖûPDFÖ
KDVWD YH KDVWDQÖQ DLOHVL LOH KDVWDQH\H EDûYXUXGDQ LWLEDUHQ WHGDYL YH WHGDYL VRQUDVÖQGD
\DNÖQ LUWLEDW KDOLQGH RODQ YH JHUHN NOLQLNWHNL WHGDYLVL VUHVLQFH JHUHNVH WHGDYL VRQUDVÖ
úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL
RUWDPD X\XP VDøODPDVÖQGD \DUGÖPFÖ RODQ VDøOÖN SURIHV\RQHOLGLU 6RV\DO oDOÖûPDFÖ
KDVWDQÖQ NRUX\XFX VDøOÖN YH JYHQOLN KL]PHWOHULQGHQ ELOLQoOL YH VLVWHPOL ELU ûHNLOGH
\DUDUODQPDODUÖQD \DUGÖPFÖ ROXU 6RV\DO dDOÖûPDFÖ WHGDYL HNLELQLQ ELU SDUoDVÖ RODUDN
KDVWDODUÖQRSWLPDOEDNÖPKL]PHWLQGHQ\DUDUODQPDODUÖQGDUROVWOHQLU
7ÖEEL6RV\DO+L]PHWLQ7DULKVHO.|NHQL
ùQVDQRøOXQXQ NHQGLVL\OH YH VDøOÖøÖ\OD LOJLOHQPHVL KHUKDOGH GûQPHVL NDGDU HVNL
ROPDNOD ELUOLNWH VDøOÖNOD LOJLOL PHVOHNOHULQ RUWD\D oÖNÖûÖ YH KL]PHW SURJUDPODUÖQÖQ
ROXûWXUXOPDVÖ QLVSHWHQ \HQLGLU 7ÖS WDULKL ER\XQFD X]XQ VUH VDøOÖøÖ NRUXPDN YH
VUGUPHNWHQ oRN KDVWDOÖNOD PFDGHOH HWPH oDEDODUÖ DøÖU EDVPÖûWÖU +HP KHNLPOHULQ
PHVOHN DQOD\ÖûÖQGD KHP GH VDøOÖN SROLWLNDODUÖQGD KDVWDOÖøÖ RUWDGDQ NDOGÖUPD GûQFHVL
|QSODQGD\HUDOPÖûWÖU.DGLP<XQDQSDQWHRQXQXQWÖSWDQUÖVÖ$VNOHSLRVND\EHGLOHQYH
DQFDN KHNLP WDUDIÖQGDQ JHUL JHWLULOHQ ELU VDøOÖN NDYUDPÖQÖQ WHPVLOFLVL ROPXû
$VNOHSLRV·XQ NÖ]Ö VDøOÖøÖ NRUXPD YH JHOLûWLUPHQLQ VLPJHVL +\JHLD LVH \]\ÖOODU ER\X
EDEDVÖQÖQJ|OJHVLQGHNDOPÖûWÖU
7ÖEEL VRV\DO KL]PHWOHU LVH GRøDVÖ JHUHøL WHGDYL HGLFLGHQ oRN NRUX\XFX VDøOÖN
KL]PHWOHUL EQ\HVLQGH\HUDOPDNWDNRUX\XFX YH |QOH\LFL KL]PHWOHU oHUoHYHVLQGH WHGDYL
HGLFL KL]PHWOHUH J|UH oRN GDKD LûOHYVHO ELU URO DOPDNWDGÖU %X oHUoHYHGH WÖEEL VRV\DO
KL]PHW PHVOHøLQLQ WÖS GQ\DVÖQÖQ ELU SDUoDVÖ RODUDN RUWD\D oÖNÖûÖ DQFDN NRUX\XFX YH
|QOH\LFL DQOD\ÖûÖQ JoOHQGLøLJQP] NRûXOODUÖQGD ROPXûWXU.XûNXVX] NDUPDûÖNODûDQ
WRSOXP\DSÖVÖYH]D\ÖIOD\DQLQVDQODUDUDVÖLOLûNLOHUGHE|\OHELUPHVOHøLQRUWD\DoÖNÖûÖQGD
|QHPOLUROR\QDPÖûWÖU
YH \]\ÖOODUGD JHOLûHQ EL\RPHGLNDO WÖS PRGHOL \]\ÖOÖQ RUWDODUÖQD
GRøUX VDøOÖøÖQ EL\RORMLN \|QQQ \DQÖ VÖUD SVLNRVRV\DO \|QOHUL\OH ELUOLNWH HOH DOÖQPDVÖ
GRøUXOWXVXQGD J|UûOHU EHQLPVHQPH\H EDûODPÖûWÖU 3VLNRVRV\DO DODQGD GDKD \RøXQ
KL]PHW YHUPH ND\JÖVÖ |]JQ PHVOHNOHUH JHUHNVLQLP GX\XOPDVÖQD \RO DoPÖûWÖU 7ÖEEL
VRV\DO oDOÖûPDFÖODU YH NOLQLN SVLNRORJODU EX JHUHNVLQLPLQ UQGU 6RV\DO VDøOÖøÖQ \]\ÖOGD oRN |QHPVHQLS ]HULQGH GXUXODFDN ELU DODQ RODFDøÖ GûQOPHNWHGLU
%L\RPHGLNDO WÖS DQOD\ÖûÖQÖQ \NVHN HNRQRPLN EHGHO SDKDVÖQD WDWPLQ HGLFL VRQXoODU
YHUHPH\LûL EL\RSVLNRVRV\DO VDøOÖN DQOD\ÖûÖQÖQ YH NRUX\XFX |QOH\LFL WÖS \DNODûÖPÖQÖQ
|QHPLDUWWÖUPDNWDGÖU
7ÖEEL6RV\DO+L]PHWLQùûOHYL3VLNRVRV\DO'HVWHN
+DVWDOÖN
RUJDQL]PDGD
ELUWDNÖP
GHøLûLNOLNOHULQ
PH\GDQD
JHOPHVL\OH
IL]\RORMLN
LûOHYOHULQ ER]XOPDVÖ KDOLGLU ELU NUL] GXUXPXGXU %X NUL]GHQ JHUHN KDVWD RODQ ELUH\
JHUHNVH \DNÖQODUÖ HWNLOHQLU 7P NUL] GXUXPODUÖQGD ROGXøX JLEL VRV\DO LOLûNLOHU
EHNOHQWLOHU \DûDPÖ DOJÖOD\Öû JLEL SHN oRN ER\XWWD GHøLûLNOLN RUWD\D oÖNDU %LU WU
\HQLOHQPHGHøLûPHG|QHPLGLU%X\HQLOHQPHYHGHøLûLPLQROXPOXYHVDøOÖNOÖELU\|QGH
ROPDVÖ NUL]OH KHP KDVWD KHP GH KDVWD \DNÖQODUÖQÖQ EDû HGHELOPHVL LoLQ SURIHV\RQHO
\DUGÖPD JHUHNVLQLP YDUGÖU %X YH EHQ]HUL QHGHQOHUOH VDøOÖN YH KDVWDOÖøD \|QHOLN
oDOÖûPDODUGD EL\RSVLNRVRV\DO ELU PRGHO KD]ÖUODQPDVÖ HWNLQ RODUDN KL]PHW YHULOPHVL
JHUHNPHNWHGLU7HGDYLHNLELQLQ|QHPOLELU|øHVLRODQVRV\DOoDOÖûPDFÖNHQGLQL\HWHUVL]
oDUHVL]o|]P\ROODUÖWÖNDQPÖû\DUÖQGDQND\JÖYHNRUNXLOHEDKVHGHQXPXGXQoRND]
ROGXøX GX\JXVDO YH GûQVHO oÖNPD]D JLUHQ KDVWD YH KDVWD \DNÖQODUÖQD SURIHV\RQHO
GHVWHN LOH \DûDPÖ \HQLGHQ VHYPH LVWHPH ND\JÖ YH NRUNXODUÖQGDQ NXUWXODUDN KDVWDOÖNOD
PFDGHOH HWPH\H YH VDøOÖNODUÖQÖ NRUXPD\D \|QHOLN |QOHPOHUL JHUoHNOHûWLUPHOHULQH
\DUGÖPFÖROXU
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
3VLNRVRV\DO GHVWHøLQ KDVWDOÖøÖQ VH\UL ]HULQH \DSÖODQ DUDûWÖUPDODU |QHPVHQHFHN
GHUHFHGHROXPOXHWNLOHULROGXøXQXEHOLUWPHNWHGLU$UWÖNVDøOÖNVRUXQODUÖYHKL]PHWOHULQ
ROXûWXUGXøX \HQL JHUHNVLQLPOHU WÖS DODQÖQGD GLøHU GLVLSOLQOHULQ NDWNÖODUÖQÖ YH RUWDN
oDOÖûPD\Ö GD ]RUXQOX NÖOPDNWDGÖU gUQHøLQ EL\RPHGLNDO JHOLûPHOHU |PU X]DWPDNOD
ELUOLNWH NURQLN KDVWDOÖNODUÖQ JLGHUHN DUWPDVÖQD GD QHGHQ ROPDNWDGÖU g]HOOLNOH NURQLN
UDKDWVÖ]OÖNODUÖ RODQ ELUH\OHULQ \DOQÖ] NHQGLOHUL GHøLO DLOHOHUL GH SVLNRVRV\DO DoÖGDQ
HWNLOHQPHNWHGLUOHU +DVWD\OD LOHWLûLPOHUL NRQXVXQGD oHûLWOL VRUXQODU \DûDPDNWDODU +DVWD
ELUH\LQ \DûDPÖQÖ VUGUPHVLQGH VRV\DO GHVWHøLQ oRN |QHPOL ROGXøX ELOLQPHNWHGLU
)DNDWEXVRV\DOGHVWHøLQGHELOLQoOLRODUDNYHULOPHVLGR]XQXQL\LD\DUODQPDVÖJHUHNOLGLU
'HQJHOL YHULOPH\HQ VRV\DO GHVWHN |UQHøLQ KDVWD ELUH\LQ WP LûOHULQL \DSPDN KDVWD
\DNÖQÖQÖ DûÖUÖ GHUHFHGH \RUDFDN YH KDVWD WDUDIÖQGDQ LVWLVPDUÖQD GD QHGHQ RODELOHFHNWLU
.ÖVD VUHGH \HQL GXUXPD DOÖûDQ KDVWD EX GXUXPX GHYDP HWWLUPHN LVWH\HELOLU %X YH
EHQ]HUL QHGHQOHUOH KDVWD NDGDU KDVWD \DNÖQODUÖQÖQ GD HøLWLPL ELOJLOHQGLULOPHVL YH
\|QOHQGLULOPHOHULQGH VRV\DO oDOÖûPDFÖQÖQ KD]ÖUODGÖøÖ KDVWD YH KDVWD \DNÖQODUÖ KL]PHW
SURJUDPÖ WHGDYL VUHFLQH GLUHNW NDWNÖGD EXOXQDFDN YH \HQL KDVWDODUÖQ ROXûPDVÖQGD GD
NRUX\XFX|QOHPRODFDNWÖU
dQN KDVWDOÖN VRV\DO ELU ROJXGXU YH DVOD WHN ELU NLûL\L HWNLOHPHNOH \HWLQPH]
+DVWDOÖNOD PFDGHOHGH KDVWDQÖQ \DQÖ VÖUD KDVWD \DNÖQODUÖQD GD oRN |QHPOL J|UHYOHU
GûPHNWHGLU +DVWDQHGHNL WHGDYL HNLEL ROXûWXUPDQÖQ DUND SODQÖQGDNL KDVWDOÖøÖ GHWD\OÖ
GHøHUOHQGLUPH GûQFHVL ROD\GDQ HWNLOHQHQ WP NLûLOHULQ GH GHøHUOHQGLULOPHVL\OH
EWQFOELUWXWXPJHUoHNOHûWLULOLU
6RV\DO6DøOÖNWD.OWUHOgøHOHULQgQHPL
6RV\DO VDøOÖN GHQLOGLøLQGH NOWU YH NOWU ROXûWXUDQ |øHOHU GLQ JHOHQHN YH
J|UHQHNOHU HNRQRPL SROLWLND YH SVLNRORMLN VDøOÖN DoÖVÖQGDQ |QHPOL RODQ JYHQ VD\JÖ
NDEXO VHYJL LOHWLûLP NHQGLQL LIDGH HWPH EHFHULVL GH \HU DOPDNWDGÖU %X oOGHQ ELULQL
|QHPVHPHGLøLPL]GH
VDøOÖøÖ
\D
GD
GLøHU
ELU
GH\LûOH
\DûDPÖ
ELU
EWQ
RODUDN
|QHPVHPHPLû YH JHUoHNOHûPHVLQL HQJHOOHPLû ROXUX] g]HOOLNOH GLQ NOWUQ HQ JoO
|øHVLGLU +DVWD YH KDVWD \DNÖQODUÖ WHGDYL VUHVL YH VRQUDVÖQGD GD LQDQoODUÖ\OD X\XPOX
GDYUDQÖûODUÖQ VHUJLOHQGLøL ELU WHGDYL SURJUDPÖQÖ WHUFLK HGHELOLU dQN LQVDQÖQ \DûDPÖ
YH |OP DOJÖOD\ÖûÖQÖQ GD LS XoODUÖQÖ YHULU ùQDQPDN EHUDEHULQGH LQVDQÖQ \DûDPD
LVWHøLQLQ JFQ GH YXUJXODU 'LQOHU FHQQHW FHKHQQHP \D GD UHHQNDUQDV\RQ
NDYUDPODUÖ\OD LQVDQÖQ VRQVX] \DûDPD LVWHøLQH GH \DQÖW YHUPHNWHGLUOHU dQN FHQQHWWH
GH FHKHQQHPGH GH |OP \RNWXU %X GXUXP \DûDPD LVWHøL oRN JoO RODQ SHN oRN
LQVDQ LoLQ |QHPOLGLU %LU VU VRUXQ DFÖ LûNHQFH YH EHQ]HUOHULQH UDøPHQ LQVDQ
\DûDPD\Ö oRN VHYPHNWH \DûDPGDQ DQFDN YH DQFDN NÖVD VUHOL YD]JHoPH\H UD]Ö
ROPDNWDGÖU )DQL GQ\DGD |OP YDUGÖU gOP LQVDQÖQ o|]HPHGLøL DOJÖODPDNWD YH
NDEXOOHQPHNWH ]RUODQGÖøÖ ELU NDYUDPGÖU 2\VD |EU GQ\DGD DFÖ oHNVH GH oHNPHVH GH
J]HO ûH\OHU VXQXOVD GD VXQXOPDVD GD |OP \RNWXU %LU EDûND GH\LûOH |EU GQ\D
|OPQ XODûDPDGÖøÖ ELU PHNkQGÖU ùQVDQ R PHNkQD KD]ÖUODQPDN LoLQ WP JHUHNOHUL
VHYHUHN\HULQHJHWLUPHNWHGLU%XQHGHQOHUOHGLQLLQDQÖûODUoRNSHNoRN|QHPOLGLU'LQL
LQDQÖûÖQ EHUDEHULQGH JHOHQHN YH J|UHQHNOHU GH |QHPOL ELU URO R\QDU *HOHQHN YH
J|UHQHNOHUKDVWDQÖQ\DûDGÖøÖGQ\D\DLOLûNLQEHNOHQWLOHULQLDQODWPDNWDGÖU
6RV\DO
oDOÖûPD
DNVDWPDPDVÖ
LoLQ
PHVOHøL
oRN
L\L
X\JXODPDODUÖQGD
GHøHUOHQGLULOLS
GHøHUOHQGLULOPLûROPDNGXUXPXQGDGÖU
7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ*|UHYOHUL
NOWUHO
VXQXODFDN
IDNW|UOHULQGH
KL]PHW
X\JXODPD\Ö
SURJUDPÖQGD
GD
úNUDQ6HYLPOL³7ÖEEL6RV\DO+L]PHW(WLøL
#
+DVWDYHKDVWD\DNÖQÖ\ODJ|UûPHYHGDQÖûPDQOÖNKL]PHWL
#
+DVWDLOHLOJLOLoHûLWOL|QHPOLELOJLOHULWRSODPDYHGHøHUOHQGLUPH
#
+DVWDQÖQELUH\VHOYHVRV\DOJ|UHYOHULQLJHUoHNOHûWLUPHOHULQH\DUGÖPFÖROPD
#
.LûLVHOSODQODUÖQD\DUGÖPHWPH
#
'LøHUSURIHV\RQHOYHWRSOXPND\QDNODUÖQGDQKDVWDQÖQ\DUDUODQPDVÖQÖVDøODPD
#
6RV\DOSUREOHPOHULQo|]PLoLQNRRUGLQHoDOÖûPDODUSODQODPDYHNDWÖOPD
#
*|UHY\DSÖODQNOLQLN|]HOOLNOHULQLL\LDQODPDEXNRQXGDKDVWD\ÖYHKDVWD\DNÖQÖQÖ
ELOJLOHQGLUPH
7ÖEEL6RV\DO+L]PHW8]PDQÖQÖQ6DKLS2OPDVÖ*HUHNHQg]HOOLNOHU
#
2OJXQOXN
#
.HQGLQHJYHQOLROPDN
#
7HPL]YHEDNÖPOÖROPDN
#
*]HONRQXûPDYHJ]HO\D]PDEHFHULVLQHVDKLSROPDN
#
'LQOHPHVLQLELOPHN
#
3URIHV\RQHOYHVLVWHPOLGûQPHN
#
'HøHUOHULDoÖNELUûHNLOGHDQODPDHWLN
#
3URIHV\RQHO\DUGÖPEHFHULVLQHVDKLSROPDN
#
6RV\DO HNRQRPLN \D GD ELUH\VHO GHøHUOHULQ |WHVLQGH HYUHQVHO GHøHUOHUH X\JXQ
EDøÖPVÖ]|]JUGûQPH\HWHQHøLQHVDKLSROPDN
#
7HGDYL HNLELQLQ GHøHUOHULQL ELOPHN DQODPDN YH KDVWD YH KDVWD \DNÖQODUÖQÖ EX
NRQXGDELOJLOHQGLUPHN
#
+DVWD YH KDVWD \DNÖQODUÖQÖQ GHøHUOHULQL DQODPDN YH WHGDYL HNLELQL EX NRQXGD
ELOJLOHQGLUPHN
#
<DûDPDROXPOXYHVÖFDNEDNPDDOJÖODPDEHFHULVLQLJHOLûWLUPLûROPD
#
(WNLOLLOHWLûLPEHFHULVLQHVDKLSROPDN
7ÖEEL6RV\DO+L]PHWLQ(WLNùONHOHUL
7ÖEELVRV\DOKL]PHWHWLøLVDøOÖNSURIHV\RQHOOLøLoHUoHYHVLQGHEHQLPVHQHQJHQHOHWLN
LONHOHULQDODQD|]JQLWHOLNOHUHX\DUODQPDVÖ\ODRUWD\DoÖNPÖûWÖU
%LOLQGLøL JLEL WÖS HWLøLQLQ JHQHOOLNOH EHQLPVHQHQ |QFHOLNOL G|UW WHPHO LONHVL \DUDU
VDøODPD]DUDUYHUPHPH|]HUNOLøHVD\JÖJ|VWHUPHYHDGLOROPDGÖU)DUNOÖELU
\DNODûÖPLVH\DûDPDVD\JÖGX\PD\ÖWHNDQDLONHRODUDNJ|UPHNWHGLU
7ÖEEL VRV\DO KL]PHW GLøHU VDøOÖN SURIHV\RQHOOLNOHULQH J|UH NLûLVHO LOLûNLQLQ GDKD |Q
SODQDJHoWLøLWRSOXPVDOGHøHUOHULQGDKDID]ODGHYUH\HJLUGLøLWRSOXPVDO|UJWOHQPHQLQ
NXUXPVDO \DSÖODUÖQÖ YH NXUDOODUÖQÖ L\L WDQÖPDQÖQ JHUHNWLøL ELU DODQGÖU 7ÖEEL VRV\DO
KL]PHW HWLøL GH WÖEEL VRV\DO KL]PHWLQ EX |]HOOLNOHULQH X\JXQ ELoLPGH JL]OLOLN |]HUNOLN \DUDUOÖOÖN ]DUDU YHUPHPH DGDOHW LONHOHUL EHQLPVHQPLû YH VRV\DO
KL]PHWSUDWLøLQGH|QFHOLNOLRODUDN\HUDOPDNWDGÖU
*L]OLOLN PDKUHPL\HW LONHVL VRV\DO oDOÖûPDFÖQÖQ KDVWD YH KDVWD \DNÖQODUÖ LOH \DSWÖøÖ
oDOÖûPD VUHVLQFH YH oDOÖûPD ELWWLNWHQ VRQUD GD JHoHUOL RODQ ELU LONHGLU *L]OLOLN LONHVL
oRN |]HO GXUXPODU V|] NRQXVX ROGXøXQGD ER]XOXU *L]OLOLN LONHVLQH X\XOPDGÖøÖ
GXUXPODULVWLVPDUVXoLûOHPHoQFELUNLûL\HKHUKDQJLELUûHNLOGH]DUDUYHUPHVLV|]
NRQXVX RODQ GXUXPODU g]HUNOLN LONHVL HWLN GRQDQÖPOÖ VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD
\DNÖQODUÖQ NDUDUODUÖQÖ GHøHUOHQGLULUNHQ |QFHOLN GXUXPXQD J|UH NHQGL NDUDUODUÖQÖ
NHQGLOHUL YHUPHOHUL GRøUXOWXVXQGD KDUHNHW HGHU YH IDUNOÖ KL]PHW DOÖPODUÖ VUHVLQFH GH
EXQDKLINXUDOÖJ|]|QQGHEXOXQGXUXU2OGXNoDLQFHELUoL]JLRODQ|]HUNOLNKDVWDQÖQ
\DQÖ VÖUD KDVWD \DNÖQODUÖQÖQ GD |]HUNOLøL V|] NRQXVX ROXQFD oRN GDKD |]HQOL ROPD\Ö
8OXVDO8\JXODPDOÖ(WLN.RQJUHVL
JHUHNWLULU <DUDUOÖOÖN LONHVL VRV\DO oDOÖûPDFÖ KDVWD YH KDVWD \DNÖQODUÖQÖQ PDNVLPXP
G]H\GH YDU RODQ NRûXOODUGDQ \DUDUODQPDVÖQD GLNNDW HGHU JHUHNOL RODQ QRNWDODU GD
GDQÖûPDQOÖN \DSDU +DVWD NXUXPD EDûYXUGXøX GDNLNDGDQ LWLEDUHQ YH WDEXUFX ROGXNWDQ
VRQUD GD VXQXODQ KL]PHWWHQ \DUDUODQPDVÖ YH ]DUDU J|UPHPHVL LoLQ JHUHNHQ |]HQ
J|VWHULOLUEXoDOÖûPDODUDGDOHWLONHVLGHJ|]|QQGHEXOXQGXUXODUDN\DSÖOÖU
<XNDUÖGD EHOLUWLOHQ WÖEEL VRV\DO KL]PHW HWLøL oHUoHYHVLQGH VRV\DO oDOÖûPDFÖQÖQ QHOHU
\DSDELOHFHøLQH ELUD] GDKD DoÖNOÖN ND]DQGÖUPDN LoLQ 1HZ <RUN (\DOHWLQGHQ ELU |UQHN
YDND7UNL\H·GHWÖEELVRV\DOKL]PHWLQHWLNER\XWXQGDQVRQUDWDUWÖûÖODFDNWÖU
7UNL\H·GH7ÖEEL6RV\DO+L]PHWLQ(WLN%R\XWX
7UNL\H·GH QLWHOLNVHO YH QLFHOLNVHO G]H\GH ROPD\DQ VRUXQODUD \DQÖW YHUHFHN |OoGH
JHOLûHPHPLû RODQ VRV\DO oDOÖûPD PHVOHøLQGHQ V|] HWPHN LVWL\RUXP dQN VRV\DO
oDOÖûPDFÖVRV\DOVDøOÖNKL]PHWOHULQLJHUoHNOHûWLUHFHNEXDODQGDHøLWLPDODQNLûLGLU'LøHU
ELU GH\LûOH VRV\DO oDOÖûPDFÖ VRV\DO VDøOÖøÖQ |QFHOLNOL ROGXøX EX DODQODUGD JUXS OLGHUL
WHUDSLVW GDQÖûPDQ \|QHWLFL RODUDN J|UHY DODQ DUDûWÖUPD YH SODQ SURJUDP KD]ÖUODPDN
]HUHPHVOHNHøLWLPLDOPÖûNLûLGLU
hONHPL]GH VRV\DO oDOÖûPDFÖODU 6+d(. GD J|UHY \DSPDNWDGÖUODU +DVWDQHGH WÖEEL
VRV\DO oDOÖûPDFÖ RODUDN J|UHY \DSDQ oRN D] NLûL ROPDVÖ YH GROD\ÖVÖ\OD GD EX DODQGD
KHUKDQJL ELU X]PDQOÖøÖQ V|] NRQXVX ROPDPDVÖ QHGHQL\OH WÖEEL VRV\DO KL]PHW YH WÖEEL
VRV\DOKL]PHWHWLøLROXûPDPÖûWÖU
\ÖOÖQGD \DSÖODQ 2ODøDQ *HQHO .XUXOXQGD 8OXVODUDUDVÖ 6RV\DO +L]PHW
8]PDQODUÖ )HGHUDV\RQX (WLN LONH YH NXUDOODUÖ NDEXO HWPLûWLU 6RV\DO oDOÖûPDFÖODU
KD]ÖUODQDQEXHWLNLONHOHUoHUoHYHVLQGHKDUHNHWHWPHNWHGLUOHU*HQHOVRV\DOKL]PHWHWLøL
LONHOHUL KHU ELU DODQD X\JXODQDELOLU ROPDNOD ELUOLNWH KHU ELU DODQ LoLQ D\QÖ LONHOHUL LoHUHQ
IDNDW D\UÖQWÖODUGD DODQÖ J|] |QQGH EXOXQGXUDFDN HWLN LONHOHU JHOLûWLULOPHVL \DUDUOÖ
RODFDNWÖU dQN ELU VXoOXODU LoLQ KD]ÖUODQDQ VRV\DO KL]PHW PRGHOL YH KL]PHW SDNHWL
oRFXN\XYDVÖQDWHUNHGLOHQ\DGDEÖUDNÖODQoRFXNODUÖQNL\OH\DGDKX]XUHYOHULQLQoDOÖûPD
SDNHWLQGHQ IDUNOÖ RODFDNWÖU 7ÖEEL VRV\DO KL]PHW HWLøL LVH WP EX DODQODUGDQ GD IDUNOÖ
RODFDNWÖU
9DND
0U -RQHV \DûÖQGD KD\DWÖ oRN VHYHQ ELU NLûLGLU +HU ]DPDQ 7DQUÖ·QÖQ NHQGLVLQL
NLPVH\H PXKWDo HWPHPHVL LoLQ GXD HWPHNWHGLU %DøÖPVÖ]OÖøÖQD oRN |QHP YHUHQ
]HULQGH KDVVDVL\HWOH GXUDQ ELU NLûLOLøH VDKLSWLU 0U-RQHV VRQ D\GÖU VUHNOL NLOR
ND\EHWPH\H YH VUHNOL |NVUPH\H EDûODPÖûWÖU 0HGLNDO WHVW VRQXFX NRUNXWXFX KDEHUL
|øUHQLU$NFLøHU&$WHûKLVLNR\XOPXûWXU$NFLøHU&D·QÖQWHUPLQDOG|QHPGHROGXøXYH
DQFDND\OÖNELU\DûDPVUHVLQLQRODELOHFHøLQGHQV|]HGLOLU0U-RQHVoRFXøXQXQKHU
ELUL IDUNOÖ UHDNVL\RQ YHULU .Ö]Ö WHûKLVLQ GRøUXOXøXQX NDEXOOHQPHN LVWHPH] 2øOX LVH
EDEDVÖ LoLQ JHUHNOL KHU WUO PGDKDOHQLQ \DSÖOPDVÖQÖ YH EDEDVÖQÖQ \DûDP VUHVLQLQ
X]DWÖOPDVÖQÖ LVWHU 'LøHU WDUDIWDQ ILQDQV LOH LOJLOL HQGLûHOHUL YDUGÖU oQN NHQGL LûVL]GLU
YH EDEDVÖQÖQ WHGDYL JHUHNVLQLPOHUL 7ÖEEL <DUGÖP %URVX 0HGLFDLG WDUDIÖQGDQ
NDUûÖODQDFDNWÖU EX PLNWDU oRN VW G]H\GH ELU WHGDYL SURJUDPÖQGDQ \DUDUODQPDVÖQD
RODQDN WDQÖPDPDNWDGÖU %X DUDGD 0U -RQHV LVH ROGXNoD ]JQGU oQN DLOHVLQH
|QHPOL ELU VRUXPOXOXN \NOHPHNWHGLU $LOHVLQLQ HNRQRPLN GXUXPXQXQ EX \N
NDOGÖUDPD\DFDøÖQÖGûQHQ0U-RQHV·XQDNOÖQDELU
Benzer belgeler
Modern Algı Teorisinin Teolojik Kökenleri
LQúDHGLOPHVLGHEXG|QHPGHJHUoHNOHúWL%LUELUOHULLOHLOHWLúLPNXUDPD\DFDN
NDGDU IDUNOÕ OHKoHOHUL NRQXúDQ \HUHOOLNOHU NOWUHO ELUOLNWHOLNOHULQL SROLWLN
PHUNH]OHULQHWUDIÕQGDELUDUD\D...